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Norway’s Labour calls for debate on oil tax regime

OSLO: Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour’s Marianne Marthinsen, a member of parliament’s Finance Committee, told daily Aftenposten that Western Europe’s top oil producer should look at changing ... Read More »

Norway extends 1.7b Birr for REDD+ project implementation

OSLO/ADDIS ABABA: Norway has extended a 1.74 billion Birr financial assistance on Wednesday to support the implementation of Ethiopia’s Climate Resilient Green Economy through the REDD+ project. This is the first financial assistance for Norway to the REDD+ project and is expected to make significant contribution to reduce emission from forests. During the occasion, Admasu Nebebe, State Minister of Finance ... Read More »

Norway Savings Bank raises investment in Red Hat Inc.

OSLO: Norway Savings Bank raised its position in Red Hat, Inc. (NYSE:RHT) by 2.2% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,045 shares of the open-source software company’s stock after buying an additional 150 shares during the period. Norway Savings Bank’s holdings in Red Hat were worth $675,000 as of ... Read More »

Norwegian new home sales fall as property market cools

OSLO: Sales of new homes in Norway fell by 13 percent in the first half of 2017, a constructors’ group said on Tuesday, as government efforts to cool an overheating property market bore fruit. Sales dropped 30 percent year-on-year in June alone, the Norwegian Home Builders’ Association (NHBA) also said. “We are happy to see a market that is more ... Read More »

Norway salmon exports hit NOK115m in July

OSLO: Norway exported 138,000 metric tons of seafood at a value of NOK 6.7 billion ($847.4 million) in July 2017, the Norwegian Seafood Council (NSC) has revealed. Volumes were 4% lower, yet the export value increased by 2%, or NOK 115m, compared to July 2016. Year-to-date, Norway has exported 1.4m metric tons of seafood to a value of NOK 53.1bn; ... Read More »

Russia’s new Arctic super-tanker brings Norwegian LNG to Asia

MOSCOW/OSLO: It is the first commercial voyage of the unique vessel, originally built for company Novatek and its grand Yamal LNG project. The «Christophe de Margerie» one of the last days of July loaded LNG at Statoil’s Melkøya gas terminal on the Norwegian Barents Sea coast and set course eastwards. On 1 August the ship entered the Kara Sea on ... Read More »

Norway Savings Bank buys 395 shares of Citigroup Inc.

OSLO: Norway Savings Bank increased its position in Citigroup Inc. (NYSE:C) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,070 shares of the financial services provider’s stock after buying an additional 395 shares during the period. Norway Savings Bank’s holdings in Citigroup were worth $941,000 ... Read More »

Norwegian Air under pressure to boost finances

OSLO/LONDON: Norwegian Air, the fast-growing budget airline trying to crack the transatlantic market by undercutting established rivals, faces mounting pressure to control costs and shore up its balance sheet to weather fierce competition. The airline has embarked on an ambitious expansion plan buying more than 200 new fuel-efficient jets yet investors worry its drive to put more passengers on more ... Read More »

Norway’s giant gas field is set for record output

OSLO: The giant gas field that holds around 40 percent of total gas reserves on the Norwegian Continental Shelf (NCS) is set to produce a record amount of gas this year, just as gas demand in the UK is on the rise. Output at Norwegian field Troll—operated by Statoil—is expected to rise to record levels this year after Norway increased ... Read More »

Norway trade balance turns to deficit in June

OSLO: Norway’s foreign trade balance turned to a deficit in June from a surplus in the previous year, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Friday. The trade balance came in at a deficit of NOK 756 million in June versus a surplus of NOK 6.6 billion in the corresponding month last year. In ... Read More »

Norway-Sweden beer smuggling hits record levels

OSLO: Norwegian customs officers at the Svinesund border between Sweden and Norway have seized more beer and spirits during the first half of 2017 than in the whole of last year. Unroadworthy vehicles used for smuggling purposes have also been seized, according to a report by Press. “There has clearly been a trend in the first half of the year ... Read More »

Norway stocks lower at close of trade; Oslo OBX down 0.84%

OSLO: Norway stocks were lower after the close on Friday, as losses in the Transport, Consumer Durables And Apparel and Energy sectors led shares lower. At the close in Oslo, the Oslo OBX declined 0.84%. The best performers of the session on the Oslo OBX were REC Silicon ASA (OL:REC), which rose 4.30% or 0.05 points to trade at 1.17 ... Read More »

Norway returns illegally-imported Buddha statue to Myanmar

OSLO: Norway has returned a Buddha statue to Myanmar, the place of origin of the cultural artefact, after the Norwegian Customs identified the statue as illegally imported in 2011, official media reported Friday. China’s Xinhua news agency reported the Myanmar Buddha statue was handed back over by visiting Norwegian Foreign Minister Borge Brende to Myanmar Minister of Religious Affairs and ... Read More »

Low oil price hurts Norway’s economic case for northern drilling

OSLO: Low oil prices mean drilling for oil and gas in an offshore zone between Russia and Norway will not bring the economic benefits Oslo had predicted, according to a report commissioned by two green groups that are suing the Norwegian state over its plans. The Nordic country wants to open up new areas for exploration in the north of ... Read More »

Norwegian oil production better than expected

OSLO: Crude oil production from Norway, the region’s top supplier, was better than expected, a national energy regulator said. Norway is a main oil and natural gas supplier for the European economy, designating nearly all of its offshore production for exports. The Norwegian Petroleum Directorate, the nation’s energy regulator, said preliminary figures for May were lower than the previous month, ... Read More »

Norway signs agreement to resume salmon exports to China

OSLO: Norway has agreed in principle to resume exports of farmed salmon to China after a seven-year trade conflict, Norway’s fisheries minister said on Tuesday. “For some weeks now there have been discussions between the Food Safety authorities in China and Norway on how we can ensure predictability for salmon exports from Norway to China,” Per Sandberg said in the ... Read More »

Norway trade surplus falls in May

OSLO: Norway’s foreign trade surplus decreased in May from a year ago, as imports grew faster than exports, preliminary figures from Statistics Norway showed Friday. The trade surplus shrank to NOK 7.75 billion in May from NOK 8.56 billion in the corresponding month last year. In April, the surplus was NOK 22.2 billion. Exports climbed 14.9 percent year-over-year in May ... Read More »

Statoil aims to more than triple Brazil output

OSLO: Norwegian Oil and Gas Company Statoil aims to more than triple its production in Brazil and wants to become the sole operator for the entire Carcara discovery, among the world’s biggest in recent years, its local country manager said. Statoil has invested more than $10 billion in Brazil, making it the country’s largest foreign offshore operator. The Peregrino heavy ... Read More »

Norway risks oil, gas output cut if wage talks fail

OSLO: Five Norwegian oil and gas fields will shut down production unless a wage deal is agreed with the Lederne trade union, an industry lobby group said on Friday. The shutdown would affect fields operated by Statoil , Shell and ENI and would cut output by 443,500 barrels per day, the Norwegian Oil and Gas Association said in a statement. ... Read More »

Norway to get 30,000t salmon sales by re-opening of Chinese market

OSLO: The opening of the Chinese market to Norwegian salmon again could mean an estimated 30,000 metric tons of sales in a few years’ time, Norwegian bank DNB estimates. Norwegian fisheries minister Per Sandberg has recently signed an agreement on the recommencing of seafood trade with China. “Imports of salmon to China have, despite an import ban on Norway, grown ... Read More »