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Norway fund exits ONGC due to South Sudan

Date: 06 September 2021 Tags: World Economy
  • Norway’s $1.4-trillion wealth fund has excluded Oil and Natural Gas Corp. from its portfolio due to concerns over the firm’s business in South Sudan.
  • The Council on Ethics’ concern was over ONGC’s participation in two joint ventures in South Sudan, a country where violent clashes continue even after the end of a civil war in 2018.
  • Exclusions are based on advice from the fund’s ethics watchdog. ONGC has accepted a risk of contributing to serious abuse committed to enable oil production in the country.