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Recommendations from 2011, 2012 and 2013 concerning the companies Posco, Daewoo International Corporation, Oil and Natural Gas Corporation Ltd (ONGC), GAIL India, Korea Gas Corporation (Kogas)

Author: Council on Ethics, Norwegian Government Pension Fund Global (Norway), Published on: 17 December 2013

On 2 May 2011 the Council on Ethics recommended the exclusion of the Korean companies Daewoo International Corporation and Korea Gas Corporation, as well as the Indian companies Oil and Natural Gas Corporation Ltd. (ONGC) and GAIL India Ltd. (GAIL) from the Government Pension Fund Global. The companies participated in a joint venture with the Chinese state-owned company China National Petroleum Corporation (CNPC), which was responsible for the construction and operation of an 800 km overland gas pipeline across Myanmar. The Council found that the construction of the pipeline would entail an unacceptable risk of the companies contributing to serious and systematic human rights violations...On 13 September 2013, the Council on Ethics revoked the recommendation to exclude the companies from the Fund...As construction was completed in June 2013, the Council found that the situation had changed and that the basis for the earlier recommendations was no longer present.

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Related companies: China National Petroleum Corporation (CNPC) Daewoo International (part of Posco) GAIL (Gas Authority of India Ltd.) KOGAS (Korea Gas Corporation) ONGC (Oil & Natural Gas Corporation) Posco