Norway's oil fund cuts holdings in Israeli companies

Oslo: Norway s oil fund announced Tuesday that it has sold its stakes in several Israeli companies and plans further divestments, following criticism...

Oslo:  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 US 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The latest holdings overview shows the fund still owns shares in 44 Israeli companies, meaning it has withdrawn from 17 since June, the Norwegian news agency NTB reported.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.