Griffeths noted Norwegian stocks could benefit from Europe’s demand for non-Russian natural gas. Fraszczyk agrees.

“EU countries finally started talking how to diversify the supply routes of gas and oil in order to become more independent from Russia,” said the portfolio manager.

Some countries, including Bulgaria, Czech Republic and Finland, depend on Russia for 100% of natural gas imports. Even Germany imports nearly 36% of its natural gas needs from Russia. That number is nearly double for Austria while the Netherlands and France depend on Russian for an average of 13.4% of their gas needs.

Those lofty numbers combined with Norway’s AAA credit rating and status as a lower beta European investment destination could be the catalysts to boost NORW later this year.

Norwegian Gas Export Routes

Chart Courtesy: Norwegian Petroleum Directorate

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