Easter opening hours

Check our expedition times


We are open until 12.00 o'clock Wednesday April 16 . The office is closed until Tuesday April 22.



We wish our members, customers and partners a nice Easter!

Weeks 15 & 16


Read our Weekend Suggestions for tips and ideas about things to do during the weekend!

Read more

Statoil cuts get serious

- Statoil and everyone in the branch has a challenge, says Aibel spokesperson


Ongoing cost cutting at Norwegian state oil company Statoil has become so detailed that it has left some analysts and even affected employees laughing. Last week it turned serious, and was blamed for more than 200 job losses at a major developer of oil and gas installations.


The laughter rang out last week over news that Statoil’s cost cuts included the loss of fresh shrimps and baked

bread in company canteens, the highly publicized loss of coffee at helicopter terminals and fewer newspaper

subscriptions for employees. “We’re just laughing about this, everyone is,” Carl Christian Bache, an analyst at

Nordea Securities told newspaper Dagens Næringsliv (DN).


Several hundred geologists who were supposed to attend a company conference in Trondheim were also told to

stay home last month because Statoil needed to cut costs.”The Geoseminar has grown in recent years and was

evaluated as too big,” Statoil spokesman Jannik Lindbæk told DN. That irritated many of the geologists expecting

to attend.


Last week, the cuts got worse when Aibel AS, one of Norway’s largest players within the design and

development of oil and gas platforms announced it needed to lay off 230 workers at its operations in Stavanger,

Haugesund, Bergen, Harstad and Stjørda. The reason: Statoil has been Aibel’s biggest customer, and decided to

cut back on new projects.


“Statoil and everyone in the branch has a challenge because of high costs,” an Aibel spokesperson told newspaper Stavanger Aftenblad. “When the cuts and changes are so massive, it hurts the whole branch.”

The staff cuts include around 180 engineers, purchasing managers and administrators.


Source: newsinenglish.no

Oil & gas: record activity in 2013

A record number of fields are in operation on the Norwegian shelf


Discoveries in 2013 offset roughly half of what was produced in the same year, the Norwegian Petroleum Directorate reports.

An unprecedented number of wildcat wells were drilled, and the number of exploration wells recorded was the second highest ever.

Twenty new discoveries were made in 2013, which is seven more than in the previous year. Once again, exploration activity was highest in the North Sea where a total of seven oil and gas deposits were proven. Eight discoveries were made in the Norwegian Sea, and five in the Barents Sea. The resources in the new discoveries amount to between 50-106 million standard cubic metres (Sm3) of oil and between 30-58 billion Sm3 of recoverable gas.

In the past year, the Norwegian Petroleum Directorate presented the results of its mapping of the south-eastern Barents Sea, which was opened for petroleum activity.


“The discoveries in recent years have created renewed interest in the Barents Sea, which could come to play an important role in maintaining long-term petroleum production,” says director general Bente Nyland.

A total of 213.7 million Sm³ oil equivalents (o.e.) were produced in 2013. This is 49.8 million less than in the record year 2004, and 4.9 per cent less than in 2012. Oil production continued to fall, and the decline in gas sales was as expected after the unusually high level in 2012.


Total estimated production of petroleum in 2014 is 215 million Sm³ o.e., about a half per cent higher than in 2013. After this, a weak increase is expected over the next decade.

Bente Nyland believes that the oil industry will face many challenges in the years to come. She also emphasises that the Norwegian Petroleum Directorate’s commitment to produce all profitable resources will become increasingly important.


Source: The Norway Post


Statoil's newly built headquarter at Fornebu (pictured) will host our first International Forum this year.


We welcome you to "From Norwegian Champion to Global Energy Company" by Mr. Hans-Aasmund Frisak, Head of International Governmental Relations


Register HERE

The majority does not want open stores on Sunday

The Government is facing an uphill battle against what customers want according to poll


Although the most recent survey shows that Norwegians prefer that stores stay closed on Sundays, the government still wants to go ahead and change the law.

The Government is facing an uphill battle when they plan to work towards open stores on Sundays.

More than half of respondents, 58 percent, say that it would be wrong to give grocery stores the opportunity to stay open, according to a recent survey conducted by Respons on behalf of Aftenposten.

Currently, only stores that are less than 100 square meters are allowed to remain open on Sundays and holidays.

"LO (The Norwegian Confederation of Trade Unions), NHO (The Confederation of Norwegian Enterprise), the employees and the people are against this. To have one day per week that is different, that contributes towards more peace and quiet is very positive. I don't think Norwegians want even more commercial pressure," says leader of the Christian Democrats, Knut Arild Hareide.

More than eight out of ten voters for the Christian Democrats are against open stores on Sundays. Among people who vote for the Conservative Party and the Progress Party the majority is also against extended opening hours.

Still, the Conservative Party wants to go ahead with their proposal, which has been one of the party's core issues.

"It is obvious that this has been an important case for us, for the sake of the consumers," says Svein Harberg, spokesperson for the Conservative Party.As opposed to Hareide, Harberg thinks that it should be up to each person individually to decide when they take a break from shopping.

"We will continue to work with Parliament in order to find the majority we need in the cases that we want to push through. We have other parties that support us in this, but we will have conversations with the Christian Democrats too, although we know they are skeptical."

Harberg informs that the party has started working on these changes in January.


Source: Norway Post

This will shape our markets and businesses in the coming years

Check out the most influential drivers of change


The future forecast


David A. Smith is the Chief Executive Officer at Global Futures and Foresight (GFF). The company is a strategic futures think tank. It draws on a global network of specialist researchers and consultants in order to provide thorough insight and advice on future trends and opportunities.


Changing fast


The world is constantly changing, and the change is happening in an increasing pace. The future report is made on behalf of Steria, the multinational IT services company.


"An invaluable tool"


Steria CEO François Enaud, elaborates: - The Future Report is our map of the landmarks and signposts of the future, an invaluable tool to help you and us maximise opportunities in the complex world ahead and proactively address the key transformation themes.


This is a useful guide for both individuals and businesses, making a range of valuable insights available on topics such as population, the environment, the economy and work.


Read the executive summary and the entire future report here

Status Report: Icelandic Economic Situation

How is Iceland really doing after the crisis struck in 2008?


The Icelandic economy has gone through drastic changes since October 2008 due to the collapse of its financial system. Some ambiguity still exists concerning the chain of events and general economic status of Iceland, mostly due to lack of external information flow.


The brief overview


This 16th edition of the Status Report gives a brief overview of these events, but its main focus is on the current economic, business and political landscape.


Strong growth opportunities


Despite substantial challenges over the past few years, the general economy is well functional and many Icelandic businesses remain strong.


The Icelandic economy is based on reliable foundations and has strong growth opportunities going forward. The society is dynamic and technology-driven with a young and well educated workforce. The country has the privilege of possessing abundant natural resources and its nature and culture has attracted an increasing number of tourists each year.


 Read the full report from Iceland Chamber of Commerce here

Not just cheese and flowers

Big potential for more trade relations, says Dutch ambassador



Having lived in several countries around the world, Dutch ambassador Bea ten Tusscher has now set her globetrotter feet in Oslo. She visited the Oslo Chamber of Commerce to have a little chat and to see in what areas there are possibilities for increased collaboration.


We wonder: How is it to live in Oslo and Norway after living at various places abroad?


Mrs ten Tusscher does not need much time to formulate an answer: - It was a bit like coming home, in terms of the language and the culture, she replies. She further tells us that it was relatively easy to understand the society and for others to understand her. She points out that it is the same social system that has made this quite easy. It is, however, also a new learning experience as Norway differs from the Netherlands in some areas. She is nevertheless quick to state that the two countries do have the same humor.


We wonder: The two countries get along very well, but are there some areas on the ambassador’s agenda to improve an already well established relationship?


- Trade relations, Mrs ten Tusscher starts. – There are Dutch companies requesting more information about the Scandinavian countries. The larger businesses are well off in terms of acquiring the information that they need, she explains, yet the small and medium sized companies lack that access. – And then we have the traditional cheese and flowers, she laughs.


In addition, she mentions architecture, energy and the Arctic as interesting areas for learning and joint efforts. – And a very interesting point is the upcoming exhibition of Munch and van Gogh in Oslo and Amsterdam, says the ambassador in quite an excited manner. This joint art exhibition will take place in 2015, and is a fine example of Norwegian and Dutch partnership.


Oslo’s hub of international business


Ambassadors often find it useful to stop by the Oslo Chamber of Commerce, as they get valuable information and contacts for their stay in Norway. As the only truly international arena and meeting point in Oslo, it is also a good place to take your business one step further. – We put you in contact with the right people and function as a door opener, says CEO Lars-Kåre Legernes.


Next international happening is the presentation Global Economic Outlook where Danske Bank presents the current state of both Norwegian and International Economy. This is also an arena where you can get in touch with many embassy representatives.


Read more about Global Economic Outlook here


Cutting-edge Lithuanian ICT services to Norway

Norwegian businesses invited to netwoking event 11th of December


Seeking to build new partnerships between Norwegian and Lithuanian ICT companies, Lithuanian ICT Association INFOBALT is holding its first official business mission to Norway, Oslo on the 11th– 12th of December, 2013.


New business connections


We kindly invite you to join the Business Forum and Networking event which is a great networking opportunity for both Norwegian and Lithuanian businesses and entrepreneurs seeking potential partners.


Unique and innovative solutions presented


You will meet leading Lithuanian ICT companies, learn about their expertise and innovative solutions they provide in professional outsourcing services of custom software and infrastructure consultancy, development and integration, operations and secure networks.


Date & Time: 11th of December 2013, starting at 10:00.

Place: The Embassy of the Republic of Lithuania.

Address: Dronningens gate 3, 0152 Oslo, Norway.




The forum will be opened by Lithuanian Ambassador to the Kingdom of Norway Mr. Andrius



R.S.V.P by December 6, to the organizer’s office, by e-mail: contact@obi-consulting.eu

Lucky winners at the annual Christmas dinner

Check out the photos from this year's "julebord"


Approximately 100 attendees were gathered in our offices at Solli Plass Thursday 21 November to take part in our annual Christmas Dinner.


CEO of Hurtigruten, Daniel Skjeldam, gave an interesting presentation of his company which now has set out a new direction: - We need to constantly renew ourselves in order to survive, he told our guests. The evening continued in the cantina with traditional Christmas dishes and drinks.


The lucky winner of the evening was Mr. Stein Bemer from the management consultancy firm Antoti. It is not every day you win a three day cruise with the world’s most beautiful sea voyage. Sales Manager in Hurtigruten, Cecilie Kopperud, advised Mr. Bemer to travel from the Northern city of Tromsø to Trondheim further south.


A total of 22 nations were present, and as one of our members happily expressed:  - It is always exciting to celebrate with such a variety of nationalities.


We hope you are able to attend next year’s international Christmas dinner.


Check out the pictures here

Norway is facing a talent shortage

Will we able to include and integrate global talents in such a way that Norwegian businesses and organizations can maintain sustainable quality and competitiveness?


This is the background for Global Talent Week which took place in Oslo 11-13 November. Focusing on trends and experiences, the aim is to strenghten Norway's position in the "global talent hunt".


After realizing that we lack competent personell, the next question is: 


Is Norway an attractive place to live and work for today’s sought‐after global talents and professionals – and how can we improve it?


It started with a one day talent fair for students and workers looking for a job i Norway. The next two days were based around panel discussions, debates and speeches, all to give different insights on global mobility.


INN® International Network of Norway were present to tell visitors about their relocation services, network and events. Karen Elise Andersen (Oslo office) and Hanne Støylen (Ålesund office) stands next to their book New in Oslo, which has proven to very useful for newcomers in the capital.


CEO of Oslo Chamber of Commerce, Lars-Kåre Legernes, held a presentation about the competence report produced in collaboration with Business Association of Norwegian knowledge- and technology based enterprises, The Research Council of Norway and Norway's largest chambers of commerce.


This report states what previous surveys have concluded: A skilled work force is vital in order to maintain and improve a competitive advantage. It also points to concrete advice and suggestions in order to become an attractive destination for skilled workers.


To read more about Global Mobility Forum, check out their website: www.globalmobility.no


Find out more about INN® services and support: INN Webpages


Read the full report with concrete tips on how to make Norway a more attractive place for global talent here

Oil & Gas: New life for an old field

Norway's oldest oil field has just had another 40 years added to its productive life.



On the Ekofisk Field, a new platform, Ekofisk South was officially opened by Oil Minister Tord Lien on Tuesday.

Production on the original Ekofisk Field in the North Sea was started by Conoco Phillips 42 years ago, and the

Ekofisk South will therefore double its life. A second project, Eldfisk II, is scheduled to start up by early 2015.


Ekofisk South, along with Eldfisk II and other development projects offshore Norway, will add approximately 60,000 barrels of oil equivalent per day of net high margin production to the company’s production volumes by 2017.


The Ekofisk South project includes the planned drilling of 35 new production wells and eight water injection wells.


One well is currently producing. Drilling is underway on additional wells and production is expected to ramp up over the next four years as new wells are brought on line.

The Greater Ekofisk Area, located approximately 200 miles (300 km) offshore Stavanger, comprises four producing fields: Ekofisk, Eldfisk, Embla and Tor. Crude oil from Greater Ekofisk’s producing fields is exported via pipeline to Teesside, England, and natural gas flows via pipeline to Emden, Germany.


Source: The Norway Post

Read the latest Norway Update here

- New directions, small steps

First House Consulting Company presented what we can expect from the new Norwegian government



Morten Andreas Meyer starts off early by making one thing clear: - If you want to do changes in politics, you need more than one period. The new government has just started out, however there are certain things to expect:


Three main areas


In general, we will see much more favour towards private initiatives. There are three main areas where this will happen: Healthcare, infrastructure and agriculture. - It will be largely up to companies themselves to prioritze. This decision making will be moved to a greater extent from the government to each business, continues Mr. Meyer.


He makes sure that these are obvious areas where we can expect alterations, but stresses that these are step-by-step adjustments. We can also expect to see a shift from local thinking to shared solutions with e.g. shared service centers in terms of local affairs. - This is a large opportunity for national software providers that can deliver a standard solution, Mr. Meyer points out.



From "No" to "Yes"


First House colleague Tor Mikkel Wara discusses the importance of a much more trade oriented government. He mentions Norway's relationship to China and Børge Brende being the new Minister of Foreign Affairs as an example. He also mentions an opening for more free trade: - We are moving from a "no" government to a government that wants to say "yes", he states.


We thank First House for their presentation and hope to see you at a future event at the Oslo Chamber of Commerce.


Check out our event calendar on the front page!




NABA welcomes you to the Norwegian-African Business Summit 2013

Hands-on advice on how to succeed on the African continent



NABA welcomes you to the Norwegian-African Business Summit 2013 – Friday November 1st at the RadissonBLU Scandinavia Hotel in Oslo:

‘Breaking down Barriers: How to Succeed on the African Continent’

Africa is in rapid growth and an increasing number of Norwegian companies and investors are discovering the opportunities present in African countries. This year’s Summit seeks to dismantle typical barriers to investing and doing business in Africa – giving participants hands-on advice on how to succeed on the African continent.  

Highlights include:

• Nigeria’s award-winning Central Bank Governor Mr. Sanusi Lamido Sanusi (among TIME’s 100 most influential people in the world 2011)
• BBC top reporter Zeinab Badawi interviewing business magnate Mr. Aliko Dangote, CEO/President of the Dangote Group
Ms. Phuti Mahanyele, CEO of the South African investment holding company Shanduka Group
• Speed dating with 20+ African embassies/Ambassadors and experts on political risk, security, due diligence, corruption, and Norwegian financial support schemes
For more information and a full list of speakers, follow this link

The conference attracts all the major actors within the Norwegian-African business community, making it the Norwegian-African networking arena.


Topics include:

• Partnerships - Identifying and developing productive partnerships in an African context
• Linking Capital to African Opportunities – Understanding the African investment landscape
• Navigating New Waters – Deciphering political risk, security, corruption, due diligence, and local content
• Overcoming the People Barrier – Identifying and developing human resources

Join us for this year’s most important Norwegian-African business event by signing up here

For more information see NABA’s website: www.nabasummit.no or email: summit@norwegianafrican.no

We look forward to seeing you on November 1st!

- One of the world's top locations

Malaysia has much to offer Norwegian companies for lucrative business opportunities.




Written by Benedict Lopez

Director, Malaysian Investment Development Authority


If Norwegian companies were to focus their radar screens on Asia, one country would definitely be spotted: Malaysia. Situated in the heart of South East Asia, this country of 28 million has aplenty business opportunities to offer Norwegian investors. The country’s credentials as an offshore location for business opportunities speak for itself by the presence of a variety of thriving foreign business enterprises.


Hot spot in Asia


Malaysia today is one of the world's top locations for offshore manufacturing and service-based operations. Many of the existing foreign companies have also continued to exemplify their confidence in the country through their manifold expansions and diversifications over the years, particularly in high technology projects.


Norwegian success stories


One only has to speak to successful Norwegian companies like Telenor, Aker Solutions and Jotun to learn more about Malaysia and its potentials vis-à-vis the ASEAN and Asia Pacific Regions. Currently, there are about 50 Norwegian companies in Malaysia, in sectors like telecommunications, oil and gas, shipping and information and communications technology.


Malaysia is an easy place to do business, and attestation to this fact was in the World Bank Report 2013, where the country was ranked as the 12th most business friendly country, globally, and first in terms of ease of getting credit.


Several advantages


Malaysia’s current focus, which is on high-technology, high-value added, knowledge-based and skills-intensive manufacturing and service-related operations, should entice to Norwegian companies which has strengths in many areas the country is promoting. Malaysia liberalized the manufacturing sector in 2003, allowing foreign equity ownership of 100 per cent, and over the past five years Malaysia has also liberalized 44 sub-sectors in the services sector by allowing complete equity ownership.


For further information on the manufacturing and services sector, Norwegian companies can log on to www.mida.gov.my.


Alternatively, you can contact the Malaysian Investment Development Authority’s (MIDA) office in Stockholm:



Benedict Lopez

Director, Malaysian Investment Development Authority (MIDA)

Embassy of Malaysia

Karlavågen 37

Box 26053

SE- 100 41 Stockholm



Email: mida@malemb.se

Tel: + 46 8 791 79 42

Successful Thai cooking course for members

A blend of flavours and attendees at the Oslo Chamber of Commerce



The Royal Thai Embassy in Oslo invited to an exclusive cooking class Friday 27th of September. Approximately 30 attendants were welcomed by H.E. Ambassador Theerakun Niyom and his collegues before the mouthwatering cooking sessions started.


Live demonstrations


A useful presentation of the ingredients and how to put them all skillfully together was hugely popular amongst the attendees, photographing, recording it and asking questions as the Chef of the Thai residence went along. Slowly, the cantina was filled with scents of lemongrass and other spices, which made us all a bit more eager to prepare the dishes.


Team up!


Divided into groups of six, we started making "Chicken Green Curry", before continuing with the soup "Tom Yum Kung" after the second cooking demonstration. Team work and dividing the tasks between us added another positive flair to the cooking experience, and new connections were made over the simmering pots and pans. The readily prepared food from each group was labeled so that everyone could taste their results.


Dinner together


We sat down together and enjoyed the food with a glass of wine - some finding the dishes rather spicy, yet delicious. Thai food skillfully balances the basic flavours salty, sour, sweet, pungent and bitter which together satisfies almost any taste in food.


We thank the Royal Thai Embassy for a lovely evening and hope to invite members to a similar event in the future!


Follow us on Facebook for more pictures from the event


See more pictures on Flickr

Why invest in Peru?

Peruvian trade delegation in Oslo September 23rd



The Ministry of Foreign Trade and Tourism (MINCETUR), in collaboration with PromPerú (Commission for the Promotion of Peru for export and tourism), and support of the Ministry of Foreign Affairs of Peru (MRE), have conducted a Mission Prospecting to Norway on September 23rd.


The main objective of the mission is to strengthen the image of Peru through a presentation, showing Peru as a potential trading partner and attractive destination for investments.


There are mainly four main reasons to invest in Peru:


1.International acknowledged macroeconomic soundness

2.Friendly investment environment

3.Open trade and market access policy

4.Attractive sectors to invest in


The program, that continues in other Nordic countries over the next days,  includes an institutional agenda at the highest level, bilateral business meetings between Peruvian companies and Nordic companies and finally an networking event to raise awareness of our country and its multiple attributes.


The delegation is led by the Vice Minister of Foreign Trade Carlos Posada and with the participation of representatives of public and private sector, also including representatives from Proinversion (Agency for the Promotion of Private Investment), union presidents and Peruvian companies interested in presenting and introducing their products to these markets.


Interested in doing business with Peru? Contact the Oslo Chamber of Commerce!


See the Powerpoint presentation here

Celebrating Costa Rica and Guatemala

Between 150 and 200 persons took part in the Independence Day gathering



Colourful national costumes and business suites filled our cantina Tuesday 17 September.


Both Costa Rica and Guatemala celebrated their Indepence Day from Spain on September 15, and the two countries decided to join forces and mark the event together on the 17th.


Full house

Emmanuel Herrera from the Embassy of Guatemala confirms that the event was hugely popular with between 150 and 200 attendees.


It was however not only Costa Ricans and Guatemalans present. Other nationalities and organizations took part in the celebrations of the two Central American countries.




Multinational gathering


Pictures needed to be taken on a day like this. On the photograph above: Costa Rica's ambassador H.E. Mr. Manuel Antonio Barrantes Rodriguez receiving a warm hug from Chilean ambassador H.E. Mr. Juan Anibal Barria, and the Costa Rican Ambassador's wife to the left, Mrs. Kattia Brenes Herrera.


On the picture to the left: Ambassador of Guatemala H.E. Mrs. Marta Aulalia Estrada Xicara De Leiva with her husband Mr. Arnoldo Leiva Sum and their daughter.


Photo credits: Emmanuel Herrera, Embassy of Guatemala

Into the wild with INN®

Sporty expats on our latest INN® member event


Linderud trekking


INN members were invited to a walk in the forest with the Norwegian Trekking Association (DNT) last Saturday, and luckily the weather was on our side. Alexander Bürger guided us through the woods of Linderudkollen, 15 of us in total.


Some were new to trekking, while others had already some experience in the field. None of us had however been in this particular part of Oslo before, so we set out on a small adventure.



Autumn in the air


We could sense a hint of crisp air compared to the past summer months, and our photographer Tomasz Kapella came across mushrooms along the path. After the walk, we sat down at Linderudkollen Café and enjoyed waffels, cinnamon buns and a cup of hot chocolate.


We also learned more about the area and the Linderud ski jump from the personnel, who happily gave us a ten minute talk. The Norwegian chocolate Kvikklunsj was another highlight during the trip, giving a bit of extra energy for those steep parts of the route!


We thank our members and DNT for a lovely walk in the forest, and hope to see you at our next event.


Follow us on Facebook to see more photos from the trip!


Photo credits: Tomasz Kapella

Is the recession over?

Danske Bank presents at Global Economic Outlook September 17


The economic climate has not shown itself from the brightest side since 2008. There has been ups and downs along the way, and lately one can wonder whether the economy is picking up.


Brighter future?


Some countries and markets seem to be doing better, whilst others may appear at the brink of yet another major downturn. And with the newly announced governmental shift in Norway, how will the future financial landscape look like?


Get useful insights from Danske Bank


Chief Economist at Danske Bank, Frank Jullum, will share his thoughts, as well as facts and figures with us Tuesday 17 September from 08.30 to 10.00 AM.


We invite you to a highly interesting breakfast meeting were you will meet Norwegian and international companies, embassies and members companies of the Oslo Chamber of Commerce.


This event is free of charge.


REGISTRATION: Global Economic Outlook 17.09.13

Get an inside look at IKEAs success

Don't miss International Forum Thursday 26 September



It has already been 50 years since Ingvar Kamprad established IKEA in Norway, the worlds’s largest furniture retailer with 300 stores in 38 countries.


- Our entire business concept is based on constantly seeking new solutions, says Country Business Navigation Manager and International Forum speaker Peter Waern.


We can’t promise free furniture, but an interesting session with a hugely successful and international brand!


COME, LISTEN, LEARN & NETWORK: Meet Norwegian and foreign companies, embassies and members.


The presentation will be held in English and start at 1700 hrs. Finger food & beverages will be served.


Free entrance. A no-show fee of NOK 250,- if you don’t register your cancellation within 24 hours prior to the event.



Registration - International Forum 26.09.2013


Major wind park to be built in Central Norway

Borten Moe says this will be the world's largest wind power project


Oil and Energy Minister Ola Borten Moe has given permission to build up to 450 new wind mills at a cost of NOK

20 billion, near the Trondheims Fjord.


The generators will be built in eight new wind mill parks south and north of the Trondheims Fjord, the Adressseavisen reports. Included in the project is also a new distribution grid.


Borten Moe says this will be the world's largest wind power project.


The new parks will produce a total of 3.7 billion kWh anually, enough electricity for 180,000 households.


Source: The Norway Post

- North Dakota can be a door opener for Norway

Welcomes extensive cooperation between the U.S. and Norway through "similar" markets


The Norwegian business sector should use the Norwegian American community as a gateway into the U.S. We are the most similar to you, says Bruce Gjovig, who has just signed a deal with SINTEF to help them enter the American market.


Bruce Gjovig is head of the Center for Innovation Foundation at the University of North Dakota in Grand Forks. This spring he was in Norway as part of the North Dakota governor's delegation, and each year him or one of hisworkers come to Norway at least once.


Similarities attract?


SINTEF and the Center for Innovation in Grand Forks have had a lot of time to get to know each other before

they signed the two-year agreement that Gjovig feels very confident about.


"The biggest difference between running a business in Norway and in the U.S. is that here you employ one

person to get things done. In Norway things are driven more by consensus. Here in North Dakota we do a little

bit of both. It is easier too for Norwegian companies to reach the U.S. market through us, he tells Aftenposten.


Strength: Both small and decentralized


According to Gjovig, Norway and North Dakota are similar in the sense that they are both states with a small

population far away from the market. But both places know how to develop technology, he remarks.


Statoil's investments in the Bakken formation has made Gjovig's cooperation with Norwegian businesses much

easier. However, he also sees other opportunities for a more extensive cooperation between the U.S. and Norway beyond the oil and gas industry, and even outside of the midwest.


Source: The Norway Post

Read more Norwegian business News in English here

Record number of Brazilian students to Norway

"Science without Borders" scholarship attracts young talent



They are 25 in total, and listen eagerly as Oslo Chamber of Commerce employee Kristine explains Norwegian society and practicalities. They all have in common a scholarship sponsored by the Brazilian government, and “Science without Borders” brought them here in a record number.


One year will be spent in Scandinavia whilst studying at the University of Oslo, far away from South America and their friends and families. What brings them here, when they were free to choose among other countries?


Going North


Marina Lopes (21), André F. Castro (23) and Lucas Seiki (23) all had different reasons to choose Norway. Marina studies geophysics and was mainly wanting to come here do to the petroleum sector. The boys nod when mentioning the oil, and relates it to Brazils own recent oil discovery. Lucas knew a Norwegian exchange student in his home country, which made him curious and now ready to pursuit his studies in medicine in Oslo. The country’s reputation in certain sectors is also mentioned by André, who largely applied because of the high level of technology in relation to his education in computer science.


Nature on top


There are several things these students would like to do while they are here, and especially the Stavanger region attracts. Preikestolen, the famous cliff above Lysefjorden, and the stone placed in between rocks high above sea level called Kjeragbolten are “must sees”.


An international flair to it


The three students find the University of Oslo rather impressive. – They are organized and good to inform. You get the help that you need, says André. Lucas agrees: - In Brazil you have to do everything yourself. Marina, on her side, was mostly fond of the international atmosphere at the campus.


Transferable knowledge


When asked whether they would consider working abroad after graduating, all three agreed. – At least for a period of time, says the female scholarship winner.


Lucas continues by stating that he wants to bring competency and know-how to his home country. – I think this is the “new Brazilian”, we go and get what we want in another country and bring it back to Brazil. It plays a big role in country development. André agrees. This is part of what Science without Borders is about: To share and to learn from each other.


We welcome the Brazilian students to Oslo!



Reduced Q2 result for Statoil

The Norwegian energy provider announces a fall in figures



The oil and gas company Statoil has reported a pre-tax result of NOK 27.4 billion in the second quarter, a drop of 53.9 per cent compared with the same quarter last year. Net operating income was NOK 34.3 billion.


CEO stays positive

"Statoil delivered an operationally solid quarter. We produced as planned, delivering record production from our portfolio outside Norway. We are on track and maintain our guidance for 2013," says Helge Lund, Statoil's president and CEO.


"Our financial results were impacted by lower prices for liquids and gas and weak trading results. However, we have maintained good cost control and delivered strong earnings, particularly from our international portfolio, says Lund.


Everything runs according to plan


In the quarter, Statoil ramped up several fields. The company continues to have a high activity level in projects on the Norwegian continental shelf, with major field developments ongoing such as Gudrun, Åsgard subsea compression and Valemon.


"The activity level on new field developments is high. We are executing our projects according to plan," says Lund.


Aiming for long-term growth


Statoil continued its exploration progress with five discoveries in the quarter. The company says it has accessed attractive exploration acreage in Norway, Russia, Azerbaijan, Tanzania and Australia, further strengthening its position for profitable long-term growth.


Source: The Norway Post

Read the latest business news in English here


Polls predict conservative government

Will we have a change of government this autumn? An American election method states a clear "yes".



An election model inspired by methods used in the U.S. makes Norwegian researchers predict a more than 91 per cent likelihood of a conservative majority government after the September elections.


Tranferring research methods from abroad

The prognosis estimates that the Conservative Party and the right wing Progress Party will capture a total of 84 seats in Parliament (Stortinget), combined.


Most likely, they will also receive between one and nine additional mandates. 85 mandates are all they need to form a majority. Based on their methods, the researchers consider it less than five percent likely that the current socialist led government will achieve another majority in this year's election.



Might be met with scepticism

The prognosis is according to the researchers a simplified version of the model that was developed by American

statistician and writer Nate Silver, who has become a celebrity because of his ability to predict and estimate

election results.


The Norwegian political system makes the calculation a little more complicated, and therefore the results may not be as accurate in Norway as in the U.S. However, researcher Clara Cecilie Günther thinks the method is still far more accurate than regular polls. "It is built on historical data and several polls, which should make it more accurate than the individual polls, Günther explains to the national newspaper Aftenposten.


Read more business news in our weekly news paper


What’s next for shipping?

Often addressed as the heart of global economy, shipping is now facing major challenges. Get the status report from the Nor-Shipping conference June 4-7.


- At a tipping point

Top executives from world-leading companies looked first and foremost at the industry’s ability to innovate and adapt. - The world is changing. We are at a crossroads and a tipping point. Shipping is clearly facing new challenges. As we navigate through challenging waters ahead, we need a pioneering spirit, said IMO Secretary-General Koji Sekimizu.


Elisabeth Grieg, co-owner of the Grieg Group, pointed to the fact that opening up the Arctic will be a gamechanger. Others agreed. - Our children will be the first generation to witness an entire new ocean opening up, continued Sturla Henriksen, Director General of the Norwegian Shipowners’ Association.


This will also bring challenges: - Since the early 1970s until now we’ve seen an increase in the challenges and complexities of environmental concerns, noted Vice Admiral Peter Neffenger, Deputy Commandant for Operations at the U.S. Coast Guard.


Still possible to stay competitive


Claus V.Hemmingsen, CEO of Maersk Drilling and Partner, Member of the Executive Board of A.P. Møller-Maersk, said the company’s focus on fuel efficiency helped it cut its fuel bill by USD 1.6 billion in 2012, allowing it to remain competitive.


ICS Chairman Masamichi Morooka noted that the shipping industry is still in the middle of an extremely serious downturn and that many environmental regulations coming into force now were conceived in a different world when the industry was booming. - There is a danger in creating real barriers to investment, he concluded.


All in one boat


Others speakers agreed, noting the importance of not penalizing those who are trying to solve the issue by following the rules – which also costs a lot of money. “Everyone has to be on the same playing field. Otherwise, they incur costs that put them out of business,” said Andreas Sohmen-Pao, CEO of BW Group.


When moderator Todd Benjamin, an award winning-journalist and CNN analyst, asked speakers to name one thing they believe will have the biggest affect on shipping in the next few years, they replied LNG (Liquefied Natural Gas).




Summer, sun and networking

The Oslo Chamber of Commerce’s summer party could offer both lovely weather and new acquaintances.


This year’s summer party guests could enjoy a blue sky and the idyllic seaside at Høvik. Country Manager Einar Tore Moe in Det Norske Veritas (DNV) opened with a speech to tell us more about the long traditions of the company. Several guests were astonished to find out that DNV opened up an office in China already in 1888. What more people tend to be aware of is that they have more than 300 offices spread over 100 countries worldwide.


Looking ahead 


As a central partner in risk assessment, the host of our summer party also has clear goals for the future. Mr. Moe explained that Veritas believes in electricity as the main power source in the years to come, and pointed out the importance of setting out a corporate social responsibility strategy.



Enjoyable down by the seaside

Tasteful food and wine from the Chilean wine company Concha y Toro awaited the guests down at the seaside, along with potential future business contacts. CEO Lars-Kåre Legernes warmly recommended the guests to make use of this networking opportunity:


-I want everyone here to make new connections, and make sure that you have at least five new business cards when you leave. All the guests appeared to make good use of this chance. Several of this evening’s attendants went down to the harbor to enjoy the sunshine that luckily decided to show up just in time.


Trude Kristin Klæboe, Gild Bonden and a Jazztrio made up the nights' entertainment and delivered catchy tones and a set of great voices. With the seaside just on the other side of the tent, the summer party had a beautiful backdrop that added to the positive atmosphere this summer evening.


The Oslo Chamber of Commerce thanks for a great event and we wish all our members and associates a nice summer.


See more pictures from the summer party here


Meeting the challenges in business with China

You can now access the useful article written by Mr. Richard Chiu for companies and entrepreneurs wanting to succeed on the Chinese market.



As a follow-up to our lunch meeting April 18, “Business Lunch China", we present an article based on the lecture given by Mr. Richard Chiu, titled: «Meeting the challenges when doing business in China – a model of business ecosystem»


Richard Chiu, a Hong Kong Chinese, has been living in Oslo since 2008. He finished ‘MSc in Innovation & Entrepreneurship’ at BI Norwegian Business School in 2010, and ‘MBA’ degree at Queensland University of Technology in Australia in 2007.

Since he has great interests in researches, especially in ‘Doing business in China’ and ‘Entrepreneurship’, he works as a freelance consultant for Kraabol AS. With his work experience in Hong Kong, the blending of Chinese and Norwegian cultures provide him unique insight and knowledge that create value in bridging businesses between Norway and China.


Download and read the full article here

- Norway doesn’t know how to spend money

The Progress Party (FrP) member Christian Tybring-Gjedde thinks we are paying a high price for incorrect wealth management. Read how he wants to challenge the current way of governing

The latest International Forum took place on Thursday 24th May and aimed to investigate what a governmental shift would mean for business. Mr. Tybring-Gjedde represents one of the right wing political parties that aim to challenge the current decision makers in the upcoming election.

– Prime Minister Jens Stoltenberg is an excellent politician, says Tybring-Gjedde, but eight years in charge is enough. It is quite clear that our speaker wants to follow a different track.


-Don’t tax them to death


-Norway needs foreign workers, but we are not attracting them when they can earn more in other countries like for example the United States. Which highly skilled workers would want to work here when they are getting paid more or less the average? Tybring-Gjedde continued with stating that less taxation is one solution he believes in. This, together with wanting to spend more money from the Government Pension Fund, is two of the fundamental differences between the ruling government and the Progress Party. Christian points to the fact that investing in infrastructure will benefit business. With better roads and railways, trade can accelerate and flourish.


Another issue our guest speaker wanted to address was the sky rocketing housing prices. This too, is an obstacle for people wanting to settle and work in Norway.


Bad at being rich


-The problem is, Norway is not good at being rich. We are used to being a poor nation, and affluence is a relatively new phenomenon. Perhaps we should learn a lesson or two from Switzerland and other countries that are used to it, he continued. The audience smiled and a few nodded to this remark.


Christian Tybring-Gjedde is well-spoken and appears confident and accurate in his dark suit and bright red tie. His arms reach out to the sides when he states that Norway shouldn’t be afraid of investing, and investing at a faster pace. – What we’re doing now is not sustainable in time.

If similar thoughts are largely reflected in the public, chances are high we will experience a governmental shift. The upcoming election is soon to determine whether this will happen or not.


We hope to see you at the next International Forum. Theme and location will be announced in advance.


Weather site takes on the world


A joint venture between Norwegian Broadcasting (NRK) and Norway’s Meteorological Institute led to their creation of a website about weather that’s spreading across the globe. It’s become a favourite site to check local or international forecasts, even though officials behind yr.no claim they’ve never had any ambitions for such huge international growth.

Read more

Huge new energy reserves detected


The Norwegian Petroleum Directorate (Oljedirektoratet, NPD) unveiled new studies of southeastern portions of the Barents Sea and the area around the Arctic island of Jan Mayen on Wednesday, and predicted the sea floor contains enormous amounts of oil and gas. The new resources are expected to boost earlier estimates of undiscovered resources by at least 15 percent, perhaps much more.

Read more

Studying the electrification of North Sea fields

The operators and licence holders for the Johan Sverdrup, Dagny, Draupne and Luno fields in the North Sea will study the setting up a hub for the supply of electrical power from land. The study, which has been initiated by the Ministry of Petroleum and Energy, is headed by Statoil and involves the operators Lundin and Det norske oljeselskap, as well as the other licence holders.

The work will comprise technical studies, such as concept planning, as well as commercial solutions for the electrification of the fields on the Utsira High. The intention is to create a framework for potentially setting up a company or partnership to own and operate the facilities that will feed the receiving platforms with power.

It is primarily the gigantic Johan Sverdrup discovery – together with Luno, Draupne and Dagny, including Eirin – that makes such a shared power solution possible. Preparations will be made for the possible subsequent tie-in of other installations on the Norwegian continental shelf.

The study will take in an offshore distribution platform located near Johan Sverdrup, with DC cables from land to the distribution platform and AC cables on to the receiving platforms. An analysis of the power situation at the potential land-based connection points will also form part of the study.

There will be the additional requirement for converters and transformers on the distribution platform and on land. AC cables will also be necessary and the existing switching station will need to be extended for connection to the grid network.

Source: The Norway Post, 8.3.2012

China allows ministerial meeting with Norway

Diplomatic relations between Norway and China, all but frozen since the Norwegian Nobel Committee awarded the Nobel Peace Prize to a Chinese dissident, may finally have begun to thaw. Chinese authorities have agreed to allow Norway’s government minister in charge of oil and energy to attend an international ministerial meeting in Beijing.

“I’m looking forward to the trip,” Oil & Energy Minister Ola Borten Moe told newspaper Dagens Næringsliv (DN) on Monday. “It’s an important agenda with important contacts for Norway.”

It’s also the first time a Norwegian minister will be allowed to participate in a high-level meeting in China, since Chinese officials started what some diplomats have considered a siege of punishment against Norway last October. That’s when the Norwegian Nobel Committee announced it was awarding the Nobel Peace Prize to dissident Liu Xiaobo, who’s serving a long prison term in China. The Nobel Committee believes Xiaobo is a champion of human rights, while Chinese officials see him as a criminal who has incited subversion of the state’s power.

Chinese government officials won’t recognize the distinction between the Norwegian Nobel Committee and the Norwegian government, or accept that the government has no control over the committee’s awards. Since last year’s prize was announced, Chinese authorities have cancelled meetings with Norwegian officials, created challenges for Norwegian businesses and denied visas to a long string of government, academic and business leaders. China boycotted last year’s Nobel Prize ceremony, pressured other countries into doing the same and delayed negotiations indefinitely on, among other things, a trade agreement with Norway. China’s ambassador to Norway has demanded an apology from the Norwegian government, and questioned Norwegians’ trustworthiness.

Now, however, Moe has been invited to attend a ministerial meeting at a global forum’s conference that will be held in Beijing in late September to promote capture and storage of carbon to decrease emissions. Since the Carbon Sequestration Leadership Forum (CSLF) is a multilateral organization where China is only one of 24 members, another of which is Norway, it would have been difficult for Chinese authorities to refuse access to a Norwegian government minister. The CSLF meeting will be attended by several energy ministers from around the world, including Steven Chu of the US, and will include a roundtable discussion and a closed ministerial session with Chinese leaders. If Moe has a bilateral meeting with his Chinese counterpart, it would mark the first political contact between the two countries in nearly a year, and be a breakthrough.

“If that happens, it would be positive,” Moe told DN. “But that’s up to the Chinese authorities.” Moe already has noted, for example, the potential for more business between Sinochem of China and Statoil of Norway, while other projects are waiting in the wings. There’s been more trade between the two countries so far this year, and the Chinese state bank ICBC met with Norwegian authorities in Beijing this past spring, but the signs of Chinese pragmatism in business haven’t yet been seen in politics.

DN reported that Norway’s Foreign Ministry remains anxious over whether their Chinese counterparts will mount any obstacles to Moe’s trip prior to his departure. The Norwegian government has insisted it wants good relations with China, but has refused to issue any apology over the Peace Prize since it plays no role in who receives it. The Nobel committee’s members are supposed to reflect the political make-up of the Norwegian Parliament, but neither the Parliament nor the government has any say in who receives the prize year after year.

Moe said it was too early to have any great expectations, and Foreign Ministry staff were cautious as well. A ministry spokesperson noted to DN that Norway was invited to attend the CSLF conference as a member and that it was “natural” that the Chinese are “oriented” that Norway will participate. Norway maintains that good relations between China and Norway are in the best interests of both countries.

Kongsberg Maritime opens new Chinese engineering and production facility

As part of ongoing expansion in China, global marine technology company Kongsberg Maritime has officially opened its new factory in Zhenjiang, China. The opening ceremony of the 25,000 m² facility took place 18th August 2011, with numerous local dignitaries, partners, employees, management from Kongsberg and customers all in attendance.

The new factory in Zhenjiang has been established in order to meet the growing demands for high quality Kongsberg Maritime systems and products within the Asian shipbuilding market.

“Kongsberg carried out its first business with China more than 30 years ago. Since opening its first office in Shanghai with 25 employees in 2003, today Kongsberg is located in four locations; Dalian, Guangzhou, Shanghai and Zhenjiang. In addition, we have 550 employees in China, with 291 people based at our new premises in Zhenjiang.

“We started this project to open a new facility about two years ago and I am proud to say that we now have top modern international premises with equipment and staff to meet our goals for the future. We also have the possibility to develop our business even further, and further strengthen our setting in the Asian market,” says Kjetil Lund, Managing Director; Kongsberg Maritime China Shanghai Ltd.

The new factory features state-of-the-art systems for the design, project engineering and production of Kongsberg Maritime’s highly regarded sensors for use in engine monitoring and cargo monitoring applications. In addition, mechanical parts, adaptors, cabinet switchboards, transformers and consoles will also be manufactured at the plant, primarily for the Chinese market as well as to Korea, Singapore and the rest of the world.

“Asia in general and China in particular is a key growth area for Kongsberg Maritime so opening our new production facility in Zhenjiang is a natural step in our provision for the Chinese Shipbuilding market,” says Geir Håøy, President, Kongsberg Maritime. “I was delighted to see so many people from local authorities and partners and management and colleagues from Kongsberg Maritime in China at the opening ceremony, as the new factory is a result of the strong collaboration and good work of all of these people.

“Witnessing today’s modern facilities I am confident that Kongsberg Maritime in China will continue to develop and expand its competent staff, to produce high quality sensors and other parts for our national and international projects.”

Chinese want to build high speed trains in Norway

The engineering company China National Machinery Corporation (CMC) is interested in building high speed train services in Norway, according to the financial newspaper Dagens Næringsliv.


CMC has estimated that it will cost between NOK 70 and 80 million to build a high speed train service between Oslo, Gothenburg and Copenhagen.

CMC is a Chinese state-owned company and has built railroads in 37 different international projects since 1989, the newspaper writes.

Norwegian Producer of Liquor gathers Viking-herbs

Arcus, a producer of liquor, is out in the Norwegian woods to look for the same herbs that vikings used to make their liquor. Pors is the name of the herb that apparently had such a strong effect on King Harald Hårfagre that he simply forgot to reign the country for about three years, according to the Snorre Saga.

Now, a bus load of Arcus employees find the plant so fascinating that they want to produce liquor with it.

”Our goal is not to make people go crazy from drinking pors liquor,” says Chief of Information in Arcus, Hege Ramseng. We only want to use this herb to add flavour to liquor that goes well with food, for example aquavit.

Normally they import the herbs from suppliers around the world, but for this particular mission the team went out themselves. They received assistance from the Porsgrunn Club, that knew exactly when and where to find them, and hoped to find at least 20 kg leaves to bring home, explains sensor technician Håkon Urdal.

Norway strengthens National Contact Point for CSR


Recently, a new, independent National Contact Point was established for following up Norwegian companies’ compliance with the OECD Guidelines for Multinational Enterprises. The Guidelines cover areas such as sustainable development, respect for human rights and employees’ labour rights.

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Larger foreign trade surplus

With higher oil prices, the value of Norwegian exports in January increased by NOK 9.6 billion compared with the same month last year, according to figures from Statistics Norway.


In January, oil prices rose for the fourth month in a row. The export of goods for the month reached NOK 74 billion, while imports amounted to NOK 37.5 billion. The trade surplus thus ended at NOK 36.5 billion.

Imports went up by NOK 8.5 billion, or 29.3 per cent from January last year. A large proportion of this is increased imports of metals, machinery and transport equipment.

Crude oil worth NOK 28.5 billion were exported in January. The average price per barrel reached NOK 574, compared to NOK 557 in December. A total of 49.7 million barrels were exported in January, down 1.9 million barrels from December 2010. Export values of crude oil thus showed a small decrease of NOK 217 million.

Compared to January 2010, the export value increased by NOK 7.8 billion, or 37.6 per cent. This is mainly caused by higher crude oil prices that went up NOK 132, but also partially due to an increase in export volumes. Related to poor weather conditions in the North Sea, the export volumes of crude oil were low in January last year.

Natural gas worth NOK 17.2 billion was exported in January; a small decrease of NOK 325 million from December. Compared to January last year, the export value of natural gas went up by NOK 558 million.

(Source: The Norway Post) 16.2.11
URL: http://www.norwaypost.no/money-and-finance/larger-foreign-trade-surplus.html

Housing prices hit new heights

The price of luxury living in Norway broke a new record this week, when news emerged that an affluent buyer had paid NOK 120 million (around USD 18 million) for a penthouse at Tjuvholmen, the waterfront complex under development in Oslo.

Newspaper Dagens Næringsliv (DN) could report that the buyer, who hasn’t been identified as yet, was paying NOK 170,000 (USD 28,000) per square meter for the flat, which includes the entire top floor of a new building under construction at the tip of Tjuvholmen, called Kavringen Brygge.

The penthouse is the product of four flats consolidated on the fifth floor of the building, for a total of 700 square meters, plus another 130 meters on the roof level with an adjacent roof terrace complete with swimming pool. A separate flat on the fourth floor will also be connected to the penthouse, which will include several living rooms, a library, five bedrooms, the pool, a massage room and what DN called the “gigantic” roof terrace overlooking the Oslo Fjord.

“I can say in general terms that it will be spectacular,” architect Torstein Ramberg told DN. “The unique thing is that it will be at the outermost tip of Tjuvholmen, with the sea on both sides. The idea was to exploit the fantastic light out there on the water to the maximum.” He wouldn’t identify his client, nor would Tjuvholmen managing director Gunnar Bøyum, claiming “we never comment on individual transactions.”

He did say that most of the buyers now live in west Oslo, Bærum and the Nordstrand area on Oslo’s southeast side, known for its pricey villas.

All told, Tjuvholmen sold luxury flats, called leiligheter (“lye-lee-hetter”) in Norwegian, for NOK 940 million last year. Fully 10 percent of them were priced at more than NOK 20 million. The most expensive will be located in the Kavringen Brygge building, which will house a total of 22 flats and be completed in 2013.

Bøyum was quick to stress, however, that “it won’t only be millionaires living here,” with some flats set aside at lower price levels even though “it’s more expensive to build out over the water.” He said 10 percent have been sold for less than NOK 4 million (USD 660,000).

Brisk sales elsewhere, too
Sales of more conventional properties elsewhere in Oslo also were yielding strong prices, even in the relatively quiet month of January. Newspaper Aftenposten reported Thursday that bidding rounds have been brisk, driving up prices well over their appraised values.

One flat on busy Waldemar Thranes gate in the St Hanshaugen district, for example, was priced at NOK 3.9 million for 105 square meters. It sold for NOK 4.7 million. Another small flat of 32 square meters (around 320 square feet) in a modest block at Majorstuen was priced at NOK 1.19 million and sold for NOK 1.585 million, almost 50 percent over takst (appraisal).

Single-family homes and row houses are also selling well and quickly. One 137-square-meter row house at Munkerud, in need of renovation, had sold for NOK 4.4 million in the spring of 2009. The new owner only made some cosmetic improvements, and buyers were warned the house needs new windows and a new roof. It was priced at NOK 4.89 million, yielding a decent gain for the seller, but ended up selling for NOK 5.7 million after 10 bidders competed for it.

Brokers explained the high prices by a lack of inventory. “There are few properties out there and many buyers,” Odd Nymark of Eiendomsmegler 1 told Aftenposten.

(Source: newsinenglish.com) 19.1.11

URL: http://www.newsinenglish.no/2011/01/20/housing-prices-hit-new-heights/

Firm strikes gold at Svalbard

After several months analyzing more than three tons of material excavated from Svalbard, the Norwegian archipelago in the Arctic, Canadian and Swedish experts have determined there’s gold up north.

Store Norske Gull AS, a Norwegian gold mining company and subsidiary of Store Norske AS, was established in 2003 to explore potential gold reserves on Svalbard. Norwegian Broadcasting (NRK) reported this week that millions have been spent on drilling over the summer, when 20 holes were made in an area around St Johnsfjord, midway between Longyearbyen on the western coast of Spitsbergen, and New Ålesund, one of the world’s northernmost settlements.

While the existence of gold has been ascertained, it’s not yet definite that the quantities available will make extraction worthwhile. Morten Often, CEO of Store Norske Gull, couldn’t confirm to NRK that mining will go forward, but says “results are so encouraging that we want to continue exploring the area next summer.”

Located halfway between the Norwegian mainland and the North Pole, the Arctic archipelago of Svalbard has officially belonged to Norway since the 1925 Svalbard Act. The two main industries on the islands are mining and tourism. Svalbard’s tourism slogan – boasting 3,000 polar bears and 2,500 people – offers an idea of the vast, icy tundra dispersed with small settlements connected only through tracks left behind by snowmobiles.

The exploration of minerals has proved fruitful in the northern areas of Norway. with discoveries of gold ore in the Karasjok region of Finnmark County reported last April. This sparked conflict between reindeer owners, concerned with environmental factors, and the potential for financial growth and labor opportunities involved in mining. No such issue has arisen over the gold discovery in Svalbard yet; the consideration here is determining the amount of gold present to see whether mining will even prove economically viable.

“The potential is definitely there,” Often told NRK, “we’re just not sure how great.”
(Source: newsinenglish.com) 7.1.11
URL: http://www.newsinenglish.no/2011/01/07/firm-strikes-gold-on-svalbard/

After several months analyzing more than three tons of material excavated from Svalbard, the Norwegian archipelago in the Arctic, Canadian and Swedish experts have determined there’s gold up north.

Store Norske Gull AS, a Norwegian gold mining company and subsidiary of Store Norske AS, was established in 2003 to explore potential gold reserves on Svalbard. Norwegian Broadcasting (NRK) reported this week that millions have been spent on drilling over the summer, when 20 holes were made in an area around St Johnsfjord, midway between Longyearbyen on the western coast of Spitsbergen, and New Ålesund, one of the world’s northernmost settlements.

While the existence of gold has been ascertained, it’s not yet definite that the quantities available will make extraction worthwhile. Morten Often, CEO of Store Norske Gull, couldn’t confirm to NRK that mining will go forward, but says “results are so encouraging that we want to continue exploring the area next summer.”

Located halfway between the Norwegian mainland and the North Pole, the Arctic archipelago of Svalbard has officially belonged to Norway since the 1925 Svalbard Act. The two main industries on the islands are mining and tourism. Svalbard’s tourism slogan – boasting 3,000 polar bears and 2,500 people – offers an idea of the vast, icy tundra dispersed with small settlements connected only through tracks left behind by snowmobiles.

The exploration of minerals has proved fruitful in the northern areas of Norway. with discoveries of gold ore in the Karasjok region of Finnmark County reported last April. This sparked conflict between reindeer owners, concerned with environmental factors, and the potential for financial growth and labor opportunities involved in mining. No such issue has arisen over the gold discovery in Svalbard yet; the consideration here is determining the amount of gold present to see whether mining will even prove economically viable.

“The potential is definitely there,” Often told NRK, “we’re just not sure how great.”
(Source: newsinenglish.com) 7.1.11
URL: http://www.newsinenglish.no/2011/01/07/firm-strikes-gold-on-svalbard/

Oslo Airport - Europe's most effective


Oslo Airport Gardermoen has been ranked Europe's most effective airport for 2010 by the Air Transport Research Society (ATRS). Altogether 37 airports in Europe were considered.

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Stock exchanges in Oslo and Toronto cooperate

The Oslo Stock Exchange (Oslo Børs) and the Toronto Stock Exchange have signed a Memorandum of Understanding (MoU). Under the MoU they will seek ways to cooperate in various fields.


The Toronto Stock Exchange, TSX Venture Exchange and Oslo Bors will explore joint marketing initiatives and cooperate in understanding each other's markets and regulatory regime, explore a framework to promote and facilitate dual listings on each other’s exchanges, participate in joint events and roadshows, facilitate introductions to regulatory authorities and capital market professionals and participants in each other’s jurisdiction, and more.

“For Oslo Bors it is exiting to further expand our international scope by entering into this MoU with Toronto Stock Exchange. Cooperating on important strategic areas for both exchanges will mutually strengthen our two markets and benefit issuers who wish to expand their investor base,” said Ms. Bente A. Landsnes, President and CEO, Oslo Bors.

“We are very pleased to expand our relationship with Oslo Bors,” said Thomas Kloet, CEO, TMX Group. “We look forward to further exploring the opportunities to strengthen our ties with the Norwegian and European markets.”

Since 2009, Oslo Bors ASA has used Montreal Exchange’s SOLA® derivatives trading technology. The MoU builds on the existing relationship between Toronto Stock Exchange and Oslo Bors ASA, which currently have four dual listed issuers.
(NRK/Press release) 27.9.10

Fears euro crisis will increase unemployment

Norwegian Minister of Finance Sigbjørn Johnsen (Ap) fears an increased unemployment rate if the euro crisis continues.

- If the crisis becomes prolonged and spreads to more countries, it may strike Norwegian jobs in the export industry, Johnsen said to VG.
Johnsen and Minister of Government Administration, Reform and Church, Rigmor Assrud, asks for moderation in the coming state salary negotiations.
- We have to avoid that the salary increase is stronger than in other countries and thereby weakens Norway's competitiveness, Aasrud says.

Norway owns rotten Greek debt

Greek state bonds have been degraded to junk status. The Norwegian Petroleum Fund has NOK 10 billion invested in these bonds.
In addition, the petroleum fund, Statens pensjonsfond - utland, probably owns shares in downgraded Greek banks, according to Stavanger Aftenblad.
The downgrading last week happened after the financial solidity of Greek banks was rated as poor and without any immediate hope of improvement.

Record number nominated for the Peace Prize 2010


The Norwegian Nobel Committee has received 237 nominees for the Nobel Peace Prize 2010, out of which 38 are organizations. This is the highest number of nominees for the Nobel Peace Prize ever.

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Minor oil discovery in the North Sea


Statoil has proven the existence of oil in a well in the Tampen area in the north-eastern area of the Snorre field in the North Sea.

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Predicts record year for salmon exports


The export of salmon from Norway is so far this year 33 per cent higher than in the record year of 2009.

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Have fun together with International Network of Norway!

Every first Friday of the month at 17.00 JCI - Junior Chamber International Oslo and INN will be joining forces and meeting up at Hard Rock Café.

JCI is a world wide organisation for young leaders with local branches in several cities in Norway. Our union offers you more opportunities to mingle with and get to know Norwegians.

So why don't you join us for an after work session where we can wind down and relax while listening to music and enjoy good company!

We want to see many of you there! Why not bring along a friend or a colleague?

Please let us know if you will be joining us so that we have an idea how many people to expect. However, last minute decision makers will be welcome!


Oil production continues to fall


Making a determined effort to recover all the oil resources from the large fields has become an urgent matter, the Norwegian Petroleum Directorate (NPD) states. If the licensees do not make the necessary decisions, profitable resources could be lost, according to NPD.

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