Norwegians sell Kerr-McGee

Upstream Online
15 May 2003

By Barry Morgan

Norwegian investment firm Skagen Vekst has sold half its shares of US oil
company Kerr-McGee with the rest to follow, according to local newspaper
Stavanger Aftenbladet.

"The risk of being part of...Kerr-McGee is considerably greater than
predicted," the paper quoted Skagen Vekst portfolio manager Kristian
Falnes as saying.

Falnes said the reason for corporate disquiet was the contract Kerr-McGee
operates with Moroccan government for the exploration of waters off
western Sahara where Rabat is the occupying power.

Activists for the Sahrawi independence movement insist such permits break
international law since Rabat is in no position to dispose of Saharan
resources.

Skagen Vekst was the largest Norwegian shareholder in Kerr-McGee at 100
shares worth US$4.4 million.

(c) Upstream Online 2003


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Forwarded by:
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Norwegian Support Committee for Western Sahara
wsahara2@...

*** Referendum now! ***
http://groups.yahoo.com/group/Sahara-update
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