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North Sea oil and gas company Ithaca agrees to sell Norwegian business to Hungary’s MOL for $60m

OSLO: North Sea oil and gas company Ithaca Energy has agreed to sell its Norwegian business to Hungary’s MOL for $60 million, the companies said, marking the Hungarian company’s entry into Norway’s oil market. Ithaca’s Norwegian business includes 14 licences in the Norwegian North Sea, three of which are operated by the unit, and it has committed to drilling three ... Read More »

Norges Bank to oppose AES Corp on 4 corporate governance proposals

OSLO: Norges Bank Investment Management, the pension fund fueled by Norway’s oil revenue, says it will oppose power company AES Corp. (AES +1.6%) on four corporate governance proposals. The fund says it will support a proxy access proposal to let big shareholders list competing board candidates on official AES corporate ballots, as well as a proposal to let holders of ... Read More »

Norwegian banks expect household lending margins to shrink further in Q2

OSLO: Norwegian banks expect household lending margins to shrink further in the second quarter but household loan demand is seen unchanged, a quarterly survey from the country’s central bank showed. Household credit demand rose in the first quarter and was somewhat higher than expected while corporate credit demand was unchanged, exceeding expectation for a fall, the bank said. For corporate ... Read More »

Norges Bank to oppose AES Corp on four corporate-governance proposals

OSLO: The pension fund fueled by Norway’s oil revenue is set to oppose global power company AES Corp. on four corporate- governance proposals–and a fund spokeswoman says more such announcements are likely as annual-meeting season gets under way. Norges Bank Investment Management said it will support a shareholder proposal to let big shareholders list competing board candidates on AES’s official ... Read More »

50,000th plug-in electric car registered in Norway

OSLO: The 50,000th plug-in electric car was registered in Norway, with the milestone being reached much sooner than the government anticipated after introducing tax exemptions on electric cars in 2012. In 2012 the Norwegian Parliament created a goal of hitting 50,000 zero emission vehicles by 2017. Initially they said that the guaranteed tax benefits would be cancelled either in 2017 ... Read More »

Oilfield services company TAM International opens new office in Norway

OSLO: TAM International, an independent oilfield services company providing inflatable and swellable packers to the oil and gas industry, has opened a new office in Norway to support the company’s current business and seek further growth. To support the company’s goals, Colin Graham has been appointed as Norway country manager and will be spearheading these efforts. By developing a clear ... Read More »

Norwegian PM praises $307.8 million trade with Vietnam

OSLO: Norwegian Prime Minister Erna Solberg spoke to the Vietnamese press in Hanoi during a three-day official visit to Vietnam at the invitation of Prime Minister Nguyen Tan Dung. Vietnam and Norway have many things in common. Fisheries are important for both of our countries and we have been working together on this front. The maritime sector is also important ... Read More »

Norway Sovereign wealth fund manager retains 2.6% investment in Italy

OSLO: Norway’s Sovereign Wealth Fund manager and Central Bank governor, Oystein Olsen, said he intended to keep investments in Italy unchanged. At the moment we’re not planning to increase our investments in Europe, which will remain at 40 percent of our global investments”, Mr Olsen told reporters in Rome. He spoke after he was asked if he intended to increase ... Read More »

DigiPlex opens pioneering new data centre in Norway by Minister for Climate

OSLO: Set to be a world first in data-centre funding strategies, DigiPlex’s new data centre was opened in Norway by Minister for Climate and Environment, Tine Sundtoft. The infrastructure is the latest environmentally friendly solution to enter the country’s largest owner and operator of data centres. The Fetsund centre, in the suburbs of Oslo, has a power utilisation effectiveness (PUE) ... Read More »

Norway gas export to Europe stands at 209mcm per day

OSLO: Natural gas exports from western Europe’s top gas supplier, Norway, rose on Thursday morning from the previous day on higher deliveries to Germany, partly offset by a drop to Belgium. Total pipeline flows were running at 209 million cubic metres (mcm) per day by 0600 GMT, up 8 mcm from Wednesday, data from gas system operator Gassco showed. Norway’s ... Read More »

Light construction vessel Olympic Bibby reaches Kleven Shipyard Norway

WESTHILL: Bibby Offshore officially christened the IRM (Inspection Repair and Maintenance) light construction vessel, the ‘Olympic Bibby‘, at the Kleven Shipyard, Norway. Bibby Offshore had signed a charter agreement with Olympic Shipping in March 2014 for the newly built Olympic Bibby. The agreement for the subsea support vessel is for a three year period, with options to extend for an ... Read More »

Vessel-builder Vard Holdings incorporates new subsidiary in Norway for paid-up capital of $0.37m

OSLO: Singapore-listed offshore vessel-builder Vard Holdings has incorporated a new subsidiary, Vard Contracting, in Norway for a paid-up capital of NOK3 million (USD0.37 million). According to Vard Holdings’ filing in the Singapore stock exchange, Vard Contracting is 100% owned by Vard Group, which is a 100% held subsidiary of Vard Holdings. The formation of Vard Contracting will deliver various services ... Read More »

Norway oil fund to back Shell, BP report on climate change

OSLO: Norway’s sovereign-wealth fund, the world’s biggest, said it would vote in favor of a proposal to require oil companies Royal Dutch Shell PLC (RDSA.LN) and BP PLC BP, +1.12% to report annually on the risks associated with climate change, in the fund’s first announcement of its voting intensions. As a long-term investor, we believe that the identification of future ... Read More »

Russia, Norway, Egypt join China-led new Asian bank

OSLO: Russia, Norway and Egypt have been admitted as founder members to the Chinese-initiated Asian Infrastructure and Investment Bank, the Finance Ministry of China has announced. Russia announced March 30 that it had applied for the membership of the bank, which is expected to start operations at the end of 2015. China’s Finance Ministry said in a statement on its ... Read More »

Vessel-builder Vard Holdings incorporates new subsidiary in Norway for paid-up capital of $0.37m

OSLO: Singapore-listed offshore vessel-builder Vard Holdings has incorporated a new subsidiary, Vard Contracting, in Norway for a paid-up capital of NOK3 million (USD0.37 million). According to Vard Holdings’ filing in the Singapore stock exchange, Vard Contracting is 100% owned by Vard Group, which is a 100% held subsidiary of Vard Holdings. The formation of Vard Contracting will deliver various services ... Read More »

Norwegian energy firm Statoil may cut more than 10% of its workforce to reduce costs

OSLO: Norwegian energy firm Statoil may cut more than 10 percent of its workforce to reduce costs and could announce the layoffs in May, business daily Dagens Naeringsliv said. The cuts, which could affect 20 percent of its 12,000 engineering and technical staff or about 2,400 workers, will primarily be made in well drilling but could also impact maintenance and ... Read More »

Coop Norway fulfills conditions for approval of acquisition of ICA’s grocery operations

STOCKHOLM: Coop Norway has met the conditions imposed by the Norwegian Competition Authority for approval of the acquisition of ICA’s (STO:ICA) Norwegian grocery operations and the transaction has now been completed. On 4 March the Norwegian Competition Authority announced its approval of Coop Norway’s acquisition of ICA’s Norwegian grocery operations provided Coop Norway sold 93 stores. This condition has now ... Read More »

Norway Shipowners Association members less optimistic about 2015 profits

OSLO: The Norwegian Shipowners’ Association says its 150 members are less optimistic than last year about the prospects for increased turnover and profits. The operators of the world’s sixth largest shipping fleet by market value cite falling oil prices, heightened geopolitical tensions and sluggish, uncertain growth in the global economy. We have seen a marked negative shift in just a ... Read More »

Norway plans to drop investment in companies emitting greenhouse gases

OSLO: Norway plans to drop investments in companies emitting unacceptable amounts of greenhouse gases in a sharpening of environmental rules for its $885 billion sovereign wealth fund, the Finance Ministry said. The proposed rules would stop short of a blanket divestment from coal and oil by the world’s biggest sovereign wealth fund, it said. The fund is itself built on ... Read More »

Norwegian Centre for Int’l Cooperation offers 70 million NOK to Indian institutions

OSLO: The Norwegian Centre for International Cooperation in Education (SIU) and the Norwegian Research Council is furthering the cooperation between Norwegian and Indian institutions through a new programme, dubbed “INTPART”. 70 million NOK has been designated for the programme. Norway wants to build strong relationships between research institutions in Norway and abroad and further contribute to making world leading academic ... Read More »