Adani Ports and Special Economic Zone Ltd (APSEZ) has been excluded from Norway's pension fund by the country's central bank, Norges Bank. The exclusion is based on the company's unacceptable risk of contributing to serious violations of individuals' rights in situations of war or conflict. Adani Ports has been under observation since March 2022, and the decision to exclude it is based on a recommendation from the Council on Ethics of November 21, 2023. This development comes as APSEZ is set to acquire a 95% stake in Gopalpur Port Limited (GPL) in Odisha, India. GPL deals with dry bulk cargo and is projected to handle around 11.3 million metric tons of cargo in FY24. The acquisition will enhance APSEZ's operational efficiencies and infrastructure debottlenecking, bringing it closer to achieving East-West parity and expanding its presence on the East Coast of India. [a0439277]
In other news, Denmark-based APM Terminals plans to invest $500 million into Nigeria's economy through the maritime sector. The company aims to upgrade terminals in Apapa to accommodate vessels with deep draft and large ship-to-shore cranes. APM Terminals has been operating in Nigeria since 2006 and sees Nigeria as a key market in Africa. [65e232b0]
Norway's central bank, Norges Bank, has excluded Adani Ports, US-based L3Harris Technologies, and China's Weichai Power from its pension fund. The exclusion of Adani Ports is based on the company's unacceptable risk of contributing to serious violations of individuals' rights in situations of war or conflict. Adani Ports has been under observation since March 2022, and the decision to exclude it is based on a recommendation from the Council on Ethics of November 21, 2023. [27689733]
Norway's regulators have fined shipping firm Altera Infrastructure (formerly Teekay Offshore) $750,000 for illegally exporting two vessels to India for scrapping. The vessels, shuttle tankers operating in the North Sea, were exported for scrap after reaching the 20-year operating age. The firm disputes the allegations and claims it hasn't received justifications and replies from the Norwegian National Authority of Investigation and Prosecution of Economic and Environmental Crime (Økokrim). Økokrim considers scrapping on the beach a global environmental issue due to pollution concerns. The firm has two weeks to consider whether to accept the fine. [549d1439]