Friday , February 23 2018
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Norway

Norway’s oil and gas production steady

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OLSO: Total natural gas production from Norwegian basins in January improved, though not as much as oil when compared with the previous month, data show. The Norwegian Petroleum Directorate, the nation’s energy regulator, reported a preliminary rate for January production of 1.6 million barrels per day on average, an increase of 5 percent, or 77,000 bpd, from December. Total gas ... Read More »

Yangon delves into a night of Norwegian seafood

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OLSO: Norway ranks as the second largest exporter of fish in the world, with a whopping US$11.73 billion worth of exports in 2017, according to Norway’s Seafood Council. Under its Fish for Development program, the country shares its aquaculture knowledge with Myanmar to help improve the fishery sector and breed species of delicious fish. But the proof is in the ... Read More »

Norway flies seafood flag at Olympics

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OLSO: Norway leading the Winter Olympics medals table, its prime minister, Erna Solberg, has taken the opportunity to strike gold for the country’s seafood industry. She has been in the South Korean capital, Seoul, first for political talks with President Moon Jae-in and then to visit Norwegian athletes at the games centre in Pyeongchang. But she also visited the seafood stand at the ... Read More »

Total CEO dismisses Norway’s wealth fund claims

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OLSO: Owning shares in integrated oil companies is much more than buying a barrel of oil, so the proposal of Norway’s US$-1-trillion wealth fund to ditch oil stocks because of increased risk to exposure to oil prices is a “bad argument”, Patrick Pouyanne, the chief executive of one of those integrated companies, Total, told Bloomberg in an interview on Friday. In a ... Read More »

Norwegian salmon exports to China rose last week

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OSLO:  Norway exported 420 tonnes of fresh salmon to China last week, up from 355 tonnes the previous week and from just 32 tonnes during the same week a year ago, data from Seafood Norway showed on Thursday. While the volumes accounted for a fraction of total exports of 16,519 tonnes last week, Norwegian producers see Chinese demand as an ... Read More »

Norwegian finance Ministry Denies that tax rules

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OLSO: Norway’s tax rules, as they relate to possibly being considered to be state aid for oil exploration, the country’s finance ministry has issued a public statement denying such a situation. The investigation by the competition watchdog of the European Free Trade Association (EFTA) follows from a complaint filed by the Norway-based environmental group Bellona. The Ministry maintains that the ... Read More »

Norway salmon sales barred from China exports

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OLSO: Norwegian salmon farmers Grieg Seafood and Bremnes Seashore, has been “excluded” from sales to China after supplying incorrect information to their home country’s food safety regulator.   The company, which is 60% owned by Grieg and 40% by Bremnes, has received a decision from the Norwegian Food Safety Authority (NFSA) “implying that Ocean Quality is excluded from exporting to China ... Read More »

Seafood exports driving huge growth at Norwegian airport

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OLSO: Avinor Oslo Airport saw a huge increase in air cargo in 2017, the biggest volumes of which were exports of fresh Norwegian seafood.  In 2017, 185,000 metric tons (MT) of air cargo was flown in or out of Oslo Airport, an increase of 35 percent compared to the previous year.  The biggest volumes in air cargo at Oslo Airport ... Read More »

Norway defends its tax regime supporting oil exploration

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OSLO: Norway’s tax rules for the oil industry do not constitute state aid, its finance ministry told a European competition watchdog on Friday. The competition watchdog of the European Free Trade Association (EFTA) is investigating the tax regime following a complaint by Norwegian environmental group Bellona. Environmental groups, including Greenpeace, have also mounted a legal battle in Norway to try ... Read More »

Norway’s electricity consumption hits all time high in 2017

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OSLO: Norway’s consumption of electricity came to 134.1 terawatt hours (TWh) in 2017, reaching the highest level ever recorded, the country’s statistics bureau said on Thursday. Domestic electricity consumption in the Nordic country in 2017 increased by 0.7 percent compared with 2016, Statistics Norway said in a report. The all-time high in electricity consumption coincides with increased consumption in crude ... Read More »

Norway sign VAT fraud prevention deal

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OLSO: Norway have signed a new agreement on administrative cooperation on VAT compliance. The agreement was signed on February 6. It will provide EU member states and Norway with a legal framework for administrative cooperation in the prevention of VAT fraud and for mutual assistance in the recovery of VAT claims. Norway is the first country with which the EU ... Read More »

Value of Norway’s Jan seafood export

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OSLO: Norway’s Seafood Council said on Monday. The value of Norwegian seafood exports rose by 2 pct year-on-year in January to NOK 7.7 billion ($994.23 million) Volumes rose 13 pct year-on-year to 198,000 tonnes “The growth in value seen in Norwegian seafood exports in January is due to whitefish products.” The value of salmon exports, the biggest category, was flat ... Read More »

Norwegian economic growth likely to have decelerated slightly in 2017

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OLSO: Norway’s mainland GDP growth has averaged 0.6 percent quarter on-quarter. The fourth quarter figure is not expected to be any significantly different, noted Nordea Bank in a research report. The economy is expected to have recorded marginally weaker growth due to deceleration in the retail sector after two very strong quarters. However, this should not be seen as a ... Read More »

Fish industry leader in Murmansk says catch imports from Norway

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OLSO: Mikhail Zub follows up. According to the fish company leader, Russia should resume fish imports from Norway in order to revive fish processing in Murmansk. The issues was addressed in a recent meeting in the federal Fisheries Agency Zub reportedly proposed to abolish parts of the counter-sanctions and allow for import of refrigerated fish like capelin, herring, cod, haddock and ... Read More »

Norwegians could come to U.S. for lower taxes

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OLSO: Norwegians might consider immigrating to the United States: taxes. Yes, they seem to have it made in Norway with universal health care, free college and a senior pension for all, but at what cost? All these benefits are paid for by two primary sources of government income. The first is taxes. For the year 2017, Norwegians paid personal income ... Read More »

Unions fear Norway export drive will end era of cheapest power

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OLSO: Norway’s vast resources of Europe’s cheapest and greenest electricity has helped its energy-intensive industry gain an edge and produce everything from aluminum to chemicals and tankers. But now the nation’s powerful unions are objecting to plans by grid managers and utilities to get in on the act by spending more than $6 billion on cables to profit from selling ... Read More »

Norway’s China salmon sales rising

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OLSO: Norwegian salmon exports to China rose to 557 metric tons in week three of 2018, from 399t the previous week, and from 97t in the corresponding week of 2017, reports Reuters, citing data from Seafood Norway. The Chinese volumes remain small when compared to Norway’s overall salmon exports, which hit 16,531t in week three. In late 2016 Norway and China began ... Read More »

Norwegian salmon exports to China rose further last week

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OSLO:  Norwegian salmon exports to China rose to 557 tonnes last week from 399 tonnes the previous week, and from 97 tonnes in the corresponding week last year, data from Seafood Norway showed on Thursday. The Chinese volumes remain small however when compared to Norway’s overall salmon exports, which last week hit 16,531 tonnes. The industry considers a recovery of ... Read More »

Norway stresses support for JCPOA boosting trade with Iran

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OLSO:  Norway’s ambassador to Tehran stressed his country’s resolve to preserve the 2015 Iran nuclear deal, and called for further development of trade ties between the two sides. Lars Nordrum made the remarks on Tuesday in a meeting with representatives of Iranian businesses and trade companies in Sari in northern Iran. He noted the signing of four economic contracts in the ... Read More »

Norway advocates global digital tax solution

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OLSO: Norwegian Government is considering possibilities for the taxation of multinational companies’ “value creation” in Norway, including in the area of value-added tax, although it said that it would prefer a multilateral agreement on any new measure. In a letter to the parliamentary finance committee dated January 18, Finance Minister Siv Jensen wrote that the proposals under consideration are aimed ... Read More »