Baltic gas deals pressed down Russian prices

Norwegian gas deals with Lithuania have led to some lower prices from Russia’s Gazprom, in an apparent attempt to hang on to Gazprom’s Baltic customers. Norway, however, is now playing a bigger role in the Baltic energy sector. First Lithuania agreed to a long-term deal with Høegh LNG for a floating terminal for imports of […]

Rights to Munch’s art up for grabs

Edvard Munch's "Skriket" (The Scream) is by far his most famous image. Soon a local liquor producer will be able to sell "Scream Vodka." PHOTO: Munch Museum

Next year marks 70 years since the death of Norwegian artist Edvard Munch. After zealously protecting the rights to his artwork over the years, both his heirs and the City of Oslo stand to lose their exclusive claims and a liquor producer has already stepped in. “In 2012 we checked who had the rights to The […]

Offshore job cuts fuel safety threat

Labour Minister Robert Eriksson, shown here during a recent visit to an offshore installation, is being called upon to crack down on the exploitation of foreign workers in Norway. PHOTO: Arbeidsdepartementet/Kjetil Alsvik/ConocoPhillips

A recent rash of job cuts in Norway’s once-booming oil sector is now leading to concerns that offshore installations won’t get the monitoring and maintenance they need to stay safe and prevent accidents. “I’m worried that they (the oil companies and oil service firms) don’t understand the consequences of the cuts they’re making,” one of Norway’s […]

Cuts hit economy, boost environment

Workers go on board one of Statoil's drilling rigs in the North Sea. One recruiter said only the big companies like Statoil are able to help workers get through immigration processes and settle in Norway. PHOTO: Statoil/Øyvind Hagen

The major cost- and job-cutting now going on within Norway’s oil and offshore industry “will be felt throughout the entire national economy,” claims one top local economist. While the west coast county of Rogaland is likely to be hit hardest, environmentalists and others are cheered by some aspects of the cuts. The risk of accidents caused […]

Hotels had a good summer

Norwegian hotels in all of the country’s cities reported higher occupancy rates this past summer. Tromsø did the best, beating all other cities in Norway not least because it hosted the World Chess Championships in August. The summer season was also strong for hotels in the country’s largest market, Oslo, and around the capital’s main […]

Merger talks cost Yara its new CEO

Svein Richard Brandtzæg has changed his mind and doesn't want to take over as chief executive of fertilizer firm Yara after all, just days after Yara's merger talks with a US rival were publicly confirmed. Brandtzæg will stay on as CEO at Norsk Hydro. PHOTO: Norsk Hydro

Svein Richard Brandtzæg, the highly respected chief executive of aluminum company Norsk Hydro, won’t be leaving Hydro and taking over as CEO at fertilizer firm Yara after all. He was clearly surprised to learn, after accepting the new CEO post at Yara, that Yara now is in merger talks with a US rival, and “that makes the situation different,” […]

Oil fund boss reveals own holdings

PHOTO: Norges Bank

Yngve Slyngstad, the head of Norway’s huge sovereign wealth fund that’s fueled by the state’s oil revenues, has revealed under pressure that he personally holds stakes in 14 companies that the fund invests in as well. Slyngstad disclosed his personal holdings after Norwegian Broadcasting (NRK) had reported that he had a bloc of stock in Norwegian […]

Cermaq sale stirs some uncertainty

Cermaq's Norwegian operations are based at Nordfold in Steigen, northwest of Bodø, with others localized in northern Nordland and Vest-Finnmark. Its international operations are based in Oslo. PHOTO: Cermaq

Some scenic and small communities in the northern Norwegian counties of Nordland and Finnmark are uneasy following the announcement this week that giant Japanese firm Mitsubishi has launched a bid for Cermaq, the large state-controlled Norwegian salmon farming firm. Rival bidders have a month in which to challenge the offer, and that’s set off uncertainty over the  future of […]

Yara stock soared on merger talks

Yara International, one of the world's biggest fertilizer producers, is caught in a huge bribery scandal but it hasn't badly affected its share price. Current management seems intent on carrying on, with those charged in the case mostly belonging to the company's earlier top management team. PHOTO: Yara

Shares in major Norwegian fertilizer producer Yara International ASA soared in price on Tuesday after the company confirmed it was in merger discussions with the US fertilizer firm CF Industries. Analysts called the merger “a good match,” while speculation flew over whether Yara would lose its home base in Oslo, its new incoming Norwegian chief executive, or […]

Dramatic end to the Dynamic Duo

Tor Olav Trøim (left) has been the right-hand man for shipping magnate John Fredriksen since 1995. Now he's secured a major shareholding for himself and says they'll be working "differently." PHOTO: NTB Scanpix

NEWS ANALYSIS: For nearly two decades, Norway’s legendary shipping tycoon John Fredriksen and his right-hand man Tor Olav Trøim built up Fredriksen’s fortunes as the country’s own “Dynamic Duo.” Now they’ve split up, and tongues are wagging over what their business divorce will mean to the future of Fredriksen’s empire and the one Trøim now may build on his own. […]