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Norway ups Burma oil investments

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Figures released last week by the Norwegian government show that
investments in oil and gas companies operating in Burma stand at close
to $US5 billion, despite heavy opposition from rights groups.
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The new sum marks an increase of around $US300 million on last year’s
figures. The state-owned investment body, the Norwegian Pension Fund,
holds shares in 15 energy companies in Burma, a position that the
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International (ERI), who accused it of “contributing to grave unethical
actions in Burma” through its investments.

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companies, the US-based Chevron and French oil giant, Total. Both are
targets of investment by the Fund, which has shares of more than $US2
billion in Total and $US0.9 billon in Chevron.
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It has also doubled its stake in the controversial Swiss-American
drilling firm Transocean, which is being investigated by the US for its
work with a consortium of Burmese companies that includes a firm owned
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Eight of the 15 companies, including Transocean, have seen increased
investment from the Fund, while six have seen a reduction and one
remains the same.
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Matthew Smith, senior consultant at ERI, said the increase in
investments by the Pension Fund “is indiscriminate of the ethical
considerations – that [the Fund doesn’t] determine whether or not to
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companies have consistently tried to deny in communications with their
investors and other interested parties”.

The Pension Fund in March 2007 disinvested from the Chinese company
Dongfeng following evidence that it had been supplying trucks to the
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It would be very disturbing to find out that Norway had been
investing in Burma prior to 1988.
I have always wondered why Mahatma Gandhi, the originator of
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lives snuffed-out by the order of their regime business partners,
endangering Norway’s agenda to invest in the rape of Burma’s
natural resources by the Burmese military regime?
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with no further bloodshed.
Whether Norway was investing in Burma at the time, or later seized
the lucrative opportunity they helped to create, the Norwegian
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[46]March 29, 2011 at 5:10 pm
The companies Norway invests in are connected to the Yadana
pipeline project which has already plenty of human rights abuses