Petroleum fund shows strong growth

Norway's national petroleum fund had a 7.7 percent return on investment in the second quarter of 2003, its best performance since 1999, the central bank announced Tuesday.

Norway's national petroleum fund had a 7.7 percent return on investment in the second quarter of 2003, its best performance since 1999, the central bank announced Tuesday.
During the same period in 2002, the fund showed a negative 2.9 percent return when measured against a basket of international currencies the bank uses as its standard.
The value of the fund at the end of the April through June quarter was NOK 775.5 billion (USD 102 billion), including NOK 23.1 billion in surplus revenues transferred by the government.
The state central Bank of Norway, which manages the fund for the government, said the improved return was due to improved market conditions.
The fund's goal is to set aside Norwegian oil revenues for future generations.