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Norwegian firms keen on investing in Sri Lanka

OSLO: Norwegian companies are keen on investing in Sri Lanka and are happy with the new government’s liberal policies, Norway’s envoy said, noting that good governance and rule of law were important for investors. Thorbjourn Gaustadsaether, the Ambassador of Norway to Sri Lanka, said Norwegian firms  were particularly interested in the oil and gas, shipping, renewable energy and fisheries sectors. ... Read More »

Norway must cut tax, boost efficiency as oil price falls: OECD

OSLO: Norway should reduce taxes, deregulate private enterprise and speed up public sector reforms to boost its competitiveness following a sharp fall in the price of crude oil, its top export, the OECD said in a report on Monday. The end of a more than decade-long energy boom that lifted the country’s per-capita output to the second-highest level in the OECD ... Read More »

Rise in Norwegian salmon prices could lead to higher prices for U.S. salmon

OSLO: With Norwegian salmon prices starting to climb, could this help to boost demand in the U.S. salmon industry? The last few years have seen U.S. farmed salmon prices falling steadily. Lower prices were primarily driven by the increased export competition with farmed salmon from Norway and Chile, as a result of a strong U.S. dollar and additional supply available ... Read More »

Norway’s exports fall by 6.7% in 2015 due to low oil prices

OSLO: Norway’s exports decreased by 6.7 percent in 2015 mainly due to low oil prices while imports rose sharply by 9.5 percent, the country’s statistics bureau said on Friday. Norway’s exports were 847.7 billion kroner (96.6 billion U.S. dollars) last year, down about 6.7 percent from 2014, while imports rose by 9.5 percent to 614.1 billion kroner, according to preliminary ... Read More »

Norway finance ministry needs more transparency in bank regulation

OSLO: Norway’s financial industry regulator should become more transparent when deciding how much capital individual banks must hold, the country’s Finance Ministry said in a statement on Friday. In a letter to the Financial Supervisory Authority (FSA), the ministry said more transparency in the application of so-called Pillar 2 capital requirements would make the system more predictable to the banks ... Read More »

Norwegian firm pulls out of hydro project in Nepal

OSLO: Norwegian energy giant Statkraft AS has withdrawn its plan to build a hydropower project in Nepal, officials said yesterday, in a blow to the Himalayan nation’s efforts to woo foreign investment and lift its struggling economy. The company was to invest US$1.5 billion in the Tamakoshi III plant to generate 650 megawatts for export to energy-hungry India, which has ... Read More »

Norway’s Statkraft pulls plug on Tamakoshi-III

OSLO: Norwegian company Statkraft has notified the Investment Board Nepal (IBN) of its decision to discontinue the development of the Tamakoshi-III Hydroelectricity Project. Issuing a statement on Tuesday, the company said that its decision follows of a thorough assessment of all aspects of the project, including commercial, technical and regulatory factors. “These factors include a lack of viable power off-take ... Read More »

Norwegian Customs seizes 823kg onions, 143kg carrots

OSLO: Two Poles have been fined 10,000 kroner ($1,600) after they were stopped at the Norwegian border with a nearly a tonne of illegal onions and carrots in the back of their truck. “They had 823 kilograms of onions and 143 kilograms of carrots in the back,” Einar Bødker from Norwegian Customs told media. It is only permitted to bring ... Read More »

Norway’s Kaarstoe gas plant remains shut down due to gas leak

OSLO: Most production at Norway’s Kaarstoe gas processing plant was shut down due to a gas leak, gas system operator Gassco said. “More than half of production at Kaarstoe was shut due to the leak, but some parts remain producing. It wasn’t fully shut,” Gassco’s spokeswoman Lisbet Kallevik said. “It remains unclear how long it will take to get back ... Read More »

Norway exports 108.4 bcm of pipeline gas to Europe in 2015

OSLO: Norway exported 108.4 billion cubic metres (bcm) of pipeline gas to Europe in 2015, a more than 7 percent rise of over 7 bcm from the previous year, final figures from gas system operator Gassco showed on Monday. It was slightly less than preliminary data showed on Jan. 4, but still a record high, securing Norway’s place as Western ... Read More »

Norway seafood exports more than double in 10 years

OSLO: Norway exported seafood worth NOK 74.5 billion in 2015. This is 8 per cent, or NOK 5.8 billion, more than the record year of 2014. “In a year with trade restrictions in several markets and an import embargo in Russia, the result was better than expected. A weak Norwegian krone, combined with good demand for fresh products in particular, ... Read More »

Nordic central banks to continue with low interest rates rule

OSLO: Just as there are differences in their economic outlooks, interest-rate projections also vary across the Nordic countries. Denmark appears to be on track for a minor unilateral rate hike from its central bank (Danmarks Nationalbank) to slow the fall in the currency reserve, which has dropped back to the level prior to the major currency inflow in the opening ... Read More »

Norway’s fish exports rise to $8.35b

OSLO: Norway’s fish exports totalled 74.5 billion kroner (7.75 billion euros, $8.35 billion), more than double the level ten years ago and a rise of eight percent from the record year of 2014, according to the Norwegian Seafood Council. “In a year with trade restrictions in several markets and an import embargo in Russia, the result was better than expected,” ... Read More »

Norway to verify shipment of 60 tons raw uranium to Iran

STOCKHOLM: Norway says it has helped verify a shipment of 60 tons of raw uranium to Iran as part of an international deal on Tehran’s nuclear program. The Foreign Ministry said Tuesday that experts from the Norwegian Radiation Protection Authority “verified and controlled the transportation” of the uranium from Kazakhstan to Iran on Dec. 27. Iran is receiving raw uranium ... Read More »

Norway’s PM dismiss calls for end to oil, gas exploration in Nordic

OSLO: Norway’s Prime Minister has dismissed calls for a end to oil and gas exploration in Nordic nation, after nearly 200 countries signed a historic deal on Saturday to push for zero net emissions in the second half of the century. “We’re going to continue with oil and gas,” Erna Solberg said on Sunday, in comments echoed both by her ... Read More »

Norway seafood exports worth NOK 7.4b in Nov

OSLO: Norway exported seafood worth NOK 7.4 billion (USD 859,000 million) in November, representing an increase of 12 per cent compared to the same month in 2014. So far this year, seafood exports have totalled NOK 67.3 billion (USD 7.8 billion), which is 8 per cent more than in the first 11 months last year. ”At the start of December, ... Read More »

Norway exports seafood worth 859,000 mln in Nov 2015

OSLO: Norway exported seafood worth NOK 7.4 billion (USD 859,000 million) in November, representing an increase of 12 per cent compared to the same month in 2014. So far this year, seafood exports have totalled NOK 67.3 billion (USD 7.8 billion), which is 8 per cent more than in the first 11 months last year. ”At the start of December, ... Read More »

Norwegian consortium selects Kamstrup for AMI rollout

OSLO: In Europe, Norwegian utilities consortium Fredrikstad Energi has this week engaged in a contract with Danish smart metering solutions provider Kamstrup to supply an Automated Metering Infrastructure (AMI) system. According to a press statement, Fredrikstad Nett, Follo netvaerk and Askoy Nett have selected Kamstrup’s smart grid platform OMNIA for an AMI rollout in the utilities’ three supply areas. The ... Read More »

Norway to disregard recommendation by central bank

OSLO: Norway will disregard a recommendation by its central bank and, for now, give its financial industry some freedom to decide how to meet liquidity rules for krone liabilities. The supply of kroner is probably too small for stricter requirements to be feasible without causing market distortions, according to Tore Vamraak, state secretary to the Finance Ministry in Oslo. “A ... Read More »

Biggest $860b wealth fund gets more oversight with new deputy governor

OSLO: Norway named central bank executive board member Egil Matsen as deputy governor in charge of overseeing its $860 billion wealth fund. Matsen, 46, is a professor at the Norwegian University of Science and Technology in Trondheim. He was appointed to a six-year term for the newly created position. He has served as a member of the board that decides ... Read More »