NEW YORK, May 20 (Reuters) - Norway's sovereign wealth

fund said it plans to vote for three of Elliott Investment

Management's four director candidates in a bitter board fight at

oil refiner Phillips 66.

Norges Bank Investment Management, one of Phillips 66's 10

largest shareholders with a roughly 1% stake in the company,

detailed its intentions in a table on its website, saying it

will back former ConocoPhillips executives Brian Coffman and

Sigmund Cornelius and former Targa Resources executive Michael

Heim.

Phillips 66 investors will decide which side prevails during

the company's annual shareholder meeting on Wednesday.

Elliott has been pushing the company to sell assets,

improve performance at its refining business and boost its

corporate governance and wants shareholders to elect four new

directors to help overhaul the corporate strategy.

Phillips 66 is telling investors its strategy is working

and that none of the activist hedge fund's director candidates

are needed.

The three prominent U.S. proxy advisory firms -

Institutional Shareholder Services, Glass Lewis and Egan-Jones -

whose voting recommendations often influence shareholders on

hot-button issues like board elections, threw their weight

behind Elliott. Each urged investors to elect at least three if

not all four of the hedge fund's candidates.