Norway’s Central Bank excludes two oil companies working in Western Sahara

Oslo, June 29, 2016 (SPS) - The Central Bank of Norway excluded two oil companies working off the coast of Western Sahara for Morocco, because of the “serious violations of the basic ethical standards,” according to the Bank’s Council of ethics, cited by the news agency Reuters.

Cairn Energy, a company of production and supply of energy based in Edinburgh and the American Kosmos Energy were excluded because of serious violations of the basic ethical standards through their exploration for hydrocarbons off the coast of Western Sahara for the benefit of the Moroccan authorities, said the Council on ethics, calling to exclude them, said the agency.

A decision ratified by the board of directors, the latter relying on the basis of the recommendation of the Council of ethics.

The board of directors is convinced that the exclusion criteria were met, said for its part the Central Bank of Norway.

Western Sahara is Africa’s last colony, occupied since 1975 by Morocco supported by France.SPS