The contract will be a joint venture between Hemla Vantage and the Kharg Petrochemical Company, a quasi-privately-owned company, to produce and export liquefied national gas and liquefied petroleum gas by 2017.
“Hemla will secure debt financing and will be 50/50 equity partners with KPC/KGRC [the latter is a sister company of the former],” said Gerhard Ludvigsen, a founding member of Hemla group and director of Hemla Vantage.
“We are inspired that Iran really wants to shift from a traditional player to a modern player. Nobody would believe that Iran could be the first in the world to produce LNG from a floating production vessel (FLNG) in 2017,” he added.
The joint venture will purchase 200 million standard cubic feet of flared gas from offshore oilfields near Kharg Island over a period of up to 15 years. In its first phase, the site is projected to produce 500 metric tons of LNG and 200 tons of LPG per year. The FLNG barge, produced in China and ready to be shipped to reach Kharg Island by October, will be leased from Exmar, a Belgian company.
Hemla Vantage said that financing the new project will not be a problem, despite international banks being wary of doing business with Iran. Sanctions against the state were removed under the nuclear agreement which came into effect earlier this year.
Iran and Kharg Island have a lot of facilities including jetties, pipelines and storage which make projects much easier and economically justifiable, Mr Ludvigsen said.
He added that European banks, including German institutions, are ready to finance the project showing “that banks are opening up and are now being positive to engage with Iran”.
However, he did not know when exactly the contract will be signed.
Iran is pushing hard to regain its position as a global energy supplier, ramping up production and exports of oil since the start of the year and re-establishing relationships with former customers.
(Source: Financial Times)
A Norwegian woman has been found dead on the island of Mallorca and Spanish police are investigating the death as suspicious.
Joint Statement on Aerial Bombardment in South Kordofan and De Facto Expulsion of OCHA Head.
The Nigerian-Norwegian Chamber of Commerce (NNCC) has been launched in Lagos to promote socio-economic relationship between Africa’s biggest economy and the Nordic country.
Norway wants to support the Sri Lankan government’s policies for reform and reconciliation, State Secretary at the Norwegian Foreign Affairs Ministry Tore Hattrem said today.
To develop its maritime industry, Nigeria is to partner Norway. Nigerian Maritime Administration and Safety Agency (NIMASA) Director-General Dr. Dakuku Peterside has said.
The Norwegian state owned company, StatkraftNorfund Power Invest or SN Power, concluded an MOU for a project known as the Middle Yeywa dam with the previous government in July 2014. This dam is set to be built in a location that has been identified as “seismically hazardous” because it is close to the Kyaukyan fault line.
Indonesian Foreign Minister Retno Marsudi met her Norwegian counterpart Borge Brende for the second Joint Commission for Bilateral Cooperation (JCBC) meeting here on Monday.
The Dream Mile is synonymous with the ExxonMobil Bislett Games. There is virtually no other race on the track and field circuit that connects an event, a city and a recognised standard of excellence as does the Dream Mile in Oslo. It has become a contest that is immediately acknowledged through its particular history and its resume of quality of results.
Following the implantation of the nuclear deal and lift of sanctions against Iran, Norwegian universities have called off a discriminatory ban that did not allow Iranian students to study in the European country.

Algerian Minister of State, Minister of Foreign Affairs and International Cooperation Ramtane Lamamra called on the international community to actively contribute to the implementation of the agreements signed in Mali and Libya to end conflicts in these two countries.
Lithuania’s Defense Ministry on Friday decided to open talks with the Norwegian government on acquisition of medium-range missile defense systems NASAMS.
The members of the Troika (Norway, the United Kingdom and the United States) are appalled by the Sudanese government’s aerial bombardment of civilians in Kauda and the Heiban area of South Kordofan, including the bombing of St Vincent Elementary School on 25 May. The Sudanese government has a responsibility to protect all its citizens. We urge all parties to end the violence and allow immediate humanitarian access to those in need. We believe that the Roadmap presented by the African Union High-Level Implementation Panel represents the way forward.
The State Secretary of Norway’s Ministry of Foreign Affairs of Norway, Tore Hattrem, is scheduled to visit Sri Lanka from May 31 to June 02, 2016.
The US Navy is focused on a major shift in its maritime strategy.
Norway’s largest farmer-owned dairy co-operative TINE are to open a new Jarlsberg cheese production facility in Ireland.
Ministry of Environment (MINAM) will sign an agreement today with the United Nations Program for Development (UNDP) and the Norwegian Agency for Development Cooperation (Norad) costing $6.1 million, this agreement is aimed at the conservation of the Amazon Rainforest.
The Norwegian Export Credit Agency (GIEK) has said that the sharp downturn in the offshore industry means that a massive 50 per cent of its NKr102 billion (US$12.3 billion) loan guarantee portfolio has been placed under what it describes as “close scrutiny”. At the end of 2015, NKr87.2 billion of its guarantees were in the oil and gas sector.
The Norwegian parliament pledged that the government’s public procurement policy will go deforestation-free.
‘I am looking forward to receiving colleagues from 12 key African countries on Thursday and Friday this week. They include the foreign ministers of Africa’s two largest economies, Nigeria and South Africa. Developments in Africa are important to Norway, and we have many common challenges. African countries are also important as cooperation partners and markets,’ said Minister of Foreign Affairs Børge Brende.
London- Ever since State of Law Coalition leader Nouri al-Maliki asked the militias of the Popular Mobilization Forces to join the operation to retake the Iraqi city of Fallujah from ISIS, international organizations began to shout out loud over the fate of residents after sporadic shelling put their lives at risk.
The Nigerian-Norwegian Chamber of Commerce (NNCC) has been launched in Lagos to promote socio-economic relationship between Africa’s biggest economy and the Nordic country.