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Article

27 Nov 2006

Author:
Doug Mellgren, Associated Press

Norway uses oil wealth to make ethics statement

[The Norwegian Pension Fund - Global]...aims to make the nation's huge oil wealth grow for the benefit of its citizens while making the world a better place. The $263 billion global fund is under strict government-imposed ethical guidelines to ensure that money doesn't go to companies linked to such things as weapons production, human rights abuses, environmental damage or corruption...Last year, banned companies included Boeing, Honeywell, Northrop Grumman Corp. and United Technologies Corp. for contributing to the production of nuclear weapons; Alliant Techsystems, General Dynamics Corp., L3 Communications Holdings, Lockheed Martin and Raytheon Co. because they contribute to the manufacturing of cluster bombs; and Wal-Mart for alleged human rights and labor abuses.