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Petoro sends more than USD 6 billion into Norway's Petroleum Fund

In the first half of the year, Norway's state-owned oil and gas company Petoro sent more than USD 6 billion into the Norwegian Petroleum Fund, nearly surpassing the whole of 2020. This is due to increased prices and rising demand, says the CEO.

Kristin Kragseth, CEO of state-owned Norwegian oil and gas management company Petoro. | Photo: PR-foto Petoro

Despite the green transition, oil and gas remain as important as ever for Norway, shows the half-year results from Petoro, which manages the Norwegian state's holdings in a number of oil and gas fields.

In the first half of 2021, Petoro funneled a cash flow of NOK 54 billion (USD 6.13 billion) into the Norwegian Petroleum Fund, an increase of NOK 20 billion compared to the same period last year.

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