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Oil firm Det norske buys Svenska Petroleum’s Norwegian business for $75m

OSLO: Norwegian oil firm Det norske said on Wednesday it had agreed to buy Sweden’s Svenska Petroleum’s Norwegian business for $75 million. The acquisition of the business, which has stakes in 13 discoveries in Norway, will be funded by cash and undrawn debt, Det norske said in a statement. “This increases our ownership in attractive discoveries with resource upside potential ... Read More »

Norway to spend extra 40 to 50b crowns over next five years to cope with asylum seekers

OSLO: Norway may have to spend an extra 40 to 50 billion crowns ($4.9 billion-$6.2 billion) over the next five years to cope with a rising number of people seeking asylum, Prime Minister Erna Solberg told parliament on Tuesday. Norway has seen a rising number of people seeking asylum in recent months, albeit fewer than neighbors Sweden or Finland. Some ... Read More »

Norway gas system operator Gassco revises unplanned outage at Heimdal

OSLO: Norwegian gas system operator Gassco revised the details of an unplanned outage at Heimdal on Tuesday, modifying its impact for Wednesday. Norway, Europe’s second biggest gas supplier is currently exporting gas at a rate of 322.75 mcm per day. The following are details of the outage versus Gassco’s previous  Heimdal Scope of outage within day: -8.5 mcm VS -8.5 ... Read More »

Consortium of Norway fund says to preferred bidder for Singapore Tower

OSLO: A consortium of Norway’s sovereign wealth fund and developer CapitaLand Ltd. was chosen as the preferred bidder for a Singapore tower being sold by BlackRock Inc., in what could become the biggest office deal in the city-state, people with knowledge of the matter said. The bidding group will start exclusive talks with BlackRock about a purchase of Asia Square ... Read More »

Norway Junk bond investors set oil sight on attractive oil debt

OSLO: Norway’s junk bond investors see oil debt as an opportunity, provided you’re patient and picky. Volatility in the global markets has created a liquidity squeeze, with widening spreads for oil-related bonds offering “good payment for the credit risk,” said Roar Tveit, a portfolio manager at Holberg Fondsforvaltning AS. “We’re rather on the buyer’s side,” he said in an interview ... Read More »

Norwegian Air Shuttle ASA likely to sell tickets to Europe for $69 by 2017

OSLO: Norwegian Air Shuttle ASA hopes to sell one-way tickets to Europe for $69 as early as 2017 by flying from U.S. airports that have low fees, Chief Executive Officer Bjørn Kjos said in an interview Tuesday. Europe’s third-largest budget airline is considering flights to Edinburgh and Bergen, Norway from U.S. airports that have little to no international service today, ... Read More »

Norway’s Telenor puts $2.3b Vimpelcom stake up for sale

OSLO: Norwegian telecoms firm Telenor wants to sell its 33-percent stake in Vimpelcom , currently valued at $2.3 billion, the latest move by a Nordic telecoms firm to sever ties with a business facing a bribery investigation.   Last month Swedish telecoms company TeliaSonera said it would leave seven nations in Asia and eastern Europe after years of probes into ... Read More »

Eltel buys signalling company in Rail&Road business in Norway

OSLO: Eltel has agreed to acquire VETE Signaltjenester AS in Norway. VETE is a recognized player in the Norwegian railway market with an important market position providing railway-signalling services. Eltel entered the Norwegian Rail market in 2012. Since then Eltel has successfully been able to capitalize on the growing market. To meet the growing customer demand Eltel has decided to ... Read More »

Norway’s Yara to sale EU CO2 business to U.S Praxair, sees gain of EUR 150m

OSLO: Says signs a non-binding agreement with U.S.-based Praxair, Inc. to sell its European CO2 business for 218 million euros. Says agreement also includes sale of Yara’s remaining 34 pct stake in Yara Praxair Holding AS joint venture to Praxair for an estimated 94 million euros. Says the transaction is expected to close in the first quarter of 2016, pending ... Read More »

Norway central bank signaled more than 50% chance of reduction in 2016

OSLO: Edgy investors unable to read the central bank’s monetary policy are starting to add an “uncertainty” premium on the Norwegian currency. But Norges Bank Governor Oeystein Olsen says there’s nothing to worry about. With the economy stuck in the mire, Olsen last week unexpectedly cut rates to an all-time low of 0.75 percent, sending the krone plunging to levels ... Read More »

Norway’s oil fund looking at Tokyo, Singapore for property investments

OSLO: Norway’s US$819 billion (S$1.1 trillion) Government Pension Fund, the world’s biggest sovereign wealth fund, is looking to buy properties in Tokyo and Singapore in the coming months, a key executive said on Wednesday. The fund, built on revenues from the country’s oil and gas production, has previously bought office blocks, shopping malls and other properties in key cities in ... Read More »

Norway goes green with five pilot projects

OSLO: Five pilot projects have been chosen for development as part of Norway’s Green Coastal Shipping Programme, including a green port project with minimal carbon footprint and hybrid LNG/battery vessels. The programme aims to encourage the research and implementation of green technology concepts in the country’s shipping sector and is supported by 26 partners from the Norwegian maritime industry including ... Read More »

Norway’s DNB bank buys substantial stake in Ezra

OSLO: Norway’s biggest bank has shelled out S$24.84 million ($17.3 million) for a 7.04 per cent stake in offshore services firm Ezra Holdings, in an off-market deal that turned it into a substantial shareholder and one of Ezra’s largest stakeholders, the Business Times reported. DNB Bank ASA, a subsidiary of DNB ASA, paid that sum for an interest in 207 ... Read More »

Norwegian trade mission lands in Kenya

OSLO: Monica Maeland, Norwegian Minister of Trade & Industry, was accompanied by more than 50 Norwegian CEOs and business representatives. During the conference, an MoU was signed between Norway’s Energy Farm and Mully Children’s Family, an organisation. Held in cooperation with the Kenya Investment Authority (KenInvest), the Kenya Private Sector Alliance and the Kenya National Chamber of Commerce and Industry, ... Read More »

Kenya, Norway seeks to close business ties to support economic growth

NAIROBI: Kenya and Norway are seeking close business ties to strengthen economic growth and create jobs in the two countries. A high-powered business delegation from Norway is in the country led by the nation’s Minister of Trade and Industry Monica Maeland to seek available business opportunities in Kenya. According to Kenya’s ministry of Foreign Affairs and International Trade, the volume ... Read More »

Nineteen smart ideas to create flourishing Canadian economy

OSLO: The Globe and Mail is hosting a debate on the economy among the leaders of the three main political parties on Thursday at 8 pm (ET). Click here for more details. Demand for resources, and not just oil, is swooning as China’s economy slows. Manufacturing, expected to bounce back in response, is instead going sideways. Pulling things out of ... Read More »

Currency volatility slows Aspen’s profit growth to 13%

OSLO: Local market darling Aspen released full year earnings earlier, which produced slowing growth of 13 percent. Aspen is one of the many South African-born companies that have gone global, supplying pharmaceuticals to 150 countries. Trading on a price to earnings ratio of 28.83 however, the market may have been expecting more but immediate reaction saw a 3 percent increase. ... Read More »

Manhattan Trinity Church Brings in Norway Fund as Property Partner

OSLO: Lower Manhattan’s Trinity Wall Street Episcopal Church reached an agreement in principle to bring in Norway’s sovereign wealth fund as a partner for 11 of its office buildings in the Hudson Square neighborhood. The church’s governing body voted to proceed with the joint venture late Wednesday afternoon, Betsy Vorce, Trinity’s chief communications officer, said by telephone. She declined to ... Read More »

Statoil exercise options, extend contract with CHC Helicopter in Norway

OSLO: Statoil has exercised options to extend its contract with CHC Helikopter Service AS, securing helicopter search-and-rescue services to its Tampen and Oseberg fields until 2019 in a deal worth over $90 million. CHC will continue to provide offshore search-and-rescue services to the fields using three new technology H225 aircraft. CHC also delivers crew change services to Statoil in Norway, ... Read More »

Norway increases trout MAB by 20% in face of Russia ban

OSLO: The Norwegian government has announced new measures to allow trout farmers to leave fish in the water longer, in the face of reduced market scope following Russia’s import ban. In practice, the government is allowing the maximum allowed biomass of trout in the water to be increased by 20%, with effect from today (Sept. 2) until June 30, 2016, ... Read More »