Sahrawi Commission Hails Norway Divestment

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Sahrawi Commission Hails Norway Divestment
By: WSPMC
30 June 2016
 

The Western Sahara Petroleum and Minerals Commission welcomes the decision of Norway’s Sovereign Wealth Fund to withdraw its investments in companies Cairn Energy of the UK and Kosmos Energy of the US for their involvement in the looting the wealth of through illegal and unethical investment operations in the occupied part of Western Sahara.

According to a news release of the Commission, “Western Sahara Petroleum and Minerals Commission honors the moral and courageous position that the Sovereign Wealth Fund of Norway taken to halt investment in the occupied territories of Western Sahara in accordance with international law and in line with the ethical standards of the Sovereign Wealth Fund of Norway. It calls on all foreign companies and private investors to disassociate themselves from involvement in investing in economic activities in the occupied territories of the Western Sahara. As the region has not been decolonized, international law prohibits any investment activities undertaken in collaboration with the occupying power, which does not have the legal or ethical authority to grant any licenses to carry out economic activities in the occupied territories.”

Accordingly, Dr. Ghali Zubeir, head of the Western Sahara Petroleum and Minerals Commission called on companies exploring or investing under the Moroccan occupation of the Sahrawi territories to rectify their status by signing of new contracts with the Sahrawi Arab Democratic Republic authorities as the sole legal authority to award such licenses.

The Norwegian Sovereign Wealth Fund already has withdrawn its investments from a number of companies engaged in the looting of Sahrawi natural resources such as the Kerr-McGee Corporation (USA) and the Irish San Leon Energy for the same reasons.

Photo: Norway’s $835bn oil fund has excluded Cairn Energy of the UK and Kosmos Energy of the US from its portfolio over their continuing investment in oil exploration off the coast of Western Sahara. Source: Cairn Energy / Financial Times.

Related articles:

Norway Continues to Distance Sovereign Wealth Fund from Energy Efforts in Western Sahara

Norway oil fund drops investment in Cairn and Kosmos

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