Norway Demands More information from Equinor on Overseas Operations
File Photo: The Mariner area in the UKNorth Sea Photo: Jamie Baikie as well as Michal Wachucik/ Equinor ASA
OSLO, June 10 (Reuters)– Norway’s power priest claimed state-controlled Equinor should be a lot more clear concerning its international services after it was struck by placing losses from UNITED STATE oil as well as gas financial investments.
Equinor made a collection of procurements of onshore as well as overseas oil books in the United States in the years prior to the 2014 oil rate accident, at some point causing built up losses as well as write-offs of $20.4 billion bucks.
“The company should have provided better and more direct information in its communication with the ministry as well as with other shareholders,” Minister of Petroleum as well as Energy Tina Bru informed Norway’s parliament on Wednesday.
About 40% of Equinor’s oil manufacturing originated from abroad in 2019, of which the United States made up concerning fifty percent. In current years the firm has actually likewise started purchasing renewable resource such as wind as well as solar energy.
“I also see a need to strengthen the government’s follow-up of Equinor’s foreign operations,” Bru included.
Equinor, which has procedures in greater than 30 nations, just recently claimed it will certainly start to report on its UNITED STATE service on a quarterly basis, after formerly stating that it sufficed to deal with all international service as a solitary system.
While the federal government possesses a 67% risk in Equinor as well as performs normal conferences with its chairman as well as execs, it does not sit on the board as well as is not associated with everyday procedures of the Oslo- noted company.
The firm has actually appointed audit company PwC to evaluate its procedures in the UNITED STATE, while Norway has actually asked Arctic Securities to report on Equinor’s worldwide procedures.
Bru claimed both were anticipated to be revealed. (Reporting by Nerijus Adomaitis; Editing by Terje Solsvik as well as Alexander Smith)
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