Hydro defends its trade in Tajikistan

Top officials of one of Norway’s largest international companies, Norsk Hydro, finally responded in detail on Monday to growing suspicions of corruption surrounding their metals trade in the former Soviet republic of Tajikistan. Without mentioning the word “corruption” in their press release, they deny having acted “in violation of any applicable laws, internal rules or […]

Parliament wants answers on Hydro

The Norwegian Parliament’s disciplinary committee is demanding to know who owns a company registered in a Caribbean tax haven that one of Norway’s biggest international companies, Norsk Hydro, did business with for years. The business was related to Hydro’s controversial involvement with an aluminum plant in Tajikistan, which is considered to be one of the […]

Corruption net tightens around Telenor

Top state politicians appear intent on holding Telenor accountable for the corruption that’s been admitted to have occurred at its partly owned mobile phone firm VimpelCom. Telenor’s new board leader was summoned for a meeting with Trade Minister Monica Mæland this week, while the parliament’s disciplinary committee received a legal green light to call in past […]

Hydro fends off corruption concerns

One of Norway’s biggest international companies, Hydro, has been trying hard to control and contain information about its controversial past in the former Soviet republic of Tajikistan. It may be backfiring, though, as corruption questions keep mounting and top government officials aren’t satisfied with Hydro’s answers. “Based on my evaluation of information we have received, and other […]

Corruption cloud hangs over Hydro

Last week it was being hailed by the prime minister. This week Norway’s large industrial firm Hydro was confronted with suspicions that it has become the latest state-controlled Norwegian company to ignore numerous warnings and do business in a country known for high levels of corruption. Newspaper Dagens Næringsliv (DN) detailed in a lengthy published report over the weekend […]

Hydro stock flies as pilot rolls out

Norway’s large industrial company Hydro, now mostly an aluminum and metals producer, won kudos from both investors and the prime minister on Wednesday when it officially decided to build a full-scale technology pilot plant at Karmøy in Western Norway. The area has been hard-hit by cutbacks in the oil and offshore industry, so the huge project […]

Hydro’s huge deal cuts state’s stake

Industrial concern Norsk Hydro announced the biggest foreign acquisition in Norwegian history on Sunday, saying it had agreed to buy the Brazilian mining company Vale SA for nearly NOK 30 billion. The deal will cut the Norwegian government’s stake in Hydro. The state has long been a major owner in Hydro, but now will see […]

More bad numbers from Norsk Hydro

Norwegian industrial concern Norsk Hydro, now mostly a metals producer, is finally enjoying a rise in aluminum prices, but they’re coming too late to boost last year’s results. Hydro saw operating revenues slide NOK 21 billion in 2009, from NOK 88.4 billion in 2008 to NOK 67.4 billion last year, while operating profits fell to […]

Industrial firms step on the brakes

Investment in Norwegian industry has all but screeched to a halt in recent months. State statistics bureau SSB predicts investment next year will be even lower than it’s been this year. Venerable industrial concern Norsk Hydro is among those planning more cost cuts and layoffs. Hydro held its Capital Markets Days this week, to tell […]

StatoilHydro forced into embarrassing retreat

Norwegian oil company StatoilHydro tried to pressure Lithuanian authorities into reversing their new ban on nighttime sales of alcoholic beverages in gasoline stations. Its effort wasn’t well-received either in Lithuania or at home in Norway, known for its own tough restrictions on alcohol sales. StatoilHydro had to apologize and drop the effort immediately. Newspaper Dagens […]