Norway's wealth fund invests $1.2B in Turkish stocks
Fund invests in many Turkish firms from energy to metal sectors
Norway's state wealth fund, worth over $1 trillion, as of the end of last year had invested $1.2 billion in the stocks of companies in Turkey.
According to data from Norges Bank, the fund used a portion of its assets last year to purchase the shares of 38 companies of varying sizes operating in different fields.
The total investment of the Norwegian Wealth Fund, the world's largest wealth fund, in the shares of these Turkish companies amounted to $1.2 billion.
Shares of Enerji Uretim AS, Enerjisa, iron/steel producer Erdemir, Galata Wind Enerji, and Türkiye Petrol Rafinerileri (Tupras) were among the firms the fund invested in.
The fund's shareholding value in these five energy companies was at approximately $161 million.
Biggest investment in Tupras
State oil refiner Tupras got the largest share of Norwegian Wealth Fund investments in Türkiye.
The total investment of the fund, which owns 1.55% percent of Tupraş, reached some $121 million.
The fund also purchased $90 million in shares of glassmaker Türkiye Sise ve Cam Fabrikaları, $79.5 million in discount retailer BIM, $78.8 million in Koc Holding, $71.5 million in flag carrier Turkish Airlines, and $64 million in farm machinery maker Turk Traktor and Ziraat Makineleri.
The fund owns 3.38% of the shares in Turk Traktor ve Ziraat Makineleri, its largest chunk of shares in one company, followed by health firm MLP, where it holds 2.98%.
The fund, which has been making various investments in Türkiye since 2001, has increased its investments in Turkish firms since 2008.
The Norwegian Wealth Fund has been investing in foreign stocks, bonds, and real estate markets from returns of the country's oil and natural gas production since 1990.
*Writing by Gokhan Ergocun from Istanbul.