The Council on Ethics recommends that Paz Retail and Energy Ltd (Paz) 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 or war or conflict.
By operating infrastructure for the supply of fuel to the Israeli settlements on the West Bank, Paz is contributing to their perpetuation. The settlements have been established in violation of international law, and their perpetuation constitutes an ongoing violation thereof. The Council therefore considers that Paz is contributing to the violation of international law in such a way as to give grounds for recommending its exclusion from investment by the GPFG.
The Council submitted its recommendation on December 19, 2024.
Norges Bank made public its decision to exclude the company on May 11, 2025.