The Council on Ethics recommends that the Korean gas company Korea Gas Corporation (KOGAS)  be excluded from investment by the Norwegian Government Pension Fund Global (GPFG) due to an unacceptable risk that the company is contributing to serious violation of the rights of individuals in situations of war and conflict. The recommendation relates to the company’s activities in Myanmar.

KOGAS is partnering with the state-owned oil company Myanma Oil and Gas Enterprise (MOGE) in the Shwe gas field offshore Myanmar. In February 2021, the armed forces in Myanmar staged a coup d’état, after which the military has intensified its extremely serious abuses of civilians. Through its activities in the country, KOGAS provides the armed forces with substantial revenue streams that can finance military operations and abuses. The company’s business partnership with MOGE represents an unacceptable risk of contributing to extremely serious norm abuses in the future.

The Council on Ethics issued its recommendation on exclusion on 29 November 2022. Norge Bank announced its decision to exclude the company on 26 April 2023.

Please find the Council’s recommendation here.