Norway seeks to create Euro Bourse !


Richard Moore

The momentum toward getting away from petrodollars seems to be growing.

This is a development worth tracking.



Published on Wednesday, February 22, 2006 by
Norwegian Bourse Director wants oil bourse - priced in euros
By Laila Bakken and Petter Halvorsen

Bourse Director Sven Arild Andersen is fed up with Norwegian
oil having to be traded in London and wants to have a
commodities and energy bourse in Norway.

The Bourse Director believes that Norway already has the
prerequisites for building up a Norwegian or Scandinavian
energy bourse.

"This would in such case compete with the bourse in London.
Why not have the ambition to outcompete the British
petroleum bourse," says Sven Arild Andersen.

"Here, you could trade crude oil, natural gas contracts and
establish derivatives for these products."

"In addition, we must set up a larger financial industry
around this, as important in other large markets and employ
many people. And which are important for the competencies
that are needed beyond the extraction itself of oil and
gas," says Andersen.

In Euros

Andersen in of the opinion that Norwegian oil must be traded
in Euros, which can be advantageous for international

"We have performed market studies and both Russia, which is
a large oil exporter, as well as the countries of the Middle
East have large parts of their economies in Euros. They
would be able to view such a bourse as a contribution to
balancing their economies in a better manner than at
present, where their products are traded solely in dollars,"
says Andersen.

The Bourse Director holds out the Scandinavian power bourse,
Nordpool, as an example of how a successful bourse is
constructed. And he believes that this ought to be included
in a Norwegian or Scandinavian energy bourse.

"We currently we have the leading power bourse in Europe. It
is large, well-respected and efficient. Nordpool would be
natural to consider as being important in the establishment
of an oil and energy bourse," says Andersen.

The plans have been discussed for years, but have never gone
past the stage of being just talk.

"We must get large Norwegian players onboard such as Statoil
and Hydro, and even though the interest has been there,
nobody has taken it further with great enthusiasm.

"There is now talk of a fish bourse in Norway and there
certainly is no doubt as to whether we thus aren't in a
position to build an energy bourse that would be much, much
larger and for which we possess significant requisite
competence to get up and running."

Translation from Norwegian (C) 2006 by Hugh Whinfrey, all
rights waived in perpetuity.

~~~~~~~~~~~~~~~ Editorial Notes ~~~~~~~~~~~~~~~~~~~

With all the speculation regarding an Iranian oil bourse
priced in euros - the prospect of a Norwegian oil bourse
somehow slipped through the cracks. As far as we know, this
is the first time it has been reported in any english
language publication. Thanks to Hugh Whinfrey for the

Sven Arild Andersen made these comments not long before his
planned retirement at the end of 2005.

Article found at :

Original article :


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