The Norwegian Wealth Fund issued a statement on Sunday announcing the termination of its investment in the Israeli-based oil and natural gas company.
The statement said that "Baz" provides its services to settlements in the West Bank, which contributes to the continuation of these settlements, and that this situation is in violation of international law.
The statement said that this decision was made in line with the Ethics Board's recommendation regarding the company's involvement in human rights violations, and that it was decided to remove the company from the fund's portfolio.
The Norwegian Wealth Fund owns 1.5% of the publicly traded shares of more than 8,500 companies worldwide and is known for its ethical investment principles.
On July 19, 2024, the International Court of Justice ruled during a public session in The Hague that "the continued presence of the State of Israel in the occupied Palestinian territory is illegal," stressing that the Palestinians have "the right to self-determination" and that "the Israeli settlements in the occupied territories must be evacuated."
Paz is the largest gas station operator in Israel and operates nine stations in the occupied West Bank.
In parallel with the genocidal war in Gaza, the Israeli army and settlers have escalated their attacks in the West Bank, including East Jerusalem, resulting in the deaths of more than 962 Palestinians, the injury of nearly 7,000 others, and the arrest of more than 17,000 Palestinians, according to Palestinian data.
