Pokйmon Go brings $148 million to Norwegian oil industry

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A key Norwegian fund that supports the national oil industry has earned hundreds of millions from the world Pokйmon Go craze. Oilprice.com states, the income reached about US$148 million.

The Government Pension Fund Global (GPFG), often referred to as the Oil Fund, was established in 1990 and was formerly known as the Petroleum Fund of Norway. It plays a vital role in the development of the national oil industry being the world’s third-largest institutional investor. GPFG receives its financial backing via taxes on oil producers and oil profits.

By the end of 2015 the Oil Fund had owned a 0.73 percent stake in Nintendo and the new mobile game sensation has now added enormous sums to the GPFG’s prosperity. Analysts suppose that its coffers has boosted recently by almost US$200 million. The Norwegian pension fund’s shares in Nintendo may now be worth approximately US$400 million.