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Largest fertilizer corruption in Norway’s history under trial

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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

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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

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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

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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

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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

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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

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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%

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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

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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

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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

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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 »