Thursday, December 9

Vedum halts controversial oil fund investigation – E24

The Støre government is now canceling the controversial study of the future organization of the oil fund, which was ordered by former Finance Minister Jan Tore Sanner (H).

CHANGES THE MANDATE: Finance Minister Trygve Slagsvold Vedum (Sp) cancels the report on the investment of the oil fund. The image is from Monday’s presentation at the Storting of the Støre government supplementary budget.


The new finance minister, SP leader Trygve Slagsvold Vedum, says he does not want uncertainty about the organization.

Therefore, the Støre government maintains that the oil fund, the Government Pension Fund Global, which manages the joint oil assets of the Norwegians worth NOK 12 billion, will continue to be managed by Norges Bank.

– The government emphasizes that there must be stability around the management of the oil fund, says Vedum in an email to VG.

The Sverdrup Committee

A week before the parliamentary elections in September, the King in the Council appointed a new commission of inquiry:

The government then commissioned the head of NUPI, Ulf Sverdrup, to assess how politics, business and international finance can affect the management of the oil fund.

But a sentence in the committee’s mandate caught attention and was interpreted by many as the beginning of a rematch over whether the oil fund should continue to be managed by Norges Bank:

Sanner asked the committee to “assess whether the current position at Norges Bank will be the most appropriate in the future, or whether new challenges point in the direction of segregation.”

This sentence in the mandate has now been removed, says Vedum.

It refers to other recent studies, and that there was broad agreement in
The Storting in 2018 and 2019 that the fund will remain with Norges Bank.

– We must avoid creating uncertainty around the management of the fund. Is about
also about giving peace and predictability to the people trained at Norges Bank
important work they do on behalf of all of us, says Vedum (Sp).

The new government does not change the composition of the committee.

Possible control case

The former Finance Minister caught his attention when VG revealed, two days before the elections, that Jan Tore Sanner had asked his ministry official to retain documents on the Sverdrup committee, to which both VG and Dagens Næringsliv had requested access.

VG has also mentioned how he previously recounted how Sanner twice In the week before the elections, he asked the government to postpone sending documents on the controversial Sverdrup committee, and that the agency warned against this.

Several legal experts have stated that such a postponement may violate the Public Administration Law. The case is now being examined by the Storting Constitution and Control Committee.

Sanner: travel period

Sanner had previously told VG that “of course, there was never any discussion of not disclosing the information, but this happened in the middle of a very busy period and I needed some time to familiarize myself with the case.”

– At the same time, I was worried that we would stay on time. I realized that the deadline was three days, and if it was bad I apologize. There were no instructions that I gave to the government, but I did give some comments that I asked to come back in a meeting with me the next day, added the then finance minister.

Trygve Slagsvold Vedum stumbled on his words when he introduced changes to the 2022 state budget:

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