Government Pension Fund Global, Oslo, will be allowed to invest again in two energy companies that had been excluded from its portfolio, said Norges Bank Investment Management, which manages the sovereign wealth fund's assets, in a statement Tuesday.
Cairn Energy and Kosmos Energy equities had been divested from the 8.4 trillion Norwegian kroner ($979 billion) sovereign wealth fund's portfolio in 2016 because of risks associated with petroleum exploration on the coast of Western Sahara. Norges Bank's Council on Ethics, which makes recommendations for exclusions deemed the risk "unacceptable" at the time. The divestment amounted to $54 million.
Because the companies have discontinued their businesses in the relevant area, the council recommended that Norges Bank IM revoke the exclusions, the statement said.
Norges Bank spokesman could not be reached to provide additional details.