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The Norwegian sovereign wealth fund, the largest in the world, will no longer exclude Cairn Energy Plc and Kosmos Energy Ltd from its investment portfolio, the Norwegian central bank said on Tuesday.
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| (Photo: Norges Bank) |
The companies were excluded in 2016 on the advice of the fund's supervisory board, which found "an unacceptable risk related to oil exploration off the coast of Western Sahara".
The companies have made it clear that they have ceased operations in the region and that the exclusion has been lifted, said the central bank, which manages the fund, in a statement.
The fund was created from the revenues of the Norwegian oil industry and is governed by ethical principles laid down by Parliament.
It holds shares in 9,100 companies, or 1.4% of the world's publicly traded shares, and its decision to remove or rehabilitate companies from its investments therefore has a considerable weight for investors.
(Report by Terje Solsvik, edited by Gwladys Fouche and Edmund Blair)
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