Norway Pension Fund Blacklists Aramco, Other Gulf Companies
- Saudi Aramco excluded from fund for environmental reasons
- Others targeted on concerns about human rights violations
Signage above the Saudi Aramco booth on day two of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Norway’s largest pensions’ manager divested $15 million from Gulf companies on concerns they may facilitate human rights violations, and decided to exclude Saudi Aramco because of climate risks.
KLP, which oversees $70 billion, blacklisted a dozen companies listed in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait from its investment universe. The divestments mostly reflect an “unacceptable” risk of contributing to human rights abuses, KLP said, with Aramco targeted separately for its negative impact on the environment.