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Norway to assist tax revenue collection in Tanzania

OSLO: Norway is contributing USD5m to a program designed to help the Government of Tanzania collect more in tax. According to a statement published by the Norwegian Embassy in Tanzania, Norway’s contribution to Tanzania’s Tax Modernization Program was announced during a recent visit to the African nation by Norwegian Deputy Minister of Foreign Affairs, Tone Skogen. The statement explained that ... Read More »

Dark future forecast for Norway economy

OSLO: The oil price has plunged, and the Norwegian economy is currently in a clear economic downturn, according to the latest report by SSB. In 2015 mainland GDP increased by only 1.0 per cent, the weakest growth since the financial crisis in 2009. There was barely any growth through the second half of last year, and unemployment has risen by ... Read More »

Nordic cooperation on water will provide jobs

OSLO: At least 663 million people in the world lack access to water and 2.4 billion have poor sanitation. Norway and the Nordic region want to improve the situation and at the same time create new jobs. EEA and EU minister Elisabeth Aspaker (H) will participate  at the Nordic commemoration of the International Water Day in Helsinki on Tuesday. The ... Read More »

200,000 jobs threatened by Norway oil industry crisis

OSLO: The plunge in the price of oil since 2014 has exposed the full extent of the Norwegian economy’s dependence on oil and gas. In response, the Norwegian bourgeoisie, like ruling elites worldwide, are seeking to roll back the social position of the working class. Norwegian capital is seeking to create a “life after oil” by developing existing industries and ... Read More »

Future snowless winters will cost Norway dearly

OSLO: Warmer winters with less snow will have major financial implications for a variety of industries, according an expert panel that examined the impact of climate change on Norwegian winter sports. Billions of kroner are at stake if Norway’s winters become significantly warmer, a report entitled ‘Grå Vinter’ (Grey Winter) that was presented by the Norwegian Climate Foundation in Oslo ... Read More »

EU soft wheat export licences boosted by data correction

OSLO: The European Union granted export licences for 991,000 tonnes of soft wheat this week, but the big weekly volume, the third-largest this season, was partly inflated by a data correction, the European Commission said on Thursday. The correction came after a member country previously declared some export certificates as durum wheat instead of soft wheat, an official said. The ... Read More »

Worst return for Norway’s wealth fund in years

OSLO: The world’s biggest sovereign wealth fund, Norway’s public pension fund, said Wednesday it posted a 2.7 percent return in 2015 owing to real estate and the global stock market recovery. Investments posted returns of 334 billion kroner (€35.6 billion, $39 billion at current exchange rates) last year, boosting the fund’s value to 7,475 billion kroner (€796 billion, $874 billion) ... Read More »

Norway gas exports to Europe ease on Gullfaks outage

OSLO: Norwegian gas exports to the rest of Europe fell on Monday from the previous session due to an unplanned outage at Norway’s Gullfaks field, data from gas system operator Gassco showed. Gas flows to Europe were running at 339 million cubic metres per day (mcm/day) by 1025 GMT, down 2 mcm from volumes delivered on Friday. The outage at ... Read More »

Norway’s Statoil drops plan to set up business center in Europe

OSLO: Norwegian oil and gas company Statoil said on Friday it has decided not to proceed with the evaluations of a potential business center in Europe. The decision was presented at a meeting with employee representatives on Friday and it was agreed that further efficiency improvements and cost reductions were needed, the Norwegian company said in a statement. The employee ... Read More »

Gazprom, EU energy chief agree to continue dialogue in antitrust probe

OSLO: The European Commission suspects Gazprom of abusing its dominant position in several Central and Eastern European gas markets. The European Union’s executive body has been in talks with the Russian company over its alleged monopolistic practices since the inquiry was launched in August 2012. “We exchanged opinions on the anti-monopoly investigation and outlooks for our gas deliveries to Europe. ... Read More »

Norway’s sovereign wealth fund posts 2.7% return in 2015

OSLO: Norway’s sovereign wealth fund posted a 2.7 percent return, or 334 billion kroner (39 billion U.S. dollars), in the “volatile year” of 2015, the fund said on Wednesday. Equity, fixed-income and real estate investments returned 3.8 percent, 0.3 percent and 10.0 percent respectively in the year, according to a statement of the fund, formally known as the Government Pension ... Read More »

Norway taps its oil money ‘Piggy Bank’ to cope with economic downturn

OSLO: Norway’s government has made its first withdrawal from the country’s $826 billion sovereign wealth fund, 20 years after first depositing cash from its vast oil sector into the account. The withdrawal took place in January when 6.7 billion Norwegian kroner ($780 million) was used to pay for public spending, according to the local newspaper Dagens Naeringsliv. Norway has sharply ... Read More »

European commission approves Greece-Trans Adriatic Pipeline project deal

OSLO: According to the statement, the Greek investment incentives for the project are “in compliance with state aid rules.” “The Trans Adriatic Pipeline will bring new gas to the EU and increase the security of energy supply for Southeast Europe,” Commissioner Margrethe Veestager said, as quoted in the statement. The Trans Adriatic Pipeline is the European leg of the Southern ... Read More »

Norway’s seafood exports rise 29%  y/y in Feb

OSLO: Norway’s seafood exports grew by 29 percent year-on-year in February to 6.8 billion Norwegian crowns ($784.96 million) as a weak currency and rising global demand for fish help drive sales, the country’s Seafood Council said on Thursday. Year-to-date growth stood at 24 percent, the government agency added. Exports by Norway’s extensive salmon farming industry represented 61 percent of overall ... Read More »

Norwegian gas important to Europe

OSLO: The EU-Commission on Tuesday presented its “Sustainable Energy Security Package”. The Commission confirms that gas will remain important in the EU’s energy mix in the years to come. For Norway as a major supplier of gas to Europe, the package will have significance. The package was presented by Vice-President responsible for Energy Union, Maroš  Šefčovič and Commissioner for Climate ... Read More »

Norway clears Iran debt purchases by pension fund

OSLO: Norway said here the other day that it had authorised its pension fund, the world’s largest sovereign wealth fund, to resume Iranian government bond purchases in the wake of a deal phasing out sanctions against Tehran. The fund, which is worth nearly 7 trillion kroner (€735 billion, $814 billion) and targets a 35-percent share of bonds in its portfolio, ... Read More »

Hydro to build technology pilot

OSLO: Norwegian aluminium producer Hydro has made a formal decision to build a full-scale technology pilot at Karmøy, Norway. The aim is to achieve the world’s most climate and energy efficient production of primary aluminium. Total costs are estimated at NOK 4.3 billion, consisting of net project costs of NOK 2.7 billion and around NOK 1.6 billion in support from ... Read More »

Norway to build Europe’s largest onshore wind plant

OSLO: Norwegian state-owned renewables producer Statkraft and Danish turbine maker Vestas announced on Tuesday that they will collaborate on Europe’s largest onshore wind power plant. Statkraft, TrønderEnergi and Nordic Wind Power will invest 11 billion Norwegian kroner ($1.3 billion, €1.6 billion) in six wind farms that are expected to produce 1,000 megawatts by 2020. The wind farms will be built ... Read More »

Google head, EU officials to discuss antitrust issues

OSLO: Google CEO Sundar Pichai is to meet with EU Commissioner for Competition Margrethe Vestager in Brussels this week, a source familiar with the matter said on Saturday. European competition officials have been investigating the US tech giant for years over alleged monopolistic practices involving its search engines, but any resolution has been elusive. Three successive proposals by Google for ... Read More »

Norway providing NOK 40 million in humanitarian assistance to Ukraine

OSLO: Norway is providing NOK 40 million in humanitarian assistance to help Ukraine in the present difficult situation, the Ministry of foreign Affairs announced. ‘The humanitarian situation in parts of Ukraine is serious. Five million people are in need of humanitarian assistance, including some 1.5 million internally displaced people. Children and the elderly are particularly vulnerable in the cold Ukrainian ... Read More »

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