Norway's $1.8 Trillion Wealth Fund Divests from Israel's Paz Over West Bank, Pemex Over Corruption

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Updated May 12, 2025, 04:15 AM

Norway's sovereign wealth fund, the world's largest and valued at $1.8 trillion, has announced the divestment of all its shares in Israel's Paz Retail and Energy (PAZ.TA). The decision was made due to Paz's ownership and operation of fuel infrastructure serving Israeli settlements in the occupied West Bank, which the fund's ethics watchdog determined contributes to the perpetuation of settlements considered illegal under international law. Paz is Israel's largest gas station operator and has nine stations in the West Bank.

The fund's Council on Ethics adopted a stricter interpretation of its standards in August, leading to this divestment as well as a previous one from Israeli telecoms firm Bezeq in December.

Separately, the Norwegian wealth fund has also sold all its fixed income investments in Mexico's state oil company, Petróleos Mexicanos (Pemex), citing unacceptable corruption risks. The fund's ethics council referenced multiple allegations of bribery involving Pemex employees, including a former senior executive, during the period from 2004 to 2023.

The fund holds 1.5% of listed shares in 9,000 companies globally and operates under guidelines set by Norway's parliament.

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Norway’s sovereign wealth fund, the largest in the world, has sold all its shares in Israel’s Paz Retail and Energy due to the company’s involvement in providing fuel infrastructure to Israeli settlements in the West Bank. Follow: @AFpost