The Norwegian sovereign wealth fund announced yesterday, Sunday, that it had abandoned all its investments in the Israeli Baz Company for Retail and Energy, due to its possession and operation of the infrastructure that supplies Israeli settlements in the occupied West Bank.
This step is the second of its kind, after the fund last December withdrew its investments from the Israeli company “Bezak” for communications, following the adoption of its ethics council in August a more strict explanation for moral behavior standards, especially with regard to companies involved in supporting Israel’s activities in the occupied territories.
The Norwegian Fund, which runs a value of more than 1.5 trillion dollars and owns about 1.5% of the shares listed in 9,000 companies around the world, is one of the most prominent investment institutions that adhere to strict environmental, social and human rights standards, and is subject to the supervision of the Norwegian parliament.
https://www.youtube.com/watch?v=4kfzacf_rgq
Baz .. a major provider for settlements
The Baz Company is the largest operator of the fuel stations in Israel and runs 9 stations in the occupied West Bank, which makes it a major player in the infrastructure that serves settlements.
The Ethics Council said in its recommendation to withdraw investments, “The operation of the infrastructure to supply Israeli settlements in the West Bank with fuel makes the Baz company contribute directly to perpetuating these settlements,” adding that “the settlements were established in a flagrant violation of international law, and their continuation represents a continuous violation of it.”
The Ethics Council submits its recommendations to the Board of Directors of the Norwegian Central Bank, which takes the final decision regarding the preservation or withdrawal of investments, based on the moral standards specified by Parliament.
There was no immediate comment from Baz Company on this.
This step comes amid an escalating wave of withdrawing investments and provinces by European financial institutions towards Israeli companies or companies that support the occupation, especially since the outbreak of the genocide war in the Gaza Strip in October 2023.
Calls in European and international circles are increasing to review investments in companies that contribute to enhancing infrastructure or economic activities in illegal settlements, after the issuance of an advisory opinion from the International Court of Justice last year confirms that Israel’s occupation of the Palestinian territories is illegal and must be ended.
