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Norway, Lebanon sign 3-year agreement to develop oil & gas sector

OSLO:  Norway and Lebanon signed a three-year agreement under which Oslo will support the Lebanese government’s efforts to develop its infant oil and gas sector. A statement from Lebanon’s Foreign Ministry said the deal was signed between Foreign Minister Gebran Bassil, Energy Minister Arthur Nazarian and Norway’s Foreign Ministry State Secretary Bard Pederson. The signing ushered in the second phase ... Read More »

Norway exports of crude oil, natural gas touch NOK 494.6b in 2014

OSLO: Norway’s exports of crude oil and natural gas amounted to NOK 494.6 billion in 2014, and accounted for 55.1 per cent of total merchandise exports. This is a decline of 6.1 per cent compared to 2013. However, increase in exports of fish, metals and industrial machinery contributed to growth in mainland exports, which went up 6.5 per cent from ... Read More »

Norwegian companies enjoy higher export revenue due to falling Krone

OSLO: Several 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. ... Read More »

Norway exports seafood worth NOK 900m in 2014

OSLO: Norway has exported seafood worth NOK 900 million more than the total sale in 2014.  “Already at the start of December we can conclude that 2014 will be the best year in history for Norwegian seafood,”says Christian Chramer, communications director in Norway’s seafood council. So far this year, including the month of November, Norway has exported seafood worth NOK ... Read More »

Norway exports defence related products, services to total value of NOK 4.3 billion

OSLO: Norway exported defence-related products and services to a total value of NOK 4.3 billion. Exports of defence-related products accounted for NOK 3.3 billion of this, and related services, production rights and dual-use goods for military purposes accounted for NOK 1 billion.  These figures are from the annual white paper on Norwegian exports of defence-related products, export control and international ... Read More »

Norway launches green coastal shipping initiative

OSLO: Norway is going to launch Green Coastal Shipping programme, a joint effort by industry and authorities to ensure that in the future this country will have one of the world’s most environmentally friendly and efficient coastal shipping industries. In the future, LNG and battery power are projected to comprise a considerable share of the fuel used by the global ... Read More »

Norwegian ship designer unveils futuristic design for cargo vessels to revolutionize shipping industry

OSLO: Norwegian ship designer Lade AS has unveiled a futuristic new design for cargo vessels, which use the ships’ hulls as a sail. Inspired by sailboats and aerospace, the ‘Vindskip,’ with its hull shaped like a symmetrical air foil, is designed to use the wind for propulsion.  Lade AS says that the ship’s hull will generate aerodynamic lift, giving a ... Read More »

Norway govt urged to revise corporate, individual income tax rate

OSLO: The government proposed a cut in both corporate and individual income tax rates, alongside other adjustments to combat corporate base erosion and profit shifting (BEPS). The Commission noted that the level of Norway’s corporate tax rate has stayed comparatively high when, both at a European level and globally, other countries’ rates have been lowered. In 2014, the statutory corporate ... Read More »

Norway Lundin Petroleum declares 2015 budget of $1.45b, shows 31% decrease

OSLO: Norway Lundin Petroleum AB (OMX:LUPE) announces its 2015 development, appraisal and exploration budget which totals USD 1.45 billion and represents a 31 percent decrease on forecast 2014 capital expenditure. Development, appraisal and exploration budget totals USD 1.45 billion and represents a 31 percent decrease on forecast 2014 capital expenditure. The 2015 expenditure on development projects is budgeted at USD ... Read More »

Cyprus double tax treaty network expanded, 3 more tax agreements signed with Norway, Spain, Lithuania

OSLO: Cyprus’ double tax treaty network has been expanded with three new agreements with Spain, Lithuania and Norway becoming effective , boosting the island’s services sector that has been hammered by Russia’s intentions to clamp down on offshore interest and provide an amnesty for the repatriation of funds. New treaties were also signed with Switzerland, Guernsey and Iceland in 2014, ... Read More »

Largest fertilizer corruption in Norway’s history under trial

OSLO: The largest corruption trial in Norway’s history, involving charges of enticement at Norwegian fertilizer giant Yara International, got underway in an Oslo courtroom on Monday. It’s not a happy start to the New Year for the former Yara executives now defending themselves, after the company itself avoided further prosecution by accepting a record high fine early last year. The ... Read More »

Newcastle City Council plans to re-establish ferry route to Norway

OSLO: Ferry route between Newcastle and its historic Scandinavia are going to be re-established to gathering the neighbor pace. Newcastle City councilors will next week be asked to support proposals to bring back the journey between Newcastle and Bergen and Stavanger in Norway, which was last operated in 2008. Liberal Democrat councilor Greg Stone wants the council to publicly endorse ... Read More »

Brynhild field’s oil reserves estimated at 23.1m barrels

TOCKHOLML: The Brynhild field is estimated to contain gross reserves of 23.1 million barrels of oil equivalents and production is currently in excess of the forecast gross plateau rate of 12,000 bopd. The Lundin Petroleum AB (OMX:LUPE) (Lundin Petroleum) has succeeded in attaining first oil from the Brynhild field. The Brynhild field commenced production on 25 December 2014. The Brynhild ... Read More »

Norwegian police nab 2 Swedes for 250kg butter smuggling

OSLO: Two Swedes have been arrested by Norwegian police for smuggling more than 250kg of butter into the country, offloading one consignment for more than £25 a packet. The two men, from the Northern city of Umea, managed to make their first delivery before a police patrol stopped their van on Saturday evening. “They allegedly sold the coveted butter packets ... Read More »

Anti-Russia sanctions: Norwegian Cos loss $1.2bn

OSLO: Norwegian companies have lost about 1 billion Euros (slightly over 1.2 billion dollars) due to the Western sanctions imposed on Russia over its alleged involvement in the Ukrainian crisis, Russian trade representative in Norway Tamara Chernyshova. Norway was one of the countries that joined anti-Russia sanctions imposed over Moscow’s alleged meddling in the Ukrainian conflict. One of the recent ... Read More »

Norwegian oil cos confirm contract cancellation with Russian oil producer

OSLO: Several Norwegian companies now confirmed that their contracts with the Russian oil producer are being terminated. Among them are Siem Offshore, Rem Offshore and Viking Supply. The companies were all working closely with Rosneft in this year’s comprehensive drilling operation in the Kara Sea. The terminated contracts follow the cold front in relations between Russia and EU and USA, ... Read More »

Shell all set to sell businesses in Norway

OSLO: The oil giant will sell its retail, commercial fuels and supply and distribution logistics businesses in Norway. Its aviation business in Norway will become a 50-50 joint venture with ST1. The deal will have no impact on Shell’s other businesses in Norway – Shell Energy Europe, Gasnor and Upstream, and Shell lubricants will continue to be sold via a ... Read More »

Falling prices: Norway’s oil wealth expenditure in 2015 to reach record 6.4%

OSLO: The fall in oil prices from record high levels above USD 100 a barrel to just around USD 60 has fueled fears of economic contraction, higher unemployment and lower wage growth. Norway’s state revenue and fiscal policy has been largely based on the use of petroleum revenues. Oil wealth expenditure in 2015 will reach a record 6.4 percent of ... Read More »

South Africa to unlock potential of its blue economy through Norway’s maritime experience

OSLO: South Africa is to adopt the Norway’s extensive maritime experience to help it unlock the potential of its own “blue economy”. In this way Norway not only explore the economy of Africa but also help it in train its manpower for future benefits exploration. Deputy International Relations and Cooperation Minister Luwellyn Landers and his Norwegian counterpart Hans Brattskar have ... Read More »

Norway, Russia for boosting bilateral trade

OSLO: The business of Norway is committed to expand economic ties with Russia, in both bilateral and international projects. Too much politics around these relations is mutually harmful, believe representatives of the two countries’ business communities. A special attention at the plenary and panel sessions of the Forum was paid to the results and prospects in the sector of exploration ... Read More »