SHARE
COPY LINK

STATOIL

Ukraine crisis ‘awesome’ for Norway gas: analyst

A long-term stand-off between Russia and the European Union over the Ukraine would be "a totally awesome situation" for Norway, one of the country's top analysts has told Norway's Dagens Næringsliv business newspaper.

Ukraine crisis 'awesome' for Norway gas: analyst
Statoil's offices at Fornebu. Photo: Ole Jørgen Bratland/Statoil
"If a long-term situation develops in which Russia uses sanctions to squeeze the EU, it will mean higher gas prices and higher production in Norway. It will be a totally awesome situation for Norway," John Olaisen, an analyst at ABG Sundal Collier said at a meeting on oil markets hosted by Ernst and Young. 
 
Russia is Norway's main rival in European gas markets, supplying 25 percent of all gas consumed in the European Union, compared to the 20 percent supplied by Norway. 
 
"If Russia restricts shipments to the EU by 20 percent over the next six months, then Norway can increase production by 20 percent. It's very positive. It sounds a little cynical, but that's how it is. For Statoil it will be awesome." 

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

UKRAINE

Germany to support defence of Polish airspace

Germany on Monday said it had reached an agreement to help Poland protect its skies following a deadly rocket strike close to the border with Ukraine.

Germany to support defence of Polish airspace

Berlin would “send Patriot anti-aircraft systems to Poland and support the securing of Polish airspace with Eurofighter (jets)”, Defence Minister Christine Lambrecht said in a statement.

READ ALSO: Germany to buy F-35 fighter jets in military shopping spree

Two people were killed last week when a missile landed in the Polish village of Przewodow, six kilometres (four miles) from the Ukrainian border.

Warsaw and NATO have said the explosion was likely caused by a Ukrainian air-defence missile launched to intercept a Russian barrage, but that Moscow was ultimately to blame because it started the conflict.

Before the deal was agreed, Polish Defence Minister Mariusz Blaszczak said he “welcomed the German proposal with satisfaction”.

Blaszczak said on Twitter he would propose for the systems to be “stationed close to the border with Ukraine”.

Germany has already sent Patriot anti-aircraft units to Slovakia, where Berlin hopes to keep them deployed for longer than currently planned.

The air-defence systems should remain in Slovakia “until the end of 2023 and potentially even beyond”, Lambrecht told the Rheinische Post daily.

“It is our utmost responsibility that NATO does not become a participant in this conflict,” while strengthening its air defences, she said.

READ ALSO: Germany and Spain to train Ukraine troops under EU programme

SHOW COMMENTS