SHARE
COPY LINK

MINISTER

Swedish ministers profit from Lundin: report

Over half of Sweden’s government ministers have shares in investment funds that put money into Sweden-based oil giant Lundin Petroleum, a new report has revealed, prompting quick action by ministers who claimed they were "unaware" of the finer details of their portfolios.

A review of government ministers’ investment holdings by daily Aftonbladet has revealed that 13 of Sweden’s 24 ministers own shares in funds that finance Lundin Petroleum, which has shaken feathers at the Riksdagen.

Among those involved are prime minister Fredrick Reinfeldt, foreign minister Carl Bildt and EU minister Birgitta Ohlsson.

When confronted with the allegations, Ohlsson claimed she was fully aware of the holdings in her investment portfolio, and acted immediately.

“I have chosen to do my part by selling all of my funds,” she told the paper on Tuesday.

“There are probably many who were unaware of this. It’s about Sweden’s most common funds which own shares in several hundred companies that are continuously being replaced.”

Meanwhile, political scientist Ulf Bjereld argued that politicians have a “moral responsibility” to watch over their own portfolios.

Lundin Petroleum has come under fire on several occasions, notably after they allegedly broke international law with crimes against humanity in South Sudan between 1997 and 2003.

Other ministers have refused to comment on the matter, according to Aftonbladet, and Reinfeldt’s press secretary has stated that he does not believe ministers should comment on their personal portfolios.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

OIL

Sweden’s Lundin in new oil find near Norway

Swedish oil firm Lundin Petroleum said Monday it had made a potentially significant oil find off Norway, near another discovery that renewed explorers' interest in the North Sea.

“A gross oil column in excess of 40 metres has been proven” at the Luno II well, the company said in a statement, adding that the oil was of good quality.

The Swedish company said it would provide a range of reserve estimates within two or three weeks.

The discovery was made near Lundin’s Edvard Grieg field, as well as the Johan Sverdrup field that two years ago became one of the five largest discoveries on the Norwegian Continental Shelf, and the country’s largest find since the mid-eighties.

Johan Sverdrup holds between 1.7 and 3.3 billion barrels of oil equivalent (boe), according to estimates due to be updated in the near future.

“The pressure data indicates that the petroleum system in Luno II is different to that seen in the Edvard Grieg and Johan Sverdrup fields,” the company said.

Lundin has a 40 percent stake in the Luno II well, with Norway’s Statoil and Britain’s Premier Oil holding 30 percent each.

AFP/The Local/dl

Follow The Local on Twitter

SHOW COMMENTS