Norway's oil industry dangles huge investment carrot

The Norwegian oil lobby has introduced the subject of tax breaks to the Norwegian general election and is offering investments of up to USD 19 billion in return for advantageous taxation.

Photo: Øyvind Hagen - Statoil

If politicians can agree to fund more beneficial taxation, the oil companies promise to invest more in the North Sea.

So goes the argument from the Norwegian oil industry, which is trying to entice politicians – just one month before the country's general election on Sep. 11 – with potential new investments of NOK 150 billion (USD 19 billion), if politicians implement tax breaks for the oil companies, reports Bloomberg.

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