Expanding the Petroleum Fund’s investment universe

21 March 2002

The following letter was submitted to the Ministry of Finance on 21 March 2002

Introduction

The Petroleum Fund has gradually broadened its investment universe. When the Fund was established in 1996 investments were confined to cash deposits, Treasury bills and government bonds in developed markets. The revision of the guidelines in 1998 provided for the inclusion of equities in developed markets. From 2001, equities in some emerging markets were included in the Fund. and from 2002, corporate bonds and other nominal bonds with investment grade1) are also eligible investments.

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