Norway fund exits ONGC due to South Sudan

Updated - September 03, 2021 10:49 pm IST

Published - September 03, 2021 10:43 pm IST - Oslo

Representational image

Representational image

Norway’s $1.4-trillion wealth fund has excluded Oil and Natural Gas Corp. from its portfolio due to concerns over the firm’s business in South Sudan, the fund said in a statement. Exclusions are based on advice from the fund’s ethics watchdog.

The Council on Ethics’ concern was over ONGC’s participation in two joint ventures in South Sudan, a country where violent clashes continue even after the end of a civil war in 2018. “ONGC ... has accepted a risk of contributing to serious abuse committed to enable oil production in the country,” it said.

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