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Norway's oil fund excludes Norilsk Nickel from portfolio

Posted on: Fri, 20 Nov 2009 13:16:00 EST

Symbols: NLKNY

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Nov 20, 2009 (M2 PRESSWIRE via COMTEX) --
NLKNY | Quote | Chart | News | PowerRating -- 20 November 2009 - Norway's sovereign wealth fund, known as the oil
fund (Oljefondet), has excluded Russian metals and mining company
Norilsk Nickel (LON: MNOD) from its portfolio, the Norwegian Ministry
of Finance said yesterday.

The council of ethics for the fund considers it probable that Norilsk
Nickel operations are afflicting environmental damages which will have
a long-term effect, which clashes with the fund's guidelines.

The council of ethics has evaluated Norilsk Nickel's polar division on
the Taymyr peninsula in Siberia and the pollution problems there.
Emissions from the company have been the direct cause for forest death
and other serious and visible damage to nature.

In addition, the more than 200,000 people living in the area have
continuously been exposed to big concentrations of pollutants in air,
earth and water.

Norilsk Nickel admits that the environmental damage is big, yet
considers that the implementation of its action plan for emissions
reduction in the period to 2015 has been successful.

The Ministry of Finance gave instructions to sell out of Norilsk Nickel
on 31 August and the divestment of the stake was completed by 31
October.

The oil fund held an ownership stake of 0.39% in Norilsk Nickel, with a
market value of NOK328.6m as of 31 December 2008, according to the
annual report of fund manager Norges Bank Investment Management (NBIM).

(EUR1 = NOK8.4)

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

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