Oil fund linked to illegal phosphate imports / News / The Foreigner

Oil fund linked to illegal phosphate imports. Invests heavily in companies that plunder precious resources in Western Sahara. The Norwegian Government's Pension Fund (commonly referred to as the Oil Fund) is making money from holdings in eight companies that trade illegally in phosphate from the Moroccan-occupied Western Sahara, Norwatch revealed yesterday. Not one country has recognised the annexation to date. The exploitation of natural resources from an occupied country has been banned by the UN, and is in direct contravention of international law.

norwegian, oil, fund, finance, department, norwatch, phosphate, trading, illegal, marocco, unrefugee, council



The Foreigner Logo

The Foreigner is an online publication for English speakers living or who have an interest in Norway. Whether it’s a glimpse of news or entertainment you’re after, there’s no need to leave your linguistic armchair. You don’t need to cry over the demise of the English pages of Aftenposten.no, The Foreigner is here!

Norske nyheter på engelsk fra Norge. The Foreigner er en engelskspråklig internett avis for de som bor eller som er interessert i Norge.

Google+ Google+ Twitter Facebook RSS RSS



News Article

LATEST:

Oil fund linked to illegal phosphate imports

Published on Tuesday, 6th October, 2009 at 10:05 under the news category, by Michael Sandelson   .
Last Updated on 7th October 2009 at 09:41.

Invests heavily in companies that plunder precious resources in Western Sahara.

Bou Craa conveyor belt in W. Sahara
Bou Craa conveyor belt in W. Sahara
Photo: Norw. Support Committee for W. Sahara


The Norwegian Government's Pension Fund (commonly referred to as the Oil Fund) is making money from holdings in eight companies that trade illegally in phosphate from the Moroccan-occupied Western Sahara, Norwatch revealed yesterday. Not one country has recognised the annexation to date.

The exploitation of natural resources from an occupied country has been banned by the UN, and is in direct contravention of international law.

Whilst other Scandinavian investors have already pulled out, the Norwegian fund still owns stocks and bonds currently valued at over 2.4 billion kroner. The investments were made despite advice to the contrary from the Oil Fund’s own ethical council.

Elisabeth Rasmusson, the Norwegian Refugee Council’s secretary general, thinks that Norwatch’s discovery is bad news for Norway as a peace nation, and expects the Oil Fund to follow suit.

“We cannot allow ourselves to earn money on such a deal. The companies are profiting at the expense of the refugees,” she tells NRK.

Norwatch has estimated the value of last year’s phosphate stones bought in by the companies to be in the region of 4.5 billion kroner.

Neither Gro Nystuen – head of the Oil Fund’s ethical council – nor the Department of Finance wished to make any comment.




Published on Tuesday, 6th October, 2009 at 10:05 under the news category, by Michael Sandelson   .
Last updated on 7th October 2009 at 09:41.

This post has the following tags: norwegian, oil, fund, finance, department, norwatch, phosphate, trading, illegal, marocco, unrefugee, council.





  
Do NOT follow this link or you will be banned from the site!