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The Norwegian Government Pension Fund Global announced that it had excluded Israeli firm Delek Group Ltd from its portfolio, because of its petroleum prospecting offshore Western Sahara.
The decision was made by the Council on Ethics of said fund to protest the contract concluded, in December 2022, by Delek's subsidiary, the Israeli company NewMed Energy, with the Moroccan authorities.
«The Council has considered that Delek Group’s exploration activities offshore Western Sahara must be considered a serious violation of fundamental ethical norms as per the Fund’s ethical guidelines, as the activity is not conducted in accordance with the wishes and interests of the people of Western Sahara, and because it contributes to maintain an unresolved situation for the area», wrote the Council.
Israeli firm NewMed Energy announced, on December 6, 2022, that it had signed an agreement with the Moroccan Ministry of Energy Transition and Sustainable Development and Adarco Energy for offshore natural gas exploration and production in Boujdour. NewMed and Adarco will each have a 37.5% stake in the Boujdour Atlantique licence, and the ministry will hold the remaining 25%.
