OSLO : Norway's $1.4 trillion sovereign wealth fund has excluded Power Construction Corp of China from its portfolio and placed London-listed Petrofac under observation.The Norwegian wealth fund, set up in 1996 to save petroleum revenues for future generations, operates under ethical guidelines set by par
OSLO : Norway's $1.4 trillion sovereign wealth fund has excluded Power Construction Corp of China from its portfolio and placed London-listed Petrofac under observation.
The fund, which holds stakes in more than 9,200 companies globally, on Thursday said the exclusion of Power Construction Corp of China was because of"unacceptable risk of the company contributing to or being responsible for serious environmental damage", citing its hydropower development in Batang-Toru in Indonesia.
Petrofac reached a deal in 2021 with Britain's Serious Fraud Office and was fined after pleading guilty to paying bribes related to contracts in Iraq, Saudi Arabia and the United Arab Emirates between 2011 and 2017.
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