Oil Fund Invested in Israeli Defense Company Profiting from Gaza War

The Norwegian Oil Fund (Oljefondet) has invested in the Israeli company Next Vision, which produces drone cameras used by the Israeli military (IDF). Since the start of the Gaza war in October 2023, the company’s stock has surged by nearly 500%, and its chairman confirmed that the war has driven increased demand for their products.

• At the end of 2023, the Oil Fund owned 1.2% of Next Vision, valued at 184 million NOK.

• The company sells to the Israeli military and other defense firms, including Uvision (maker of “suicide drones”) and Elbit, a company previously blacklisted by the Oil Fund in 2009.

• Chairman Chen Golan openly admitted that war boosts sales, although he acknowledged this as “unfortunate but true”.

• There are numerous reports of Israeli drones attacking civilians in Gaza. It’s unknown whether Next Vision’s cameras were used in these attacks.

• In response to recent criticism, the Norwegian government has requested a new review of the Oil Fund’s investments in Israeli companies.

The Oil Fund is prohibited by ethical guidelines from investing in companies contributing to violations of international law. Neither the Fund nor Next Vision has responded to recent media inquiries.

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