Norway’s sovereign wealth fund divests from Israeli fuel company Paz due to its operations serving Jewish communities in Judea and Samaria.
Norway’s sovereign wealth fund, the largest in the world, has announced it has divested from Paz Oil Company due to the firm’s role in supplying fuel infrastructure to Israeli communities in Judea and Samaria, Reuters reported.
The decision, revealed Sunday, marks the second such divestment following the Council on Ethics’ updated interpretation of its guidelines in August, which introduced stricter criteria for companies allegedly contributing to Israeli activity in what the fund terms “occupied Palestinian territories.”
According to the fund, Paz Retail and Energy was removed from its investment portfolio “because it owns and operates infrastructure for the supply of fuel to Israeli settlements in the occupied West Bank.”
The fund previously divested from Israeli telecommunications company Bezeq in December under the same revised ethical framework.
The sovereign wealth fund, which holds approximately 1.5% of shares in nearly 9,000 listed companies worldwide, functions under ethical and investment mandates set by the Norwegian parliament. It is often regarded as a leading institution in environmental, social, and governance (ESG) practices.
Norway, together with Ireland and Spain announced last May that they intended to recognize the “State of Palestine”.
The announcement came after Ireland, Spain, Slovenia and Malta announced that they would jointly work toward the recognition of a Palestinian state, arguing a two-state solution is essential for lasting peace in the region.
In February, Norway nominated the UN “Palestinian refugee agency” UNRWA for the Nobel Peace Prize, despite the fact that around 10% of UNRWA employees are affiliated with terror groups.
That same month, Norway announced additional funding for UNRWA.
