Norwegian companies invest in oil business in Iran: report

The downturn on the Norwegian continental shelf has sent Norway's risk-taking oil companies, to Iran, a country with one of the world's largest oil and gas reserves, newspaper Aftenposten reported Monday.

"During the past year we have had around 40 assignments from Norwegian companies wishing to do business in Iran," said Erik Arvnes, director of the investigation department of the company KPMG, which helps Norwegian companies conduct surveys of potential Iranian business partners.

One year after the sanctions against Iran were lifted, several Norwegian companies started establishing themselves in the country.

"The companies we have worked with come mainly from the oil and gas industry, but there are also those that deal with shipping, seafood, and renewable energy," Arvnes told Aftenposten.

Oil supply company IKM also saw great opportunities in Iran. Chief executive officer Stale Kyllingstad confirmed to Aftenposten that the company had had a team of 14 people working in Iran since last spring.

"They perform services in sub-sea technology field. This is a first long-term mission, which will generate between 50 and 100 million kroner (6 million and 12 million U.S. dollars) annually in the coming future," he said.

Norwegian ambassador to Iran, Aud Lise Norheim, said she, too, had noticed an influx of companies in the oil and supply industry, as well as fish farming and renewable energy, that wanted to establish themselves in the country.

"Companies must be more creative and look at new markets where opportunities for growth are bigger. They are forced to think differently, both regarding which markets to enter, and which companies to partner with," Arvnes said. (1 U.S. dollar=8.37 Norwegian kroner) Endit