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Monday, March 27, 2023

Norwegian state reaps record energy profits from war in Ukraine

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In 2022, the Norwegian state received 131 billion euros in oil and gas revenues. In one year, this profit has tripled. This is what emerges from the latest figures published on Monday by the Norwegian Institute of Statistics.

In 2022, Norway has become Europe’s largest supplier of natural gas, due in particular to the war in Ukraine. Oslo has indeed benefited from the reduction in Russian deliveries, and an increase in its exports. Thanks to soaring energy prices, the Norwegian state has reaped enormous revenues, via taxes imposed on oil companies and its stakes in hydrocarbon deposits. To this was added the dividends paid by the energy giant Equinor, of which he owns 67%. Last year, Equinor became the largest gas supplier in Europe. Its net profit reached nearly 27 billion euros.

Sometimes accused of being a “war profiteer” because of the surge in its income, the Norwegian government wishes to recall that part of this windfall will be returned to Ukraine. In total, Oslo intends to pay nearly 7 billion in civil and military aid to Ukraine over the next five years.

►Also read: China wants to increase its coal production to ensure its energy security

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