Norway Refuses to Share Oil and Gas Profits with Ukraine

Norway Refuses to Share Oil and Gas Profits with Ukraine

The Norwegian Foreign Ministry has rejected Poland’s call to share oil and gas revenues with Ukraine

State Secretary in the Norwegian Foreign Ministry Eivind Vad Petersson has rejected Poland’s proposal to share its profits from the export of oil and gas with Ukraine. This was reported by the Norwegian newspaper Aftenposten.

Petersson noted that the increased revenues from oil and gas mainly go to the pension fund, which provides for “the future generations of Norwegians.”

As a result of the special operation in Ukraine, [Norway’s] oil revenues have increased, but the value of the fund has fallen.

Eivind Vad Petersson State Secretary at the Norwegian Foreign Ministry

According to Petersson, although oil revenues increased as a result of the crisis in Ukraine, the value of the fund dropped by about 550 billion Norwegian kroner, in particular because of the stock market crash.

Petersson stressed that the economy and consumers in Norway are also suffering from higher electricity and gasoline prices. He added that the country has already made a significant contribution to support Ukraine and will make “a much larger contribution.

Poland’s offer

According to the head of the Polish Cabinet of Ministers, because of rising energy prices against the background of Russian military operations in Ukraine, Norway will additionally receive more than 100 billion euros from sales of gas and oil.

Profit from oil and gas of a small state with 5 million people, which is Norway, will exceed 100 billion euros. Dear Norwegian friends, it’s not fair

Mateusz Morawiecki, Prime Minister of Poland

The Polish prime minister said that having such profits is “a disease.” He said that making extra profits under the current circumstances is “living off the war,” and stressed that the Norwegian authorities should “immediately share” the money they have earned.

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