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Norway hopes for bilateral UK trade talks during Brexit transition


OSLO: Norway hopes to open bilateral trade talks with Britain before London’s transition period to leave the European Union ends in 2020, as Brussels seems willing to show some flexibility on the question, the Norwegian foreign minister said. The non-EU country is keen to start formal talks with Britain, its biggest trading partner, to which it sells gas, fish and ... Read More »

Norway’s $1 Trillion Wealth Fund Moves a Bit Closer to Oil Exit

iCeremonial baptism for one of Norway's next big gas production platform on March 8. The Aasta Hansteen platform is the world's biggest so-called Spar platform. It's still in the Digernes sound near Stord on Norway's west coast, and won't be towed out to sea until April, with production start due in 2H 2018. One of the reasons they're doing this on March 8, International Women's Day, is because the field and the platform have been named after Aasta Hansteen, who was a 19th century writer and women's rights advocate.

Norway’s $1 trillion sovereign wealth fund cleared a hurdle on its proposed path to exiting oil and gas stocks. The fund won support from key academics at Norway’s top universities, whose responses are part of a hearing process. But more weight will likely be given to the opinion of an expert group, which will give its view later this year ... Read More »

Thialf completes Sverdrup platform mating offshore Norway


OSLO: Heerema Marine Contractors has lifted into place the last module of the Johan Sverdrup riser platform in the Norwegian North Sea. This completed installation of the first of four topsides for the bridge-linked platform complex. The riser platform will handle all exports of oil and gas from the Johan Sverdrup field, and the HVDC power converter that will bring power ... Read More »

Brexit: Norway drops objection to Britain staying in single market via European Economic Area


Norway’s prime minister has said her country would be open to Britain joining the European Economic Area – potentially giving Britain a readymade technical solution for remaining in the single market after Brexit. Norway’s government had previously hinted it might block British membership of the EEA because such a change would likely shift the balance of power within the trade ... Read More »

China and Norway surging ahead on electric vehicle sales


Fresh analysis of the electric vehicle market has shown China and Norway dominating in terms of sales and market share. The data was compiled by the Centre of Automotive Management (CAM) in Germany. China dominates in terms of the number of new sales with 142,445 electric vehicles purchased in the first quarter of 2018, a 154 percent increase on the ... Read More »

Norway’s drug policies ‘could set example for rest of the world’


Norway’s drug laws could be an example for the rest of the world, leading healthcare and police figures from around the world have said. Drug policy in the Scandinavian country is no longer a criminal matter but one of public health – a move that has been widely praised by experts. Now 20 international policymakers and stakeholders from 10 countries ... Read More »

Norway warned Trump against Iran’s decision


Norwegian Foreign Minister Ine Eriksen Søreide says the nuclear agreement is important for regional stability and for supporting the treaty on the Non-Proliferation of Nuclear Weapons. “We regret the US withdrawing from the agreement,” said the Foreign Minister to NRK. Eriksen Søreide believes that the nuclear agreement with Iran is important for regional stability. “It’s an agreement that has worked ... Read More »

Oslo is among Europe’s worst for drug use


A revealed traces of amphetamines in Oslo’s sewage—all at levels are the third highest of 56 European cities tested. Only Bratislava and Prague passed Oslo in amphetamine use. The latest findings from the largest European project in the emerging science of wastewater analysis were presented yesterday by the Europe-wide SCORE group, in association with the EU drugs agency (EMCDDA). The ... Read More »

Nordea’s Norway unit expects lending growth to accelerate


OSLO: The Norwegian unit of Nordic bank Nordea expects a positive development in the coming quarters as the economy gathers pace, housing prices no longer fall and the loan loss situation improves, Oslo-based Chief Executive Snorre Storset told Reuters on Wednesday. Nordea reported Q1 results above market expectations on Wednesday, but said lower income meant that reaching the 2018 revenue ... Read More »

Norway and Indonesia talk about trade & protectionism


OSLO: Norwegian parliament voted to ban domestic use of palm oil-based biodiesel in a bid to protect the climate and rain-forests. The parliament urged the Norwegian government to seek environmentally friendly alternatives to fossil fuels. This desire emerged after a report, released by Rainforest Foundation Norway, showed that palm oil-based biofuel is actually worse for the global climate than the ... Read More »

Dutch imports of Norwegian gas rise to eight-year high over weekend


OSLO: Dutch receipts of Norwegian natural gas rose to at least an eight-year high over the weekend as lower indigenous production pushed spot prices on the TTF to a premium to neighboring German hubs. Dutch imports of Norwegian natural gas averaged 83.79 million cu m/d over April 14-15, the highest in S&P Global Platts records that go back to 2010, ... Read More »

Norway Trade Surplus Shrinks In March


OSLO: Norway’s foreign trade surplus decreased notably in March from a year ago, as imports grew much faster than exports, preliminary figures from Statistics Norway showed Monday. The trade surplus decreased to NOK 14.98 billion in March from NOK 19.07 billion in the corresponding month last year. The surplus also fell from NOK 21.06 billion in February. Exports rose 2.6 ... Read More »

Apple loses court battle over counterfeit iPhone parts in Norway


OSLO: Norway had a shipment of 63 iPhone 6 and 6S replacement screens from Asia seized by Norwegian customs agents, according to Motherboard. The Norwegian government notified Apple, and a lawyer represented the company proposing a settlement, which would entail Huseby paying $3,500, destroying the screens, and promising to no longer sell or deal with any products that infringe Apple’s trademarks. ... Read More »

Norway government backs ambitious datacentre investment plan


OSLO: Norway in no mood to lag behind the rapid forward leaps recorded by near neighbours Sweden and Denmark, has rolled out an ambitious new strategy to position the country as a leading location for IT-datacentre operations. The project development strategy now being championed by prime minister Erna Solberg’s conservative-led government, under its Norway As A Data Centre Nation (NADCN) plan, represents ... Read More »

Norway salmon biomass up 3% in February prices on rise


OSLO: The biomass was estimated at 697,000 metric tons of salmon, down from 724,000t the previous month.In January, salmon biomass was up 4% year-on-year and in December year-on-year growth was 7%. During the first quarter of 2018, Norway exported 246,000t of salmon worth NOK 15.8 billion. This is an increase of 6%, measured in volume, while export value fell by ... Read More »

Norway invests in electric aircplanes to combat greenhouse gas emmissions


OSLO: Norway’s state-owned aviation company, Avinor, has pledged their commitment to developing a range of electric airplanes for short-haul flights around the country. Currently, electric planes remain in the prototype stage, bogged down by issues of heavy batteries and short distance capabilities. Similar to how a Tesla can’t drive as far as a gasoline-powered car, electric planes are unable to stay in ... Read More »

More oil and gas uncovered offshore Norway


OSLO: Norway is the largest oil and natural gas producer for the European market, designating nearly all of its offshore output for exports. The Norwegian Petroleum Directorate confirmed Monday that a regional subsidiary of Lundin Petroleum finished an appraisal operation at a discovery located about 12 miles south of the Edvard Grieg field, which is already in production in the ... Read More »

Norway is planning to buy electric planes


OSLO: Norway announced on Thursday that it plans buy electric planes. The country plans to purchase electric passenger planes in the coming years to help fight climate change. Avinor, the state firm that runs 45 airports in Norway, said its commitment to purchase electric planes may encourage the development of hybrid and electric technologies by major aviation companies, like Boeing and Airbus. ... Read More »

Norway accepts EU energy rules avoids dispute with Brussels


OSLO: The centre-right minority government feared that rejecting the EU’s Third Energy Package, designed to enhance energy flows and improve regulatory oversight, would put Norway on a slippery slope to a Brexit-like ending of its close EU relations. For the past 24 years, Norwegian companies have enjoyed market access on equal terms with companies in the EU via the European ... Read More »

Norwegian salmon exports to China rose last week


OSLO: Norway exported 307 tonnes of fresh salmon to China last week, up from 215 tonnes the previous week and up from 45 tonnes during the same week a year ago, data from Seafood Norway showed on Thursday.  Norwegian producers see Chinese demand as an important factor to balance growing global salmon supply. Norway’s average export price last week stood ... Read More »