Support for North Sea deal crumbling

Three Danish political parties have withdrawn their support for part of the model, which would finance the forthcoming North Sea agreement.

Photo: Wintershall

The Danish political parties Socialdemokratiet (Social Democrats), Dansk Folkeparti (Danish People's Party) and Radikale Venstre (Danish Social Liberal Party) have withdrawn their support for the financing model behind the upcoming North Sea agreement, reports Danish media Berlingske Business.

As part of the financing deal, which ahead to 2025 will offer tax exemptions for Danish oil companies, state investment fund The Danish Growth Fund (Vækstfonden), would contribute up to half of its profits which are normally used to invest in new Danish business successes. In return, it has been proposed that the Danish Growth Fund receive access to a lending framework of up to DKK 1 billion (EUR 270 million) if the fund is squeezed "in the event of a recession of a frozen venture market," as it reads in the agreement. This is the aspect of the financing model which no longer has the support of the three parties.

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