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Economics   Economics News
Norway's ATM Agency Signs Up For Remote Tower Service
[Norwaynews] [27.08.2015, 12:22pm, Thu. GMT]
Norwegian air navigation service provider Avinor and Kongsberg Defense Systems entered into an NOK 400 million ($48 million) agreement for the provision of “remote tower” services at multiple airports from one location. The parties described the agreement as the most comprehensive yet for remote tower systems. Avinor had earlier decided to introduce remote tower services at up to 15 airports from one tower center in Bodø in northern Norway.
Norway: No reason to Think We Will See Oil Prices Last Under $55 a Barrel
[Norwaynews] [27.08.2015, 12:20pm, Thu. GMT]
According to Norway’s Oil Minister Tord Lien, $40-per-barrel crude oil prices are "unsustainable in the medium-to-long term," Bloomberg reports.  Lien suggests that in the current environment, supply will eventually be reduced and when it does, prices will have to rise. “There has developed a surplus capacity on the production side and the supply side - the supply side will be reduced in today’s oil prices," he said.
Turkey may buy Statoil’s stake in TAP
[Norwaynews] [16.08.2015, 04:31am, Sun. GMT]
TAP project, envisaging the transportation of gas from the second stage of development of Azerbaijani gas condensate Shah Deniz field to the EU countries, is one of the important projects. The European Investment Bank is considering allocating 2 billion euro for the Trans Adriatic Pipeline (TAP) project.
Norway’s DNO says production uninterrupted after Iraqi Kurdistan-Turkey pipeline attack
[Norwaynews] [31.07.2015, 04:03am, Fri. GMT]
Norway’s Middle East-focused oil firm DNO said on Thursday production from its prized Tawke field in Iraqi Kurdistan had continued after an attack on an Iraq-Turkey pipeline by redirecting volumes for local sale. Flows along the Kirkuk-Ceyhan pipeline carrying Kirkuk and Kurdish oil to Turkey’s Mediterranean port of Ceyhan had been halted after saboteurs attacked it, Turkish Energy Minister Taner Yildiz said the previous day.
Norway sovereign fund CEO sees promise in Japan real estate
[Norwaynews] [23.07.2015, 05:21am, Thu. GMT]
Sovereign wealth funds are becoming an increasingly important force in global financial markets as they grow, and real estate is making up a bigger slice of their assets. In a recent interview with The Nikkei, Yngve Slyngstad, CEO of Norges Bank Investment Management, the world's largest sovereign wealth fund, said NBIM will increase the weight of real estate in its assets.
There’s a lot of intl commitment to help Nepal’s reconstruction
[Norwaynews] [09.07.2015, 07:17am, Thu. GMT]
The Norwegian Minister of Foreign Affairs Børge Brende was in Kathmandu to attend the International Conference on Nepal’s Reconstruction, held on June 25. During the conference, Brende pledged a support of $30 million (Norwegian Kroner 100 million) to Nepal, and assured that the funding would increase later.
Norway’s DSD Shipping faces further US indictments
[Norwaynews] [13.06.2015, 01:08pm, Sat. GMT]
Norwegian firm DSD Shipping, and some of its employees, faced further charges in America on Friday, all relating to alleged environmental crimes and their cover ups. The company, full name Det Stavangerske Dampskibsselskab, was indicted in a US court on May 13 charged with obstructing justice and with environmental crimes.
Erna Solberg: Norway’s prime minister says nation’s offshore sector is not in crisis
[Norwaynews] [03.06.2015, 09:12am, Wed. GMT]
Few nations’ offshore sectors have been hit harder by the oil price drop than Norway, yet Erna Solberg, the country’s prime minister, remains defiant that Norwegian offshore firms can ride out the current doldrums. Utilisation rates for OSVs around Norway have dropped by around 50%, rates have fallen 20% and asset prices are off by up to 20%.
€650 mln of local investment in Norwegian hotel market
[Norwaynews] [27.05.2015, 10:21am, Wed. GMT]
According to international real estate advisor Savills investor interest in the Norwegian hotel market is on the rise, following a flurry of activity totalling over €650 mln on since 2012. Savills finds that all 26 hotels transacted since 2012 were purchased by Norwegian investors. This differs from other commercial property sectors in Norway with 40% of property in Q1 2015 bought by foreign investors.
Norway supports efforts to eliminate gas flaring by 2030
[Norway] [20.04.2015, 06:26am, Mon. GMT]
‘When associated gas is flared, or burned, during oil production, this is both harmful for the climate and a waste of resources. Norway is therefore providing NOK eight million to the World Bank initiative Zero Routine Flaring by 2030,’ said Minister of Foreign Affairs Børge Brende.
Gold Coin Remembers Transfer of Norway’s National Treasure During WWII
[Norwaynews] [17.04.2015, 02:39pm, Fri. GMT]
The Royal Canadian Mint have issued a new gold coin which remembers an extraordinary chapter during World War II which saw an allied country’s amazing transfer of its entire gold reserves to Canada for safe keeping. Norway’s transfer of its national treasury in gold to Canada was made all the more difficult as it had occurred after the advancing Nazi army had already landed in the country – beginning nearly five years of occupation.
Norway approves North Sea gas field development
[Norwaynews] [27.08.2015, 12:18pm, Thu. GMT]
The Norwegian Ministry of Petroleum and Energy said that plans for the first building phase of the of the Johan Sverdrup project have been approved. The first phase will involve an investment of €117 billion, the ministry said, and will create work for many suppliers. The project will be run by Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.
Norwegian higher education costs vary wildly across disciplines and institutions
[Norway] [16.08.2015, 04:30am, Sun. GMT]
Norway is one of the few remaining countries in the world without tuition fees, but that doesn’t mean education is free. Per student costs at Norway’s older universities can be more than twice those of more recently established institutions.
EU and Norway sign deal that will boost fishing sector
[Norwaynews] [23.07.2015, 05:34am, Thu. GMT]
The European Union (EU) and Norway have settled an agreement setting new funds for poorer EU member states and improve quotas for the Nordic country's fishing industry. This deal, forming part of the trade agreement of the European Economic Area (EEA), considers annual contributions of around EUR 400 million, aided by smaller contributions from Liechtenstein and Iceland, Reuters reported.
Videotel Receives Norwegian Maritime Authority Approval
[Norwaynews] [14.07.2015, 04:31pm, Tue. GMT]
VideotelTM, the leading international provider of e-Learning maritime training solutions and a company of KVH Industries, Inc., (Nasdaq: KVHI), has received the approval of the Norwegian Maritime Authority (NMA) for its security training courses.
Axys joins Norway offshore unit
[Norwaynews] [26.06.2015, 01:09am, Fri. GMT]
Canadian company Axys Technologies has joined the Norwegian Centre for Offshore Wind Energy (NORCOWE). Axys will collaborate with the other NORCOWE partners to conduct research and development focused on reducing costs and increasing efficiencies of offshore wind development.
Norwegian pension fund divests from Israeli occupation
[Norwaynews] [12.06.2015, 02:58pm, Fri. GMT]
Norway's largest pension fund has excluded two companies "on the grounds of their exploitation of natural resources in occupied territory on the West Bank." KLP, which manages a US$70 billion investment portfolio, formally excluded Heidelberg Cement and Cemex on June 1, following a period of investigation and engagement.
Norwegian investors show interest in shipbuilding in Ukraine
[Norwaynews] [02.06.2015, 12:43pm, Tue. GMT]
Norwegian investors have shown interest in the Ukrainian shipbuilding industry. Infrastructure Minister of Ukraine Andriy Pyvovarsky said at a briefing in Odesa on Tuesday that last week he met with representatives of a large Norwegian company to discuss building new ships in Ukraine. "The Norwegian company last week visited the port infrastructure of the country and shipyards with the intention to define strategic points or in the format of a joint venture or own production," he said.
Norwegian Yara in Dublin
[Norwaynews] [26.04.2015, 04:49pm, Sun. GMT]
It has been announced today that Yara, a Norwegian based international chemical company, has officially opened a dry ice manufacturing site in Dublin with a workforce of 5 employees. Yara Ireland provides dry ice in Ireland across a variety of sectors including aviation, refrigeration, food storage, medical services and the entertainment industry. The new plant has a capacity of up to 10,000 tonnes of dry ice per annum.
Norway's sovereign fund invests 2. 6 percent in Italy
[Norwaynews] [18.04.2015, 09:13pm, Sat. GMT]
Norway's Sovereign Wealth Fund manager and Central Bank governor, Oystein Olsen, said he intended to keep investments in Italy unchanged. "At the moment we're not planning to increase our investments in Europe, which will remain at 40 percent of our global investments", Mr Olsen told Italian reporters after he was asked if he intended to increase investments in Italy.
Norway, UIA sign pact to promote investment in oil and gas
[Norwaynews] [16.04.2015, 02:53pm, Thu. GMT]
The Norwegian Government and Uganda Investment Authority (UIA) have signed a memorandum of understanding (MoU) to promote investment in oil and gas industry. "This is one way of building a sustainable relationship between Uganda and Norway," Thorbjorn Gaustasaether, the ambassador of Norwegian embassy in Kampala said.
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