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Babcock & Wilcox Co. (BWC) and Jacobs Engineering Group Inc. (JEC) have been excluded from the portfolio of Norway's $698 billion sovereign wealth fund, or oil fund, because the companies were involved in the production of nuclear weapons, the Ministry of Finance said Friday.The ministry found that Babcock & Wilcox operates facilities producing fissile material for nuclear warheads, while Jacobs Engineering Group is part of a company developing, producing and maintaining nuclear weapons.The fund's ethical guidelines state that the fund should not invest in companies producing weapons that are in conflict with humanitarian principles. The Norwegian parliament has decided that his includes nuclear weapons.At the end of 2011, Norway's oil fund owned 188 million Norwegian kroner ($33.71 million) worth of shares in Babcock & Wilcox and NOK208 million worth of shares in Jacobs Engineering.But the ministry has reversed the exclusion of BAE Systems PLC (BA.LN) and Finmeccanica S.p.A. (FNC.MI) ...
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