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Oil fund ejects Indian oil group for ethical reasons

Norway's sovereign wealth fund decides to exclude the Indian group due to "unacceptable risk that the company is contributing to serious violations of the rights of individuals".

Photo: Nerijus Adomaitis/Reuters/Ritzau Scanpix

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, has decided to blacklist four companies based on an assessment from the Norwegian Council on Ethics. One of these excluded firms is India-based Oil & Natural Gas Corp., reports media Dagens Næringsliv.

The fund based its decision on the council's findings of "unacceptable risk that the company is contributing to serious violations of the rights of individuals" in connection with the company's joint ventures with South Sudanese state oil company Nile Petroleum Corporation.

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