Norway reports on further development of state ownership

Jun 28, 2002 02:00 AM

The Norwegian government issued a statement about further development of state ownership in the oil and gas sector.
“During the past years, we have finalized a considerable restructuring of state ownership in the oil and gas business. The Norwegian state has thus contributed to increased added value on the continental shelf. It is now time to concentrate our efforts, especially in the oil and gas industry, to realise this potential,” says Mr Einar Steensnaes, Minister of Petroleum and Energy.

“The government has no intention to extensively sell, buy or swap SDFI-assets (the State's Direct Financial Interest) in the coming years. Furthermore, the government will continue its SDFI participation when new areas are assigned if there are good reasons for such participation.”
“Petoro's role as administrator and caretaker of the SDFI is now defining its form. Even if the state still owns the SDFI assets, Petoro will have very demanding and important duties through its administrative function on behalf of the state. Petoro's role is to act as a commercial instrument for the state, and not to develop into an oil company,” says the Minister.

“Statoil was partially privatised and listed on the Oslo and New York stock exchanges approximately one year ago. The state still owns 81.8 % of the company's shares. Parliament has resolved that state ownership in Statoil can be reduced to two thirds.”
“I will continuously assess the need to initiate changes with respect to state ownership in Statoil based on Parliament's resolution. There are currently no concrete plans from the government's side to initiate changes,” says Minister Steensnaes.

Source: Norwegian Government
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