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Last updated: February 16. 2013 2:53PM - 129 Views

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(AP) Norway's vast oil fund saw a decline of 2.2 percent in the second quarter, losing 77 billion kroner ($13 billion) in the period, mainly because of investors' concerns over the global economy.


Fund senior manager Yngve Slyngstad says the development means the government's goal of an annual 4 percent return on the fund is unlikely to be achieved in the near future.


Slyngstad said Friday that the target could be reached if there was a positive development in the world economy during 10 to 20 years, but that short-term propspects were "difficult."


Norway uses the fund to invest income from its offshore oil and gas sector.


Associated Press
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