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Norway trade surplus falls in May

Trade Surplus Grows

OSLO: Norway’s foreign trade surplus decreased in May from a year ago, as imports grew faster than exports, preliminary figures from Statistics Norway showed Friday. The trade surplus shrank to NOK 7.75 billion in May from NOK 8.56 billion in the corresponding month last year. In April, the surplus was NOK 22.2 billion. Exports climbed 14.9 percent year-over-year in May ... Read More »

Statoil aims to more than triple Brazil output


OSLO: Norwegian Oil and Gas Company Statoil aims to more than triple its production in Brazil and wants to become the sole operator for the entire Carcara discovery, among the world’s biggest in recent years, its local country manager said. Statoil has invested more than $10 billion in Brazil, making it the country’s largest foreign offshore operator. The Peregrino heavy ... Read More »

Norway risks oil, gas output cut if wage talks fail


OSLO: Five Norwegian oil and gas fields will shut down production unless a wage deal is agreed with the Lederne trade union, an industry lobby group said on Friday. The shutdown would affect fields operated by Statoil , Shell and ENI and would cut output by 443,500 barrels per day, the Norwegian Oil and Gas Association said in a statement. ... Read More »

Norway to get 30,000t salmon sales by re-opening of Chinese market


OSLO: The opening of the Chinese market to Norwegian salmon again could mean an estimated 30,000 metric tons of sales in a few years’ time, Norwegian bank DNB estimates. Norwegian fisheries minister Per Sandberg has recently signed an agreement on the recommencing of seafood trade with China. “Imports of salmon to China have, despite an import ban on Norway, grown ... Read More »

Norway trade unions agree pay deal with oil drillers

russian oil company

OSLO: Norwegian drilling rig operators have reached a wage deal with all three trade unions representing workers, averting the risk of a strike that could have hit exploration, the companies and the unions said on Friday. One of the three unions announced on Thursday afternoon it reached an agreement, while the two others followed later. A number of drilling firms ... Read More »

Norway, EU initial VAT cooperation agreement


OSLO: The European Commission has announced the initialling of an agreement with Norway on value-added tax (VAT), covering administrative cooperation, recovery assistance, and anti-fraud activity. Negotiations on the agreement were launched in June 2015. The Commission said that once the agreement is signed and adopted, it will provide EU member states and Norway with a solid legal framework to combat ... Read More »

Norwegian debuts new ship, Seattle Terminal for Alaskan Cruising


OSLO: In preparation for a grand Alaskan cruise season during summer 2018, Norwegian Cruise Line Holdings Ltd. corporately unveiled the new Bell Street Cruise Terminal at Port of Seattle’s Pier 66 while sub-brand Norwegian Cruise Line laid the keel for its next Norwegian Bliss. The construction milestone for the soon-to-be 167,800-ton, 4,000-guest vessel took place on May 24, 2017, at ... Read More »

Norway’s fisheries minister to visit Japan in June


OSLO: Norwegian Fisheries minister Per Sandberg will witness Norway’s strong position in Japan’s seafood market during a visit in late June, according to the Norwegian Seafood Council (NSC). The visit will showcase the wide variety of Norwegian seafood sold in Japan. In 2016, Norway exported seafood worth NOK 4.4 billion to the country, including salmon, trout, mackerel and king crab. ... Read More »

Norway regulator rejects applications for 9 salmon development licenses


OSLO: The Norwegian Directorate of Fisheries said in a statement it had rejected applications for salmon development licenses from fisheries companies Bremnes Seashore AS and Engesund Fiskeoppdrett AS. Bremnes had applied for six development licences while Engesund had applied for three Development licences are part of an initiative by the Norwegian Industry and Fisheries Ministry to spur growth in Norway’s ... Read More »

DHL Global Forwarding to keep the Norwegian seafood moving


OSLO: DHL Global Forwarding is to accelerate the supply chain for the North Norwegian seafood industry by shipping live crabs and seafood from the Lakselv Airport Banak in Northern Norway to Asia and Northern America. On dedicated weekly flights, DHL will transport fresh seafood to the DHL terminal in Oslo, from where the freight is sent to South Korea and ... Read More »

Norway to build world’s first tunnel for large ships


OSLO: The Norwegian government has revealed plans for the construction of the world’s first ship tunnel through a mountain to help ships navigate a dangerous section of the country’s south-western coast. The government has agreed to provide NOK1.6 billion ($274 million) for the Stad Ship Tunnel, which will be built to a height of 45 meter, width of 36 meter ... Read More »

Norwegian Trade Union boycott Israel

boycott Israel

STOCKHOLM: The Norwegian Confederation of Trade Unions (LO) has voted in favour of a boycott against Israel, which is expected to affect cultural, economical and academic ties. Condemnation has come from Isreali politicians, diplomats and unions. By a vote of 197 for and 117 against, the LO congress passed the motion even though the representative General Council has not been ... Read More »

Norway ex-cop faces 21 years in jail for drug smuggling


OSLO: A Norwegian prosecutor demanded 21 years in prison, the maximum sentence, for a man accused of allowing nearly 14 tonnes of hashish to be smuggled into the country while a police officer. Eirik Jensen, 60, who was in charge of fighting organised crime, is accused of aggravated corruption and having being involved with an infamous drug trafficker, Gjermund Cappelen, ... Read More »

Norway April production down from March by 2 percent

down pct

OSLO: Preliminary figures for Norway show total production of oil and natural gas was down about 2 percent compared with March levels, but up year-on-year. The National Petroleum Directorate said preliminary data for April show a daily production of 1.7 million barrels of oil, 377,000 barrels of natural gas liquids and 31,000 barrels of an ultra-light form of oil called ... Read More »

Norway’s sovereign wealth fund backs RBS new remuneration policy


OSLO: Norway’s $938-billion sovereign wealth fund, the world’s largest, will vote in favour of Royal Bank of Scotland’s new remuneration policy, the fund said on Tuesday. The bank plans to simplify the executive compensation framework and to reduce maximum award levels, in line with the wealth fund’s broader policy on remuneration. “We commend the (RBS’s) Board’s willingness to challenge conventional ... Read More »

Easter causes a 23% dip in Norwegian seafood exports

Atlantic Salmon

OSLO: The timing of Easter has been blamed for a 23% dip in Norwegian seafood export volumes last month. Norway exported 151,000 tonnes of seafood, worth NOK 6.8 billion, in April – a 23% decrease in volume and a 7% decrease in value compared with April 2016. So far this year, Norway has exported 886,000 tonnes of seafood worth NOK ... Read More »

Norwegian salmon exports values strong in Q1 2017


OSLO: Norway exported 233,000 tonnes of salmon for NOK 16.1 billion in the first quarter. The volume increase of the salmon exports was 3 percent, but the revenues rose even more. The revenues increased by 21 percent, or NOK 2.8 billion compared to the first quarter of 2016. Norway exported 91,000 tons of salmon with a total value of NOK ... Read More »

Norway’s Statoil interested in Algerian offshore, renewables

Statoil's new identity
New identity
Ny identitet
new logo

OSLO/ALGIERS: Norway’s Statoil is interested in investments in Algeria’s offshore potential and solar and wind energy projects, Norway’s foreign affairs minister said after meeting with his Algerian counterpart, a ministry statement said. Statoil is already operating in Algeria’s gas sector, but it is the first time the company has expressed public interest in renewable energy projects and offshore projects in ... Read More »

Norway optimistic of establishing FTA with Malaysia


KUALA LUMPUR: Norway is optimistic of establishing a free-trade agreement (FTA) with Malaysia through the European Free-Trade Association (EFTA) by 2018. Ambassador of Norway to Malaysia Hans Ola Urstad (pix) said Norway had just adopted an FTA with the Philippines and was negotiating a similar one with Malaysia through the EFTA, consisting of Iceland, Norway, Switzerland and Liechtenstein. “The eighth ... Read More »

Norway, China inks trade agreement


OSLO: Norway’s minister of fisheries and China’s minister of veterinary issues have signed an agreement on the import and export of foodstuffs. “China is Norway’s most important trading partner in Asia and there is a great potential for exporting Norwegian seafood to China. It is therefore very positive that [Shuping] Zhi visits Norway and that the contact between the food ... Read More »