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Norwegian minister says new trade deal with Britian may delay

OSLO: Norway wants to maintain a good relationship with Britain after it leaves the European Union but it may take a long time for a new trade agreement to be established, the EU affairs minister in Oslo said on Wednesday. Elisabeth Aspaker told a meeting that ministers would soon meet their London counterparts, later adding to Reuters that she expected ... Read More »

Norwegian oil companies production seems to may fall in 2016

OSLO: Norwegian oil companies say spending on exploration and production is likely to fall more than previously expected next year, an official survey showed Wednesday, as they continue to delay projects and slash investment. Oil companies operating in Norway, Western Europe’s largest oil exporter, now expect to spend 150.5 billion Norwegian kroner ($18.37 billion) on exploration and production next year, ... Read More »

Norway’s Telenor to set up separate business unit

OSLO: Norway’s Telenor (TEL.OL) will set up a separate business unit to claim a share of the rapidly growing mobile advertising market in Asia, Chief Executive Sigve Brekke told Reuters. Telecom operators like Telenor are facing challenges to their traditional business as increased data usage has opened the door for digital content providers like Netflix (NFLX.O) and Spotify and messaging ... Read More »

Norway’s Marine Harvest profits decrease to €1.3m from €6.2m

OSLO: One of the world’s biggest seafood companies – Norway’s Marine Harvest – said profits at its Irish division plunged in the last quarter to €1.3m from €6.2m a year earlier. It said bad weather and biological conditions experienced in the first quarter of the year continued to impact its operations here. The gross salmon harvest at its farms here ... Read More »

Norwegian Air Shuttle injects $15m to NAI

OSLO: New filings at the companies office show that the boost was received by NAI in July. NAI made a near $60m (€53m) loss last year, according to accounts recently filed here. It generated revenue of $719m in 2015, which included ticket and ancillary revenue of $577.7m and revenue from wet lease operations of $141.2m. In April this year, Norwegian ... Read More »

Oil,gas exports can make Norway Europe’s green battery

OSLO:  The oil and gas exports that made Norway rich are also key contributors to climate change. Norway may have an answer for that. The country’s mountains, lakes and rivers could eventually be turned into something like a giant battery   storing power generated by wind farms and solar cells elsewhere in Europe, then sending electricity back when renewable output slumps. The ... Read More »

Music sales in Norway increases by 7.8% in 1H 2016

OSLO:  Music sales in Norway increased by as much as 7.8% in the first half of the year, driven by revenues from streaming services. Recent figures from the IFPI Norway show that revenues from streaming have gone up by 30 million NOK from 248 to 278 million NOK from H1 2015 to H1 2016. Revenues from streaming services such as ... Read More »

Norway loses 29% oil,gas revenue in 1H

OSLO: Revenue in the first six months of 2016 from Norway’s oil and gas fields to the state has fallen 29 percent compared to the first half of 2015, according to information from Petoro AS on Thursday. As mentioned in The Wall Street Journal (WSJ), Petoro said it transferred around US$4.58 billion to public coffers from January to June 2016 ... Read More »

Oslo Børs VPS Holding reports profit of 2Q

OSLO: Oslo Børs VPS Holding reports a profit of NOK 82 million for the second quarter of 2016 (NOK 82 million). A more detailed presentation by business areas is provided in the quarterly report (enclosed). The second quarter was characterised by a somewhat higher level of activity in the primary market relative to the first quarter, while the level of ... Read More »

Norwegian company DNO to share funds with Genel Energy

OSLO: Norwegian energy company DNO said it received from the government a partial payment for the oil it exported in June from the Kurdish north of Iraq. The company reported receiving $30 million for the average 113,600 barrels of oil per day it exported from the Tawke field in the Kurdish north of Iraq. That total represents 99 percent of ... Read More »

Norwegian Seafood Council shows NOK 6.6b fish exports

OSLO: Norway’s seafood export surge continued during July, once again driven by strong farmed salmon sales. The latest figures from the Norwegian Seafood Council show overall fish exports last month totalled 6.6 billion Norwegian kroners (NOK), a rise of 15 per cent or NOK 882 million. So far this year, exports are running at NOK 49.2 billion, up by 24 ... Read More »

Norwegian seafood exports increase in July

OSLO: Norwegian seafood exports in July generated income for NOK 6.6 billion (USD 781.8 million), a figure representing a 15 per cent growth year on year. So far this year, the total value for sales abroad have reached NOK 4.92 billion (USD 5.83 billion), an increase of 24 per cent compared to the same period last year, according to the ... Read More »

Petoro gives $4.58b to Norwegian goverment in 1H

OSLO: Oil revenue to Norway from its state-owned fields contributed almost a third less in the first half of this year compared to 2015. The state-owned oil company Petoro said declining oil revenues have meant the country may have to tap into its $876billion sovereign wealth fund this year to cover expenses. The Norwegian Government has a number of stakes ... Read More »

Norwegian Customs seize 1,600 kg cannabis in 1H

OSLO: Norwegian customs agents have reported a three-fold increase in the amount of cannabis confiscated at the nation’s borders. Through the first six months of 2016, the Directorate of Norwegian Customs has seized 1,600 kg of cannabis, while just 550 kg was seized in the first half of last year. The agency director general, Bjørn Røse, said the increase may ... Read More »

Lundin Petroleum faces $47.1m loss in 2Q

OSLO: Swedish oil and gas producer Lundin Petroleum AB (LUPE.SK), part-owned by Norway’s Statoil ASA STO, +1.12% said Wednesday that it swung to a second-quarter net loss on the year, as record-high production was offset by foreign exchange losses. The second-quarter net loss was $47.1 million, compared with a net profit of $61.1 million a year earlier, mainly due to ... Read More »

Tesla Norway aims to buy SolarCity for $2.6b

OSLO: Tesla said Monday it will buy solar panel-maker SolarCity Corp. in an all-stock deal worth $2.6 billion in an effort to put its car and energy storage businesses under one solar-powered roof. The deal must still be approved by the government and shareholders at both companies. It’s expected to close in the fourth quarter if it goes through. Thirteen-year-old ... Read More »

Norway wants to get rid of gasoline-fueled cars

OSLO: Norway wants to get rid of gasoline-fueled cars, plans to become carbon neutral by 2030 and spends billions on helping poor countries reduce their carbon footprints. Meanwhile, it’s pushing ever farther into the Arctic Ocean in search of more oil and gas. “We know there is a paradox,” admits Vidar Helgesen, Norway’s climate and energy minister. “We have been ... Read More »

Unemployment decreases in Norway

WASHINGTON: According to Statistics Norway (SSB)’s new report, the seasonally-adjusted unemployment rate was 4.7 per cent in May, roughly unchanged from February. The Labour Force Survey (LFS) shows that the seasonally-adjusted figures for employed persons decreased by 19 000 from February (average of January-March) to May (average of April-June). The decline in the number of employed persons was strongest among ... Read More »

IMF worried about weaker investment in Euro area after Brexit

OSLO: The International Monetary Fund (IMF) is concerned with a potentially weaker investment in the European Union after the United Kingdom decided to exit the block, a move better known as Brexit, IMF European Department Deputy Director Mahmood Pradhan told reporters on Friday. Pradhan noted that these economic conditions have contributed to an expected economic decline in the area next ... Read More »

Google teams up with Norway’s largest wind park

OSLO: Google has agreed to purchase the entire output of the Tellenes wind power park in Rogaland, where construction is expected to be completed by the end of next year. The park, which will consist of 50 turbines, giving it an output capacity of 160 megawatts – the biggest in Norway, reports Aftenposten. The park has been at the planning ... Read More »