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2018-04-09 11:10:00

NORWAY'S RENEWABLE INVESTMENT

NORWAY'S RENEWABLE INVESTMENT

REUTERS - Norway's $1 trillion sovereign wealth fund should be allowed to invest in unlisted renewable projects such as solar parks and wind farms, the ruling Conservative party voted on Saturday.The world's largest sovereign wealth fund, which invests Norway's oil and gas revenues in stocks, bonds and real estate, has for many years sought permission to invest in unlisted infrastructure assets.

"Let the fund invest in unlisted infrastructure for renewable energy with the same demand for profitability as for other investments," said the motion. 

The decision strengthens the possibility the fund could invest in the new asset class as the Conservatives are the leading party in Norway's minority coalition government. 

The other parties are the right-wing Progress Party and the centrist, pro-green Liberals. 

"Opening for infrastructure gives the fund the possibility to diversify, which will be good for the fund, Tina Bru, a Conservative lawmaker who voted in favor, told Reuters. 

"In addition it is a good bonus that it will contribute towards a shift to a low-carbon society, which must happen globally if we are to achieve climate targets." 

Bru said the Conservatives had also voted in favor of a motion that said the government "should consider whether to let the fund invest in unlisted infrastructure and unlisted firms, with the same demand for transparency, return and risk as for other investments." 

The fund's management is allowed to invest in unlisted firms that are imminently seeking stock exchange listing. It has complained in the past that it was missing good opportunities because it could not invest in them at an earlier stage. 

"This move by the ruling Conservatives will act as a strong signal to other investors and sovereign funds, from London and New York to Tokyo and Seoul," Paul Fisher, a former director of the Bank of England who is Senior Associate at the  Cambridge Institute for Sustainability Leadership, told Reuters.

"This prudent Conservative Party decision is a major turning point which should now pave the way for the Parliament to instruct the fund to enter and profit from the trillion dollar unlisted renewable infrastructure market," said Tom Sanzillo, Director of Finance for the U.S.-based Institute for Energy Economics and Financial Analysis. 

Finance Minister Siv Jensen will present a white paper on the fund on Tuesday. 

She has in the past rejected the possibility to allow the fund to invest in unlisted infrastructure as a whole, not just for renewables, citing political risk. 

"Now Parliament needs to follow up. I can't see any good reasons why the (finance) ministry should come to a different conclusion," Martin Norman, the head of Greenpeace Nordic's Sustainable Finance Campaign, told Reuters. 

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Earlier:

 NORWAY'S OIL THREAT
2018, March, 28, 10:50:00

NORWAY'S OIL THREAT

BLOOMBERG - The government has paid out 109 billion kroner ($14 billion) since 2005 to explorers such as Lundin Petroleum AB and Repsol SA. It helped attract more companies to Norway, nearly doubling the pace of exploration and leading to key discoveries such as the multi-billion-barrel Johan Sverdrup field.

 

 NORWAY DEFENDS OIL
2018, February, 12, 07:10:00

NORWAY DEFENDS OIL

REUTERS - “The Ministry maintains that the Norwegian rules on reimbursement of exploration costs and interest on carry forward of losses ... do not constitute state aid under Article 61 of the EEA Agreement, and are therefore in compliance with the EEA (European Economic Area) law,” the ministry said in a letter.

 

 NORWAY DIVESTS OIL
2018, February, 7, 07:45:00

NORWAY DIVESTS OIL

BLOOMBERG - Norway’s $1.1 trillion wealth fund shocked the world last year when it announced a plan to divest all its oil and gas stocks, worth $35 billion at the time.

 

 NORWAY SELLS OIL & GAS
2017, November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

 

 U.S. WANT NORWAY
2017, August, 31, 12:10:00

U.S. WANT NORWAY

Norway’s $970-billion sovereign wealth fund, the world’s largest, should allocate a bigger share of its investments to renewable energy to boost returns, a U.S. energy policy think-tank said

 

 IMF WANT NORWAY
2016, July, 6, 18:15:00

IMF WANT NORWAY

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

 

 THE NEXT ENERGY WAR
2016, May, 9, 19:20:00

THE NEXT ENERGY WAR

If this price drop does happen, then Norway will be caught in the crossfire, as its production is more expensive than Gazprom's. Further, Gazprom has already developed the giant Bovanenkovo field in the Yamal Peninsula, where output has been curtailed as export markets and Gazprom's own domestic demand have have not required the additional gas. This means it is in a position to bring more cheap gas to market at little additional cost beyond transport. For Norway, however, adding more production capacity entails more capital expenditure.

 

 

 

 

Tags: NORWAY, RENEWABLE, INVESTMENT

Chronicle:

NORWAY'S RENEWABLE INVESTMENT
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

NORWAY'S RENEWABLE INVESTMENT
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

NORWAY'S RENEWABLE INVESTMENT
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

NORWAY'S RENEWABLE INVESTMENT
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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