A News Agency

The Norwegian Oil Fund divested from the American heavy machinery company Caterpillar due to its connections to serious human rights violations during the war in Gaza.

The fund owned about 1.2% of the company’s shares, worth approximately $2.4 billion. The Israeli government widely and unlawfully used Caterpillar bulldozers to damage Palestinian properties.

In a statement from the central bank managing the fund, it was noted that the decision was taken based on the recommendation of the fund’s ethics council. The statement said: “There is no doubt that Caterpillar equipment has been used in widespread and systematic violations of international law.”

The oil fund also withdrew its investments from five Israeli financial companies that fund the construction of illegal settlements in the West Bank.

At the beginning of August, the fund announced that it had sold all its shares in 11 Israeli companies after it was revealed that it had invested in a jet engine company. The oil fund, which is based on Norway’s vast petroleum revenues, is the richest in the world. It has investments in more than 8,600 companies worldwide.