Oslo: "Norway, a major oil producing country, intends to have a permanent partnership with Abu Dhabi in oil, gas and renewable energy," said Trond Giske, the Norwegian Minister of Foreign Affairs and Minister of Industry and Trade.
Prior to a Norwegian delegation's visit to the UAE tomorrow, Gulf News spoke to senior officials in the Norwegian government in Oslo.
Giske confirmed his country's keenness to develop a fruitful economic relationship with the UAE, during the delegation's visit on April 14 and 15.
Discussions will take place with senior UAE officials on an improved trading relationship between the two countries.
They will also discuss putting in place a free trade agreement which was signed a few years ago.
The delegation will focus on finding solutions to environment issues and look at the expansion of renewable solar and wind energy projects.
Possible cooperation with Masdar and similar companies in Abu Dhabi will also be under discussion.
Investment
The Norwegian Minister highlighted the significant increase in Norwegian investments in the UAE in renewable energy.
"The Norwegian companies have a plan for growth and further expansion in foreign markets in order to diversify the economy. The UAE provides a safe climate for investment due to its safety, flexible regulations and high standard of infrastructure."
Giske added that he will discuss with Minister of Foreign Trade Shaikha Lubna Al Qasimi ways to improve investments between the two countries at all levels .
"We have something to share with the UAE in terms of investment in oil sectors. Norway's investments, for example, in the petroleum sector account for about one-fourth of total investment.
"Over one-third of the state's revenues come from this sector. Value creation from the oil and gas industry accounted for one-fourth of the gross domestic product in 2008, and around 200,000 people are employed in petroleum-related activities," Giske said.
"These figures highlight the important impact of the activity level in the oil and gas sector for the development of the Norwegian economy.
"During our visit to Abu Dhabi we will discuss some other issues such as sharing information and studies in extensive exploration activities and technologies, CO2 storage technologies, the new Norwegian technology and industry in improving oil recovery in the offshore fields and other technology transfer."
Giske told Gulf News that his country is looking forward to investing in oil technology, because Norway and Abu Dhabi are both producing major amounts of the world's oil and gas from their offshore fields.
"No other oil-producing country recovers more oil from its offshore fields than Norway.
"Over the next few years, important choices will therefore need to be made if we are to extract significantly more oil and gas," Giske said.
Giske said the economic crisis has had a very severe impact on almost all the oil producing countries.
"The financial crisis and setbacks in the world economy have had a devastating impact on oil prices and the demand for oil has dwindled to its lowest level in 2009 in more than 30 years, but the problem in today's market situation is no longer the high price of oil.
"There is a risk that weaker demand, lower prices, higher costs and difficult access to credit may impede investments in new oil projects. This should concern all oil producing countries."
