Norway Excludes Textron, Barrick Gold From Oil Fund

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Jan. 30 (Bloomberg) — Norway excluded Textron Inc. and Canadian miner Barrick Gold Corp. from its oil fund, citing the production of cluster weapons and environmental concerns.

The $300 billion fund will be barred from investing in the companies after a recommendation from the Council on Ethics, the Oslo-based Finance Ministry said in a statement today. Textron, the maker of Bell helicopters and Cessna planes, was excluded because of the international treaty banning cluster weapons from 2008, the ministry said.

“The company produces cluster weapons, which are banned,” Finance Minister Kristin Halvorsen said. Barrick was excluded because of “an unacceptable risk of the fund contributing to serious environmental damage,” the ministry said.


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