Norges Bank Expels Buffett Company From Petroleum Fund –
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The managing director of Norges Bank has decided to sell the Pacificorp company to US investor Warren Buffet of the Petroleum Fund, according to a statement from Norges Bank Investment Management on Tuesday.
At the same time, Berkshire Hathaway Energy is observed. A subsidiary of the Berkshire Hathaway Energy Energy Company, controlled by Warren Buffet's Berkshire Hathaway.
According to an overview of the Norges Bank Investment Management website, the Petroleum Fund invested an investment in Pacific Ports of Pacificorp of $ 1.05 billion and Berkshire Hathaway Energy of $ 34 billion.
87 years old
Position: Chief Executive Officer of Berkshire Hathaway
Background: "Omaha Orakha" took control of the Berkshire Hathaway investment company in 1965. He is considered one of the most successful investors in the world, and is known for its long term investment strategy. Buffett is also known as a philanthropist, and promised in 2006 to gradually get rid of his wealth and give 99 percent of the wealth to charity.
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Exclusive Subsidiary
Exclusion and observation occur after Norges Bank has proceeded to a fourth round of analysis of companies subject to the criterion of coal produced, adopted by the Storting in 2016 This criterion implies that mining companies and electricity producers get 30% or Thermal coal is coal used as fuel in the production of electricity.
Berkshire Hathaway Energy generates, transfers and exploits more than 30% or more of its thermal coal. distributes electricity and natural gas to 8.4 million customers in the United States and the United Kingdom, including Pacificorp. Berkshire Hathaway Energy also operates with independent production of electricity, real estate and gas extraction.
Risk of Gross Corruption
At the same time, Norges Bank decided to exclude the Tri-State Generation and Transmission Association from an assessment of the criterion of coal produced
Norges Bank also decided to Exclude the company JBS SA due to unacceptable risks. that the company is responsible for the gross corruption and the company Luthai Textile Co. Ltd because of the unacceptable risk of gross or systematic violations of human rights.
Furthermore, Nien Hsing Textile is subject to observation because of the unacceptable risk of gross or systematic violations of human rights.
The oil fund was invested in interest rate instruments issued by the companies examined in this cycle. The value of the fund is Tuesday 8300 billion dollars. (Terms)
