The Sovereign Fund of Norway, the most important in the world, announced on Monday, August 11, which separates from its shares in 11 Israeli companies after the revelations about their participation in an Israeli manufacturer of engines that equip hunting plants, in the middle of the war in Gaza.
“These measures have been taken in response to extraordinary circumstances. The situation in Gaza constitutes a serious humanitarian crisis. We are invested in companies that carry out their activities in a country at war, and the conditions in the West Bank and Gaza have recently deteriorated,” said his boss Nicolai Tangen, cited in a statement.
The Norwegian sovereign fund, also known as oil funds because it is supplied for considerable income from oil and gas exports in the country, has assets of about $ 1,900 billion (1,646 billion euros), with investments distributed worldwide.
The Norwegian newspaper Aftenposten revealed on June 4 that this fund had invested in the Israeli company Bet Shemesh Engines Holdings, which manufactures parts for engines used in Israeli combat aircraft.
“Special attention to companies associated with wars and conflicts”
Nicolai Tangen had confirmed the next day that the fund had acquired a participation in the company in 2023, an investment increased after the start of the Israeli offensive in Gaza.
The Norwegian prime minister reacted in the process, asking its finance minister to communicate with the Central Bank of the country, Norges Bank, which manages the fund.
The Ministry of Finance asked the Bank to “review the implementation of the fund management mandate, its investments in Israeli companies and propose the new measures it considers necessary,” the bank said.
At the end of the first half, the fund had shares in 61 Israeli companies. Among these, 11 companies did not appear in the “reference index” of the Ministry, which measures the economic performance of the sovereign fund.
A decision was made last week according to which “all investments in Israeli companies that are not included in the reference index will be sold as soon as possible,” said Norges Bank Investment Management in his press release.
The fund also said that “he had paid special attention to companies associated with wars and conflicts.”
“Since 2020, we have contacted more than 60 companies to raise this question. Among these, 39 dialogues referred to the West Bank and Gaza,” he said.
The monitoring of Israeli companies intensified in the fall of 2024. “Consequently, we sold our investments in several Israeli companies,” said the sovereign fund.
Source: BFM TV
