Norway's Finance Minister Jens Stoltenberg wants Norges Bank and the Norwegian Ethics Council to review the state oil fund's investment in an Israeli combat aircraft company.
Norwegian Aftenposten revealed earlier in the week that the oil fund bought shares in the Israeli combat aircraft company Bet Shemesh Engines, while Israel was bombing Gaza. Norway's Finance Minister Jens Stoltenberg wants both the investment and Norges Bank's work on responsible management to be reviewed.
The purpose is to ensure that the fund is not invested in companies that contribute to the illegal occupation of the West Bank and the illegal warfare in Gaza, he says to the Norwegian news agency NTB.
”No warning signs”
The oil fund's CEO Nicolai Tangen confirms that the oil fund has increased its investment in the combat aircraft company but says that the company has not been on any exclusion list.
There have been no warning signs related to the company. But now new information has emerged, and then we must handle it, says Nicolai Tangen to Norwegian E24 but does not specify what information is new to the oil fund.
The Prime Minister is worried
The news has not been well received within Norwegian politics. Norwegian Prime Minister Jonas Gahr Støre said during the morning to NRK that he wants to know why the state oil fund chose to invest in Bet Shemesh Engines.
I become very worried when I see this, and have asked the Finance Minister to contact Norges Bank, he says to NRK.
The oil fund has owned shares in the company since 2023 but increased its holding last year. At the end of 2024, the oil fund owned 2 percent of Bet Shemesh Engines. The shares are worth around 170 million kronor, writes Norwegian E24.
