Norway

Next week, business and political leaders will be attending the World Economic Forum annual meeting in Davos to test their?vision for a global economic order based on rules. The expected appearance of U.S. president Donald Trump in the Swiss mountain resort highlights the difference between his agenda, and the consensus-driven approach taken by the WEF. It has been criticized for years that the WEF is just a rich people's talking shop. His "America First' policy has resulted in trade tariffs as punishment, military interventions in Venezuela, threats to take over Greenland and a retreat by the U.S. from international cooperation...

A U.S. court will on Monday consider the request of Danish?energy firm Orsted to obtain an injunction to stop?the Trump Administration's decision?to halt its $5 billion Revolution Wind project near Rhode Island. The lawsuit was filed on behalf of the company by several offshore wind companies, as well as states. They are seeking to reverse the Interior Department's suspension of five 'offshore wind leases' that it had imposed in December over what they called national security concerns. Under U.S. president Donald Trump's?view that wind turbines are ugly, expensive, and inefficient, offshore wind developers have seen their multi-billion dollar plans repeatedly...

TotalEnergies announced on Monday that it would merge its British North Sea oil assets with NEO NEXT Energy. This is a partnership between Spain’s Repsol, and HitecVision. Total said that it would take a 47.5% share in the renamed NEO NEXT+ as a trade for its assets. The company made the announcement in a Monday statement. Repsol will have a 23.625% stake in the venture while HitecVision holds the remaining 28.875%. The statement stated that NEO NEXT+ will have a production capacity of over 250,000 barrels oil equivalent per day by 2026. This deal is part of a recent trend...

Orsted, the Danish offshore wind company, said that it has no plans to acquire the renewables division of Equinor. Equinor is its second largest shareholder and had proposed closer ties with Orsted. Equinor is a Norwegian oil and gas group that also produces renewable energy. It took a 10% share in Orsted in October last year, and invested close to $1 billion into the company. Last week, it said that offshore wind needed consolidation. Orsted shares are down 85% since their peak in 2021, due to rising costs, disruptions of the supply chain, and challenges in the United States, where...

As early quarter results show businesses adapting to President Donald Trump's new tariffs, the outlook for European corporate health is slightly better, according to the latest earnings estimates released on Tuesday. According to data from LSEG, European companies will report an average growth of 0.4% for their third quarter earnings. This is higher than the 0.2% analysts expected just a week earlier. This would still be the lowest quarterly performance since the beginning of 2024. Early Results Beat Analyst Expectations So far, 96 companies in the index have reported their earnings. Of these, 56.3% exceeded analyst expectations. Volvo Cars is...

The Maeil Business Newspaper reported on Thursday that Brian Kemp, governor of Georgia in the U.S., will meet with South Korean leaders of business this week. This includes executives from Hyundai and LG Energy Solution. Kemp's trip comes after U.S. Immigration authorities raided in September the construction site of an under-construction battery plant in Georgia owned jointly by Hyundai Motor, LGES and LGE. After a week-long negotiation between South Korea, the United States and South Korea, hundreds of South Koreans were arrested on suspicion of working without visas. The local public relations agency that handled Kemp's visit refused to comment....

The Green Party of Norway played a key role in Monday's re-election. It secured 4.7% of votes and ensured that Labour and its allies had 87 seats in Parliament - two extra than required to have a majority. The Greens have a number of energy-related policy proposals. Here's a breakdown of their main ideas, the potential impact they could have, and whether or not it is likely that these will be implemented: What do they want to do? The Greens are calling for an immediate halt to new petroleum exploration and a phase-out of existing activities by 2040. They also...

The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by the Progress Party. Inequality and taxation are two of the key issues that will determine the outcome. The result could also have an impact on the energy and power supply to Europe, and the management and control of Norway's massive sovereign fund. What's at stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to government in 2021. This follows eight years of...

Shell, Equinor, and TotalEnergies announced on Monday that the first volumes of CO2 have been injected into and stored in Norway's Northern Lights Carbon Capture and Storage (CCS) Project, marking the beginning of operations. Companies said that the CO2 was being stored in a 2,600 meter reservoir (8,530 feet) below seabed. This marks a significant milestone for CCS. In a press release, Anders Opedal said that the industry of carbon capture transport and storage is scalable. The facility is a part of the heavily-subventioned Longship carbon storage and capture project in Norway, which aims to commercialise CCS to reduce CO2...

The head of the Brazilian oil lobby IBP said on Wednesday that energy companies in Brazil will resume oil exports to the United States following the exemption from U.S. duties for several oil products. The top Brazilian export to the U.S. is oil. It was exempted from the 10% tariff on Brazilian exports in April, but the uncertainty about whether it would be exempted under the new tariffs announced on the 9th of July led to a stoppage in shipments throughout the month. Despite the fact that President Donald Trump's Wednesday decree increased tariffs on Brazil by 50%, several Brazilian...

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover....

Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks...

Norsk Hydro, a Norwegian aluminium manufacturer, reported a 18.6% drop in its third-quarter core profits on Friday. The fall was attributed to lower alumina and Norwegian crown prices, partially offset by increased production volume. The adjusted earnings before taxes, depreciation, and amortization fell from 7.4 billion crowns to 6.0 billion crowns between July-September of last year. According to a consensus compiled by the company, analysts had on average expected it to report an operating profit of 6,36 billion crowns. Return of U.S. Tariffs Aluminium prices have risen to record levels, causing American consumers to pay more and changing global supply...

A spokesperson from Norges Bank Investment Management, the fund's operator said that Eramet, a French mining company, was excluded from its portfolio due to ethical reasons. According to data from the fund, as of 30 June, it held a stake in Eramet valued at $6.8 millions. Eramet didn't immediately respond to a comment request. The Council on Ethics of the fund, which is its ethics watchdog, recommended the divestment due to Eramet’s participation in Indonesia’s PT Weda Bay Nickel, where Eramet is the operator of mine. The Council on Ethics recommended that Eramet SA should be excluded. "There is an...

Norsk Hydro, a Norwegian aluminium manufacturer, cut its capital expenditure guidance for 2025 by 1.5 billion crowns (roughly $147.5 million), and frozen external white-collar employment on Tuesday amid volatile input prices and uncertain demand. Tariffs imposed by the United States on aluminum have disrupted trade and driven physical market premiums up to record levels, increasing cost pressures and changing global supply lines. Hydro Extrusions plans to reduce more than 100 jobs by 2025. Prioritizing operational efficiency and cost reduction, the division will focus on cutting costs. "We have not yet seen major changes in our business operations due to tariffs...

The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of...

Norsk Hydro, a Norwegian aluminium manufacturer, missed its fourth quarter profit expectation on Friday. Higher costs and weaker downstream demand were only partially offset by high alumina and aluminum prices and positive exchange rates. The adjusted earnings before taxes, depreciation, and amortization more than doubled in the fourth quarter of 2024 to 7,70 billion Norwegian crowns (690.5 million dollars). However, this was below analysts' expectations of 8,28 billion crowns. The 25% tariffs imposed by President Donald Trump on steel and aluminum are increasing U.S. prices, exposing the production gap at home and creating a possible cost increase for producers of...

Norwegian aluminium maker Norsk Hydro is no longer buying its battery and green hydrogen companies and will phase out these operations due to the tough market conditions, it stated on Wednesday. As part of its drive to concentrate on green aluminium, Hydro is introducing a new expense cutting programme targeting 6.5 billion Norwegian crowns ($ 582 million) of cost savings by 2030, with an aim of strengthening its aluminium recycling and extrusions operations towards 2030. Battery materials and green hydrogen will no longer be tactical growth locations for Hydro and no more capital will be designated, it stated in a...

Spanish steelmaker Celsa has sold its mills in Britain and Norway to Se.ven GI, the Czech mutual fund said on Thursday, validating an earlier report on news site El Confidencial. A spokesperson for Se.ven GI, owned by billionaire Pavel Tykac, decreased to state just how much the fund had actually spent for the assets after El Confidencial, citing market sources, said the cost tag was 600 million euros ($ 632.10 million). Celsa, Spain's biggest privately owned industrial group, has been working on offering its foreign possessions considering that February under a restructuring strategy. However, its Polish system, its biggest foreign...

Norway's Hydro said on Thursday it is now the sole business funding the Hydrovolt battery recycler, while its partner in the joint venture, Sweden's Northvolt, is no longer associated with paying for the operations. The Norwegian group has actually just recently raised its stake in Hydrovolt to 62% from the original 50% owned when the partnership was established in 2020, a Hydro spokesperson stated. We're continuing our operations and activity as prepared, in line with the board's strategy, a Hydrovolt representative stated. Northvolt did not immediately react to ask for remark. Northvolt, as soon as hailed as Europe's finest contended...

Norwegian aluminium manufacturer Norsk Hydro reported a somewhat biggerthanexpected rise in its thirdquarter core earnings on Thursday, assisted by greater aluminium and alumina prices, lower raw material expenses and positive currency effects. Norsk's adjusted revenues before interest, taxes, devaluation and amortisation leapt to 7.37 billion Norwegian crowns ($ 672.12 million) in the July-September duration from 3.9 billion crowns a year previously. Analysts usually had actually expected it to report a core revenue of 7.26 billion crowns, according to a company-compiled consensus. The positive advancement in our upstream earnings motorists continued in the 3rd quarter ... countering the total impacts of...

Norway's sovereign wealth fund has ended observation of Supermax, 2 years after positioning the Malaysian medical glove maker under monitor accusations that the company contributes to human rights infractions. Norges Bank's decision comes by a year after the United States lifted a restriction on Supermax, permitting it to resume sales. The company's. imports were barred from the U.S. in October 2021 over the. alleged forced labor practices. According to the Council on Ethics, the company has. throughout the time of observation reported that it has implemented. numerous steps to enhance conditions, Norges Bank Financial Investment. Management stated in a statement...