Norway fund pulls out of Israeli firm over West Bank settlement links

Norway’s sovereign wealth fund has offloaded all its shares in Israel’s Paz Oil Company, citing its operations in illegal Israeli settlements in the occupied West Bank.

The world’s largest wealth fund announced the divestment on Sunday, pointing to Paz’s role in supplying fuel infrastructure to the settlements as the reason. “This is a clear violation tied to activities in the occupied Palestinian territories,” the fund stated, referencing the stricter ethical guidelines introduced in August 2023 by its Council on Ethics.

The fund had already dumped shares in Israeli telecoms giant Bezeq in September under the same revised criteria.

Since Israel’s war on Gaza began in October, several European firms have cut ties with companies operating in occupied Palestinian territories.