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Falling Krone: Norwegian companies enjoying higher exports revenue

OSLO: Norwegian companies are celebrating higher export revenues as a result of a weaker Krone. Merchandise from the Norwegian producer Aabakke AS is now 25 percent cheaper abroad. “To us, the fall of the Norwegian Krone is positive because we do not buy so much foreign currency,” says director Inge Brigt Aarbakke in the oil production company Aarbakke AS. The ... Read More »

Norway energy provider Statoil announces earnings of NOK 30b in 2014

OSLO: Norwegian energy provider Statoil reports that for the full year 2014, adjusted earnings were NOK 136.1 billion compared to NOK 163.1 billion in 2013. Statoil’s net operating income for the full year 2014 was NOK 109.5 billion. Fourth quarter 2014 net operating income was NOK 9.0 billion. Adjusted earnings in the fourth quarter of 2014 were NOK 26.9 billion, ... Read More »

Norwegian, German power cable interconnection project delayed until 2019

OSLO: The first power cable interconnection between Norway and Germany will be in place by the end of 2019, a year later than originally planned, due to insufficient cable production capacities, Norway’s grid operator, Statnett said. The link would enable Norway to import cheaper wind and solar power from Germany while storing energy in its water reservoirs, and export power ... Read More »

Norway’s economy accelerates to 0.9%, beats expectations for 0.4% growth in 4Q

OSLO: Norway’s economy grew faster than expected in the fourth quarter but downward revisions to earlier data likely reinforced market expectation for another interest rate cut, possibly as soon as March. Growth held up at the end of 2014 despite turmoil in the oil sector, which generates a fifth of Norway’s economy, on healthy consumption, increased exports and rising manufacturing, ... Read More »

Norwegian krone registers record high of 2 months vs euro

OSLO: The Norwegian krone rallied to an over two-month high against the euro and one-month high versus the yen following the December manufacturing data, while gains against the dollar were reversed after US non-farm payrolls. Data from Norway earlier in the day showed manufacturing output rose 1.3% month-on-month in December after registering a 0.4% fall in the previous month. The ... Read More »

Norwegian oil firm Statoil cut its investment budget, promises flat dividend for 3 quarters

OSLO: Norwegian oil firm Statoil cut its investment budget on Friday and took big writedowns on the value of its assets due to plunging crude oil prices, but maintained its dividend and promised a flat dividend in the first three quarters of 2015. State controlled Statoil cut its 2015 investment budget to$18 billion from $20 billion, reduced its output growth ... Read More »

$540 million deal: Telia gets approval for Tele2 Norway purchase

OSLO: TeliaSonera AB won antitrust approval to buy Tele2 AB’s telecommunications assets in Norway, reducing the number of mobile networks in the country and challenging market leader Telenor ASA. TeliaSonera, based in Stockholm, must sell Tele2’s wireless unit Network Norway to ICE and reach a roaming agreement with the same competitor to receive the clearance, the Norwegian Competition Authority said ... Read More »

100 companies divested: Norway’s $860b oil fund reveals divestments, resolution rejections

OSLO: Norway’s $860bn oil fund laid out its growing clout as a responsible investor as it revealed that it had divested itself from more than 100 companies in the past three years and voted against tens of thousands of resolutions at annual meetings. High quality global journalism requires investment. Please share this article with others using the link below, do ... Read More »

UK prompt gas prices fall 48.40 pence per therm on more Norwegian deliveries

OSLO: British prompt gas prices fell on Thursday on increased pipeline deliveries from Norway and expected milder weather towards the weekend. The price of gas for day-ahead delivery eased by 0.35 pence to 48.40 pence per therm at 0930 GMT, and within-day delivery fell by 0.60 pence to 48.40 pence per therm. National Grid (LSE: NG.L – news) data showed ... Read More »

Norway to cut emissions of global warming gases up to 40% by 2030

OSLO: Norway will cut its emissions of global warming gases by at least 40 percent by 2030, aligning itself with the target set by the European Union, the government said Wednesday. The target will be Norway’s pledge to the U.N. climate agreement that’s supposed to be adopted in December in Paris, government officials said. The EU, China and the United ... Read More »

Norway exports 336mcm/day natural gas to UK

OSLO: Norway’s natural gas exports to Britain fell on Wednesday as new outages kept the country’s production below maximum levels and more gas was being rerouted to the continental Europe, data from gas system operator showed. Outages at Norway’s Asgard and Troll fields added to ongoing maintenance shutdowns affecting Sleipner and Entry Segal on the Norwegian Continental Shelf, tightening supplies ... Read More »

Norway exports 84% more seafood to Korea to touch 46,000 tonnes YOY

OSLO:  Norway exported 84% more seafood to Korea than the year before, bringing the total to 46,000 tons, The Norwegian Seafood Council announced on Monday. Mackerel was the largest driver, being 77% of total exports and increasing the total number to NOK 1 billion ($129.5 million), reports Korea Bizwire. In addition, Norwegian seafood products had a “remarkable” performance in Korea’s ... Read More »

101bcm gas exported: Norway gas pipeline exports to Europe fall for second year

OSLO: Norway’s gas deliveries to Europe via a network of subsea pipelines declined for a second year in a row in 2014. Norway is Western Europe’s main gas supplier and meets about a fifth of total European Union needs, sending gas to terminals in Britain, Germany, France and Belgium. The Nordic country pumped a total of 101 billion cubic metres ... Read More »

Norway’s $850b sovereign fund purchases 74,500-sq-ft office, property in London

OSLO: Norway’s $850 billion sovereign wealth fund purchased a 74,500-square-foot office and retail property in central London from Fondo David, a real estate fund managed by Sorgente SGR, it said in a statement on Friday. The fund paid 190.6 million pounds ($287.41 million) for the Queensberry House at 3-9 Old Burlington Street in London, where it is also a tenant. Read More »

Norway central bank to sell foreign exchange equivalent of $89.7m per day in Feb

OSLO: Norway’s $850 billion sovereign wealth fund purchased a 74,500-square-foot office and retail property in central London from Fondo David, a real estate fund managed by Sorgente SGR, it said in a statement on Friday. The fund paid 190.6 million pounds ($287.41 million) for the Queensberry House at 3-9 Old Burlington Street in London, where it is also a tenant. Read More »

Norway’s $850b sovereign fund purchases 74,500-sq-ft office, property in London

OSLO: Norway’s $850 billion sovereign wealth fund purchased a 74,500-square-foot office and retail property in central London from Fondo David, a real estate fund managed by Sorgente SGR, it said in a statement on Friday. The fund paid 190.6 million pounds ($287.41 million) for the Queensberry House at 3-9 Old Burlington Street in London, where it is also a tenant. Read More »

Norway central bank to sell foreign exchange equivalent of $89.7m per day in Feb

OSLO: Norway’s central bank will sell foreign exchange equivalent of 700 million crowns ($89.7 million) per day in February after selling 500 million crowns worth of currency per day in January, it said in a statement on Friday. The bank is selling the currency because the government’s transfers to its $850 billion sovereign wealth fund have been smaller than earlier ... Read More »

Price of north sea oil falls to less than 46 USD per barrel

OSLO: The price of north sea oil fell to less than 46 USD per barrel. Analysts in the American bank Goldman Sachs claim that the price will go down even further before it hits rock bottom. North sea oil due to be delivered in a month was for sale at 45,74 USD on the London Stock Exchange on Tuesday. The ... Read More »

GE, Statoil to collaborate on development of sustainable energy solutions

OSLO: GE and Statoil have now announced a new collaboration to accelerate the development of more environmentally and economically sustainable energy solutions to help fuel the future. Statoil says this joint technology-focused program is aimed at driving an industrial response to some of the biggest challenges facing global oil and gas production, including flaring, CO2 and methane emissions, and water ... Read More »

66% Norwegians willing to pay higher taxes

OSLO: Many Norwegians are willing to pay higher taxes if it results in a better welfare system, a survey by employee organisation Unio shows. 66% per cent of those asked said they would completely agree with the move, while the remainder partly said they would agree in part. The poll also found that 93 per cent (74 per cent totally ... Read More »