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Oil at $50 worse than global financial Crisis

OSLO: When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That’s another story. Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a ... Read More »

Eltel buys out JV Partner in Norway

OSLO: Eltel has agreed to acquire the other half of the JV Eltel Sønnico AS in Norway from its partner Umoe at a price of NOK 265 million. The JV was formed in the beginning of 2014 to join the communication businesses of Eltel and Umoe in Norway. After this acquisition Eltel will be the sole owner of the company. ... Read More »

Hibiscus buys 50% stake in PL760 and PL760B licenses in Norwegian Sea licences

OSLO: Hibiscus Petroleum Bhd’s jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway), is acquiring a 50% stake in the PL760 and PL760B licenses in the Norwegian Sea from EnQuest Norge AS. The company told Bursa Malaysia that Lime Norway, a unit of Lime Petroleum Plc (in which Hibiscus Petroleum owns a 35% stake), would have a stake equal to France-based ... Read More »

Hibiscus buys 50% stake in PL760 and PL760B licenses in Norwegian Sea licences

OSLO: Hibiscus Petroleum Bhd’s jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway), is acquiring a 50% stake in the PL760 and PL760B licenses in the Norwegian Sea from EnQuest Norge AS. The company told Bursa Malaysia that Lime Norway, a unit of Lime Petroleum Plc (in which Hibiscus Petroleum owns a 35% stake), would have a stake equal to France-based ... Read More »

Oil-project drought Since 2009 could cap Norway income

OSLO: For the first time since the financial crisis, the Norwegian government’s oil company has seen no significant new plans presented for its offshore fields this year as producers cut spending after crude prices collapsed. Petoro AS, which manages the state’s direct ownership in a third of the country’s oil and gas reserves, said operating companies have submitted no new ... Read More »

Norwegian seafood exports up $4.81 billion

OSLO: Norwegian seafood exports are running at a record high this year, boosted by a weak krone, as the industry shrugs off a Russian import ban by turning to Poland and western European markets. By the end of July, the export value of Norwegian seafood was at an all-time-high of 39.7 billion kroner ($4.81 billion), a 6% increase on the ... Read More »

CF Industries Holdings Inc says to buy OCI NV North America, Dutch plants for about $6b

OSLO: CF Industries Holdings Inc said it will buy OCI NV’s North American and Dutch plants for about $6-billion, nearly ten months after the U.S. company’s merger talks with Yara International ASA fell apart. The deal, which excludes OCI’s plants in Egypt and Algeria, is for OCI’s nitrogen plants in Geleen in the Netherlands and Wever, Iowa besides the company’s ... Read More »

Norway total revenues stood at 305 NOK, up from 285m NOK in H1 2014

OSLO: Recorded music income was up a healthy 7% in Norway in the first half of 2015, with streaming finding yet more growth to heavily dominate the market. Total revenues stood at 305 NOK (€34.2m), up from 285m NOK (€32m) in H1 2014. According to IFPI stats, Norway was the 15th biggest recorded music market across last year. Ahead of ... Read More »

Norway total revenues stood at 305 NOK, up from 285m NOK in H1 2014

OSLO: Recorded music income was up a healthy 7% in Norway in the first half of 2015, with streaming finding yet more growth to heavily dominate the market. Total revenues stood at 305 NOK (€34.2m), up from 285m NOK (€32m) in H1 2014. According to IFPI stats, Norway was the 15th biggest recorded music market across last year. Ahead of ... Read More »

Competition authority approves conditionally St1 Nordic Oy’s acquisition of Shell’

OSLO: The Norwegian competition authority has approved today St1 Nordic Oy’s acquisition of the share capital of Smart Fuel AS, Shell’s Norwegian marketing company, from Shell Exploration and Production Holdings B.V. The agreement was signed on 18 December 2014. This corporate acquisition has been approved on the condition that St1 Nordic divests its current business St1 Norge AS in Norway. ... Read More »

Norway unemployment reaches highest level in more than 4 years

OSLO: If Norway’s central bank is consistent, it will cut rates at its next meeting. That’s what it’s done every time unemployment rose as much as it did this month. Unemployment at 3.1 percent probably wouldn’t ruffle the feathers of policy makers in the U.S., Greece, Spain (or countless struggling economies). But we’re talking about a nation of 5.2 million ... Read More »

Oil price drop forces huge cut in new projects in next year

OSLO: Another major oil company has said it will cut billions of pounds from spending plans as the market adjusts to a second price slump – and more results today are expected to detail further pain across the sector. BG Group, the subject of a £55bn takeover by Shell that should complete early next year, posted earnings before tax and ... Read More »

Statoil profit hit beyond Norway’s Shores

OSLO: Statoil ASA’s ambitious expansion in oil production beyond Norwegian shores is increasingly yielding an unwanted byproduct: losses. The state-run oil and gas company posted a 16% drop in second-quarter profit on Tuesday, hit by the continuous slide in oil prices as well as further losses from overseas operations. Net profit, boosted by gains from disposals, stood at 10 billion ... Read More »

Oil industry starts new round of cost cuts as oil slump persists

OSLO: BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices. “It’s really tough times for the industry,” BP Chief Executive Officer Bob Dudley said Tuesday, comparing the market to 1986 when tumbling prices forced drastic cost savings. Oil explorers are seeking ... Read More »

Global logistic to buy US Warehouses from Industrial Income Trust Inc. for $4.55b

OSLO: Global Logistic Properties Ltd. agreed to buy more than 200 warehouses from Industrial Income Trust Inc. for $4.55 billion in a deal that will make it the second-largest owner of U.S. industrial real estate. In its second American acquisition this year, Singapore-based GLP will purchase assets that comprise 58 million square feet (5.4 million square meters) in 20 major ... Read More »

$450m contract linking power grids of UK, Norway to benefit Stone

OSLO: A $450m contract which will see a power systems business link the power grids of the UK and Norway is to benefit Stone. ABB has won the contract to supply the high-voltage direct current (HVDC) converter stations that will tie the new North Sea Network (NSN) Interconnector, the electricity line that will connect Blythe to Norway. The firm will ... Read More »

Liquefied natural gas tanker Arctic Princess set to arrive Lithuania’s LNG terminal at Klaipeda

OSLO: Liquefied natural gas (LNG) tanker Arctic Princess is set to arrive at Lithuania’s LNG terminal at Klaipeda on July 19, port data showed. The 148,000-cubic-metre capacity tanker is delivering gas from Norway’s Snoehvit LNG plant. Lithuania opened the LNG terminal last year as it looks to reduce its reliance on pipeline gas imports from Russia. Read More »

FT opening Quote: BP profits slump as oil price falls

OSLO: Fresh from its Deepwater Horizon settlement, BP is back in deep water with results that show profits diving on the sliding oil price. FT Opening Quote, with commentary this week by deputy head of Lex Oliver Ralph, is your early City briefing. You can sign up for the full newsletter here. One has to feel sorry for the people ... Read More »

Statoil ASA profit beats forecasts as production increases

OSLO: Statoil ASA, Norway’s biggest oil and gas producer, posted second-quarter profit that beat estimates as higher production and refining margins helped to weather a plunge in crude prices. Net income excluding financial and other items fell to 7.2 billion kroner ($882 million) from 9.9 billion kroner a year earlier, the Stavanger-based company said Tuesday. That beat the average 5.5 ... Read More »

Sons of Norway CEO Heiberg is Norway honorary consulate new consul general

OSLO: The new consul general of Norway’s honorary consulate here is both CEO of the Sons of Norway and a son of Norway. Eivind Heiberg was named Monday to the honorary post by Kåre Aas, Norway’s ambassador to the United States, who flew in from Washington, D.C. Heiberg takes on the duties Sept. 1, after current honorary consul general Gary ... Read More »