Norway's Prime Minister Jonas Gahr Store said Tuesday he had asked the country's finance minister to look into the country's sovereign wealth fund having invested in an Israeli jet engine maker, even as the war in Gaza raged.
Norway's sovereign wealth fund, also known as the oil fund as it is fueled by vast revenue from the country's oil and gas exports, is the biggest in the world and with a value of some $1.9 trillion, with investments spanning the globe.
On Monday, Norwegian newspaper Aftenposten reported that the fund had invested in Israeli Bet Shemesh Engines Holdings, which manufactures parts for jet engines used in Israeli fighter jets.
"I get very concerned when I see this," Store told broadcaster NRK on Tuesday.
Store added that he had asked the finance minister to get in touch with the country's central bank, which manages the fund, "to find out what the situation is."
Nicolai Tangen, CEO of Norges Bank Investment Management, confirmed on Tuesday that the fund had purchased a stake in the company in 2023 and that it had increased its holdings after the Israeli offensive in Gaza begun.
Tangen said the fund now owned over two percent of the company's shares.
Speaking to broadcaster TV2, the head of the ethics council evaluating whether companies live up to the fund's ethical guidelines, Svein Richard Brandtzaeg, said the council had not deemed the sale of aircraft engines to Israel covered by the ethical guidelines.
"We have therefore not investigated companies that maintain aircraft engines. We will now consider this. The fund has comprehensive ethical guidelines, but there is still room for discretion on the part of the council," he told TV2.
Finance Minister Jens Stoltenberg on Tuesday afternoon told a press conference he still had confidence in Tangen, following calls that the fund head should resign.
Stoltenberg stressed that the central bank and the fund were "responsible for implementation and enforcement based on the overall guidelines," news agency NTB reported.
The news agency added that Stoltenberg had also requested a new review of the fund's investments in Israel.
