OSLO, Aug. 12 — Norway’s oil fund announced Tuesday that it has sold its stakes in several Israeli companies and plans further divestments, following criticism over its investments in firms linked to the conflict in Gaza.
Fund manager Nicolai Tangen told a press conference that “we should have terminated those relationships earlier” and said he takes full responsibility.
He added that more Israeli companies would be removed from the portfolio. According to the fund’s half-year report, investments in Israeli firms totaled 22.7 billion Norwegian kroner (about 2.2 billion U.S. dollars) at the end of June, covering 61 companies.
The latest holdings overview shows the fund still owns shares in 44 Israeli companies, meaning it has withdrawn from 17 since June, the Norwegian news agency NTB reported.
Norwegian Finance Minister Jens Stoltenberg welcomed the divestments and said further measures would be taken. Formally known as the Government Pension Fund Global (GPFG), the oil fund is among the world’s largest sovereign wealth funds.
Its value fell by 156 billion Norwegian kroner in the first half of 2025 to 19.59 trillion Norwegian kroner, despite a 5.7 percent return, partly due to a stronger Norwegian currency.
European countries, the European Union and the United Nations have voiced their strong opposition to Israel’s newly announced plan to take over Gaza City, warning it will worsen the humanitarian crisis and undermine prospects for peace.
“If these (Israeli) plans are implemented, they will likely trigger another calamity in Gaza, reverberating across the region and causing further forced displacement, killings, and destruction, compounding the unbearable suffering of the population,” UN Assistant Secretary-General for Europe, Central Asia and the Americas Miroslav Jenca warned Monday. (1 Norwegian krone = 0.098 U.S. dollar) (Xinhua)
