$1.2 billion from the Norwegian Wealth Fund to Turkish companies

SAFAKNA TURKEY – The State Fund of Norway, worth more than $1 trillion, by the end of 2022, invested $1 billion 217 million 31 thousand in shares of some companies in Turkey.

Norges Bank, the manager of the Norwegian Wealth Fund, said the fund used some of its assets last year to buy shares in 38 companies of various sizes and sectors.

The total investment of the Norwegian Wealth Fund, the world’s largest wealth fund, in the shares of these Turkish companies amounted to 1 billion 217 million 31 thousand dollars, including the shares of Enerji AŞ and Türkiye Petrol Rafinerileri AŞ (Tüpraş).

The value of the fund’s shares in these 5 energy companies was approximately $161 million.

Biggest investment in Tyuprash

Tuprash received the largest share of the Norwegian Wealth Fund’s investment in Turkey. The total investment of the fund, which owns 1.55% of Tüpraş, in the said company reached approximately $121 million.

$90 million 67 thousand for Türkiye Şişe ve Cam Fabrikaları A.Ş. shares, approximately $79 million 500 thousand for Birlesik Mağazalar AŞ (BİM) shares, $78 million 777 thousand for Koç Holding shares, $71 million 517 thousand for Turkish shares Airlines and Türk Traktör and Ziraat Makineleri A.Ş., about $64 million were invested.

Türk Traktör ve Ziraat Makineleri AŞ, which owns 3.38% of the fund, has the largest stake in the Turkish portfolio. This company is followed by MLP Sağlık Hizmetleri AŞ with a share of 2.98 percent. The total investment tied to the shares of the company in question was about $30 million.

The Norwegian Wealth Fund, which has been making small investments in Turkey since 2001, has increased its investment in Turkish stocks since 2008.

The Norwegian Wealth Fund has been investing in foreign stocks, bonds and real estate markets with the return of the country’s oil and natural gas production since 1990.

The Norwegian government can use a very small part of the fund’s income and save the rest for future generations.

While the fund has investments in 70 countries and more than 9,338 companies outside of Norway, it owns 1.3 percent of the world’s stock markets. In recent years, the fund has invested heavily in renewable energy projects.

The fund’s market capitalization as of December 31, 2022 was NOK 12 trillion 429 billion ($1 trillion 240 billion).

The fund is also interested in the shares of large companies operating in the pharmaceutical industry, banking, food, communication services, transport and household appliances in Turkey.