NORWAY - The value of the Norwegian Government Pension Fund - Global has increased for the third consecutive month to reach NOK 2.308trn (€258.9bn).

Figures from Norges Bank’s monthly balance sheet showed it increased by around NOK 112bn in May and rose from NOK 2.196trn to NOK 2.308trn, which marks its return past the recent high of NOK 2.273trn in December 2008.

Following the increase in December the government pension fund - global, which is a continuation of the former Petroleum Fund that invests Norway’s oil revenues in non-Norwegian assets, the fund slumped by NOK 1.5bn in January. (See earlier IPE article: Norway government global falls to NOK2.1trn)

The decline continued in February, however since March the pension fund has been making a continued recovery, which is in line with expectations in the revised Norwegian budget that the pension fund as a whole - both the Global and Norway sections - will reach NOK 2.49trn by the end of 2009. (See earlier IPE article: Norway global heads towards NOK 2.2trn)

Final second quarter figures for the pension fund global are scheduled for release on 14 August 2009.

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