• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 30 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Evergrande is going Belly Up.
  • 6 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 18 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 21 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days And now, hybrid electric locomotives...
  • 1 day Ozone layer destruction driving global warming
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 2 days The Painful Death of Coal
  • 1 day The coming Cyber Attack
  • 1 day Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 1 day 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Strong Dollar Keeps Lid On Oil Price Rally

Strong Dollar Keeps Lid On Oil Price Rally

Oil prices rose this week…

Norway's Wealth Fund Drops Indian Oil Firm ONGC From Portfolio

The world's largest sovereign wealth fund, Norway's $1.4 trillion Government Pension Fund Global (GPFG), is excluding India state firm Oil and Natural Gas Corporation Limited (ONGC) from its portfolio due to the company's ties to groups that seriously violate human rights in South Sudan.

Norges Bank, which manages the so-called oil fund that has amassed its wealth from Norway's oil and gas, has decided to exclude four companies from the fund, including the Indian state-owned ONGC, Norges Bank said in a statement.

The Council on Ethics has recommended to Norges Bank to exclude ONGC "due to an unacceptable risk that the company is contributing to serious violations of the rights of individuals in situations of war or conflict."

"Control of the petroleum resources in the country has been a key driver in the conflict. In this context, ONGC participates in two joint ventures with, among others, the South Sudan's state oil company Nilepet," the Council on Ethics says.

In January this year, in response to the recommendation, ONGC told the Council on Ethics, "the company states that no incidents of human rights abuses have been reported within the joint ventures' areas of operation, and that there are no links between assaults on the civilian population and the company's operations."

Still, the fund is now excluding the Indian firm from its portfolio. The fund and Norges Bank continuously review the companies in which the sovereign wealth fund is invested and excludes companies violating human rights, and most recently, engaging in coal mining.

Last month, a Norwegian government panel said that the fund should ask oil firms in its portfolio to cut their emissions more drastically.

Norway is one of Europe's richest countries thanks to the decades of oil revenues amassed in the world's largest sovereign wealth fund with $1.4 trillion in assets and holdings of 1.4 percent of all of the world's listed companies, including stakes in oil majors Exxon, Chevron, Shell, and BP.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News