Saturday 24 September 2016

San Leon blacklisted by Norway's pension fund for 'violations of ethical norms'

Published 06/03/2016 | 02:30

Oisin Fanning of San Leon Photo: Courtpix
Oisin Fanning of San Leon Photo: Courtpix

San Leon Energy, the Dublin-based oil and gas explorer whose executive chairman is Oisin Fanning, has been blacklisted by one of the world's biggest wealth funds for "serious violations of ethical norms".

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The Norwegian Government Pension Fund has decided to exclude the firm from its investment universe following a recommendation from its council of ethics.

The company has been criticised for its presence in Western Sahara, which borders Morocco, where it has interests in the Tarfaya and Zag licence areas, as well as two offshore licences. San Leon has been in the region for around a decade.

Western Sahara is a thinly populated area of primarily desert land on the northwest coast of Africa.

In 1975, the area was annexed by Morocco and has since been the subject of a territorial dispute between the Moroccan government and its native Saharawi people.

In a statement released by the fund, it outlined its decision to omit the company.

"Norges Bank has decided to exclude the company San Leon Energy from the investment universe of the Government Pension Fund Global."

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