Claims have been made that Norway\'s Oil Fund holds shares worth Nkr46.6 million ($7.6 million) in US oil company Kerr McGee, contrary to established ethical guidelines. Upstream, December 1st, 2004.
Share claim hits Oil Fund
Upstream Online,
December 1st, 2004
Claims have been made that Norway\'s Oil Fund holds shares worth Nkr46.6 million ($7.6 million) in US oil company Kerr McGee, contrary to established ethical guidelines.
The allegations were made in Norwegian newspaper Aftenposten today.
KMG is actively exploring offshore Western Sahara which runs counter to policies expressed by the Norwegian government.
Oslo\'s Finance Minister Per-Kristian Foss has received a letter from the Sahrawi Foreign Minister Mohamed Salem Ould Salek askign him \"to consider ending its involvement with this company (which) is acting in violation to international law and the wishes of our people\".
Norway\'s Western Sahara Support Group spokesman Erik Hagen this week said French giant Total had already withdrawn claiming a lack of oil in the area. Officials contacted by Aftenposten doubted any clear recommendation for action would emerge until after Christmas.
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The small Norwegian Support Committee for Western Sahara has won a great victory: the last Norwegian investor is now selling its stocks in the petroleum company Kerr-McGee. Aftenposten, 30 June 2005.
The day before the ethical guidelines of the Petroleum Fund enter into effect, the [Norwegian] Minister of Finance is presented allegations of clear violations of the guidelines.
Press release, 3 May 2006.
Kerr-McGee is pulling out of Western Sahara following pressure from activists pushing for Sahrawi Arab Democratic Republic (SADR) independence from Morocco.