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Norwegian Oil Fund Withdraws Investments from Israeli Companies Again

 





Norway’s Oil Fund — formally known as the Government Pension Fund Global — is the largest sovereign wealth fund in the world. Valued at US$2 trillion as of Monday, the Oil Fund has announced it will be removing six more Israeli companies from its investment portfolio. This decision comes after an ethical review found the involvement of these six companies in operations in the West Bank and Gaza.

The world’s largest sovereign wealth fund did not specifically mention the names of these companies but stated that their names and the reasons for their removal will be disclosed after the divestment process is completed.

Several media reports on Monday suggested that the delisting could include the five largest banks in Israel, which are currently under review by the Oil Fund’s ethical watchdog.

Meanwhile, the Oil Fund stated that it has sold shares in six other companies as part of last week’s decision to reduce its ownership in Israeli companies from 61 at the end of June to 32 in the coming weeks.

The Norwegian sovereign wealth fund only maintains companies included in the equity reference index established by the Norwegian Ministry of Finance.

Norges Bank Investment Management, the entity managing the fund, announced last week that it had divested from 11 Israeli companies.

“There may be more companies to be delisted,” said Norwegian Finance Minister Jens Stoltenberg, as reported by Xinhua and quoted by Antara.

Earlier this month, the Oil Fund launched an emergency review after reports revealed its investment in an Israeli jet engine company providing services to the Israeli military.

Critics have argued that the Oil Fund can only fully avoid potential ethical violations by completely divesting from Israeli companies.

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