OSLO, March 27 (Xinhua) -- Norway's biggest bank DNB has decided to withdraw from the disputed oil pipeline project Dakota Access Pipeline in the United States, a project that is accused by both indigenous groups and environmental organizations of violating human rights, newspaper Aftenposten reported Monday.
The decision was reportedly taken out of consideration for the Sioux Indians and according to the advice from Sioux tribe Standing Rock.
That makes the Government Pension Fund Global, commonly known as the oil fund, the only remaining Norwegian participator in the project, Aftenposten wrote.
"This is excellent news. Now it is only the oil fund which must understand that they too must respect the rights of indigenous peoples," said Vibeke Larsen, president of Norway's Sami Parliament.
Larsen will attend the meeting between Standing Rock representatives and the oil fund's ethical council on Monday.
"We have learned a lot from this case," said Harald Serck-Hanssen, DNB's executive vice president for large corporates and international customers.
According to him, everything still indicates that the oil pipeline will be realized as planned.
The pipeline would cross the Missouri River, which is the main drinking water source for the Standing Rock Sioux Indians on its way through four U.S. states, terminating at the oil tank farm in Illinois.
Last fall, DNB sold their shares of a value of around 3 million U.S. dollars.
According to Serck-Hanssen, DNB withdrew much later than the other banks, since "the process of selling a bank loan is not the same as selling shares," where the latter requires shorter time.
Norwegian environmental organizations are thrilled by DNB's decision.