* The Babcock & Wilcox Co., Jacobs Engineering on ban list
* BAE Systems, Finmeccanica, FMC Corp off ban list
* Siemens off observation list
OSLO, Jan 11 Norway banned its $700 billion oil
fund from investing in several companies involved in nuclear
weapon making and lifted investment bans on several others, the
Finance Ministry said on Friday.
The fund, the world's biggest with around 1 percent of all
global shares, can no longer invest in The Babcock & Wilcox Co.
and Jacobs Engineering Group Plc because they
are involved in the production of nuclear weapons, the Ministry
said in a statement.
"The Babcock & Wilcox Co. operates and has operational
responsibility for state-owned plants that produce fissionable
material for nuclear warheads, and maintains and upgrades such
warheads," it said.
"Jacobs Engineering Group Inc. has stated that it is now
participating in a joint venture company engaged in the
development, production, testing and maintenance of nuclear
Neither company was immediately available to comment.
The ministry, however, lifted the investment ban on several
companies, including BAE Systems Plc, Finmeccanica
S.p.A, and FMC Corporation.
"BAE Systems Plc. and Finmeccanica S.p.A were excluded due
to their involvement in the production of nuclear weapons," the
"The companies have informed the Council on Ethics that the
production of the ASMP-A nuclear missile by their joint venture
company MBDA has ceased."
FMC was earlier banned for its involvement in the purchase
of phosphate from Western Sahara, which it no longer does.
The government also took Germany's Siemens AG off
its list of companies that could be excluded from investment in
the future after the company demonstrated zero tolerance to