Norwegian investor excludes French Oil Company Total
The Norwegian pension scheme KLP is excluding the French oil company Total from its investments. KLP considers Total’s activities in Western Sahara unethical.
Published 04 June 2013


A longer version of this article below was published on website of Norwegian broadcaster NRK on 03.06.2013.
Translated to English by the Norwegian Support Committee for Western Sahara.

KLP, the local government pension scheme, no longer wants to include one of the world’s largest oil companies in its investment portfolio.

The reason is the oil company’s agreement with Morocco to explore for oil and gas offshore Western Sahara.

“KLP believes that Total’s activities on the continental shelf off Western Sahara’s coast may be linked to breaches of fundamental ethical norms,” Jeanett Bergan, leader of responsible investments in KLP Kapitalforvaltning, said.

Bergan added that Western Sahara is in practice annexed by Morocco. See KLP's assessment of excluding Total here.

Total has resumed its exploration for oil and gas offshore Western Sahara in 2012. All activity on the continental shelf off Western Sahara’s coast is linked to breaches of fundamental ethical norms, KLP believes.

The Financial Times’ survey of the world’s largest companies as measured in market value listed Total as 39th in 2012.

Globally, only 12 companies had a greater turnover than Total in 2012. The company has 97,000 employees and operates in 130 countries.


“Not Breaking the Law”

KLP has been in contact with Total’s headquarters in France.

“The company has pointed out that it is not breaking international law, nor have we claimed that it is,” Bergan said. “KLP excludes all companies that are carrying out extraction of natural resources in occupied Western Sahara.”

KLP and the KLP funds together had investments of about 52.6 million € in Total S.A. as of 31 December 2012.

In comparison, the Norwegian Government Pension Fund – Abroad owned at the end of 2012 shares in Total worth 1.9 billion €, equivalent to 2.1% of its shares.

Norwegian investor excluded Total due to Western Sahara involvement

The Norwegian insurance company Storebrand has blacklisted both phosphate and oil companies involved in occupied Western Sahara. Among them are the French company Total, which are now back in from the cold after they withdrew from the territory.
25 March 2016

Total paid near 4 million to occupier for oil block

The French company Total paid the Moroccan government near 4 million US dollars for the Anzarane exploration licence offshore Western Sahara, under illegal occupation.
08 October 2019

Total officially states it has left Western Sahara

"The contract was not extended in December 2015", company writes on website. It has also confirmed that it has "no plans" to return to the territory, which lies in the part of Western Sahara under Moroccan occupation.

21 June 2016

Total has left occupied Western Sahara

The French multinational oil company has announced that it is no longer pursuing oil search offshore Western Sahara. "More good news for the Saharawi people. We urge the remaining oil companies to follow suit", stated WSRW.

21 December 2015