Norway’s oil fund has invested in an Israeli company that services fighter jets during the ongoing invasion of Gaza – something now confirmed by the company’s CEO. Finance Minister Jens Stoltenberg claims he takes responsibility for the decision.
Bet Shemesh Engines Holdings delivers services and products to both civilian and military aircraft, with the Israeli military being one of its largest customers. Among other things, it maintains and manufactures parts for engines on Israeli fighter jets used to bomb Gaza. In 2023, Norway’s oil fund, or the Government Pension Fund Global, bought into the company.
— The fund has not been on any blacklist, says CEO Nicolai Tangen to Norwegian state broadcaster NRK.
Since the war began in October 2023, the Israeli company has increased sixfold in market value. The fund has since continued to buy into the company and now owns two percent. However, the oil fund claims it was not aware that the company had profited from the war. Tangen blames the purchase on politicians since it’s up to them to decide which companies should be excluded.
— The Stortinget (Norwegian Parliament) has decided that we should invest in Israel, and that’s what we do, says Tangen to Norwegian TV2.
Stoltenberg: I have the responsibility
On Wednesday, the Oil Fund together with Norway’s central bank and Norwegian Finance Minister Jens Stoltenberg, NATO’s former Secretary-General, held a crisis meeting regarding the matter. When he meets the press afterward, Stoltenberg takes responsibility for the investment, while also claiming he didn’t know about the company’s customers.
— I am the one who has the responsibility for ensuring the Oil Fund’s guidelines are followed as intended, he says to Norwegian E24.
Stoltenberg has previously expressed that the war in Gaza violates international law and now says they are determined to withdraw.
— We are determined to withdraw from companies that violate international law. This must happen quickly, he says.