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Energy minister hails Norway oil fund example

Energy minister hails Norway oil fund example

Scotland should strive to follow the example of Norway, where an oil fund has been used to benefit the whole country, according to Energy Minister Fergus Ewing.

The Scottish Government has already put forward plans to establish two separate oil funds if there is a Yes vote in September’s independence referendum.

Ministers want to establish a short-term fund to help deal with fluctuations in oil and gas revenues, alongside a long-term savings fund.

Mr Ewing is on a two-day visit to Norway, which he said would “highlight the huge benefits to Scotland from securing the powers of independence”.

He said: “The fund is now the largest sovereign wealth fund in the world, worth around £470 billion.

“This is something we can strive towards in an independent Scotland.”