Business

Deliveries to Europe fill Norway’s coffers by leaps and bounds

Since the warfare in Ukraine, Norway has changed Russia as the principle provider of pure fuel (LNG) to Europe. A spot he takes benefit of. In August, the small Scandinavian nation posted a file commerce surplus, approaching 20 billion euros, in accordance to official figures launched Thursday. This commerce surplus was pushed by an increase in fuel costs in August and a gradual halt in Russian fuel provides via the Nord Stream 1 fuel pipeline, whose faucets have been utterly shut off in early September.

consequence” Norway’s already excessive pure fuel exports reached file highs Jan Olav Rhus, an skilled on the Norwegian Statistics Institute SSB, explains. In element, in August, the commerce surplus of the wealthy Scandinavian nation was 197.7 billion crowns (19.6 billion euros), pushed by fuel exports, value 176, 4 billion crowns. According to SSB figures, it is a 37.3% leap from the earlier file in July.

This manna contributes to replenishing the already well-filled coffers of the Norwegian state, which considerably controls 67% of vitality large Equinor. According to Nordea Markets, it ought to submit a taxable revenue of 900 billion crowns (89 billion euros) this yr, the third-best efficiency on this planet behind Saudi Aramco and American Apple.

LNG: Russian Gas, Shell and Equinor in Tanzania, Total Energy in Qatar

Norway ‘doubtful’ over fuel worth cap

Also, confronted with rising vitality payments on the continent, some are frightened that the nation will “ War profiteers And a number of European states, together with Norway, have referred to as for a cap on imported fuel costs. Until now discreet on the value cap subject, Norway is now overtly opposed to it.

The Prime Minister of Norway, Jonas Gahr Stort, truly stated just lately: suspicious Subject to a fuel worth cap. ” We come to the dialogue with an open thoughts however we’re skeptical about most fuel costs. (…) A most worth won’t change the elemental drawback, specifically that Europe has too little fuel.»

For Oslo, the potential cap on imported fuel costs dangers shifting away from Europe’s provide of liquefied pure fuel (LNG), which is well transportable and whose suppliers could also be tempted to look elsewhere. The Norwegian authorities additionally think about that in Europe oil teams and their prospects negotiate their very own contract phrases and favor long-term contracts, at fastened costs and due to this fact offering higher visibility than money costs. ), whose costs differ.

The Norwegian authorities doesn’t promote fuel. This firm. And, in precept, European authorities don’t purchase fuel. “, repeated the Norwegian Prime Minister, Jonas Gahr Støre, Thursday after a gathering with the principle producers of hydrocarbons within the nation devoted to the vitality disaster in Europe. But we’re eager to have an in depth dialogue to assist convey stability to the gas-starved market “, he added. Aker BP, certainly one of three oil firms invited to Thursday’s talks with Equinor and Vår Energi, stated it was in favor of a long-term deal, highlighting the difficulties. The European Commission and Norway this week introduced the institution of a working group to study the problems. .

(with AFP)