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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 »

Norway cruises are most famous destination of 2014


OSLO: Norway has continued to develop as a year-round cruise destination in 2014, passenger numbers are due to decrease by 4% and cruise call by 15% in 2015. According to figures from Innovation Norway, by December 2014, a total of 1,701 calls and 2.6 million a day visitors had been scheduled to call at the country’s ports next year. Around ... Read More »