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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Norwegian Pension Fund to divest from Equatorial Guinea oil operations

Posted on 29 April 2013

Norway has revealed plans to sell all shares owned by its sovereign wealth fund - Norwegian Pension Fund Global - in oil firms with operations in Equatorial Guinea.
“We are looking into the oil companies in which we hold shares and which are active in Equatorial Guinea,” Reuters quoted Ola Mestad, the head of the fund’s ethics council, as saying.Norway’s sovereign wealth fund attributed its resolve to the fact that oil money from these companies failed to tackle abject poverty in the country.The fund’s ethics council’s annual report states that the production of the country’s dominant natural resource seems to enrich only the country’s elite, leaving the conditions of the entire population in worst state in the world………………………………………..Full Article: Source


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