Not in Norwegian news – Norwegian-Israeli petrol fund cooperation

Interesting how this has been shushed up in Norwegian media… Maybe it is clashing too muchwith the anti-Israel drive by the Labor party?

lifted from

Shalom: Israel to set up gas profit fund like Norway

04/19/2013 04:20

Energy and Water Minister Silvan Shalom says Israel to allocate 3% of gas profits to fund that state can use for national needs.

Energy and Water Minister Silvan Shalom at Tamar natural gas rig, March 27, 2013.

Energy and Water Minister Silvan Shalom at Tamar natural gas rig, March 27, 2013. Photo: Moshe Binyamin
Israel will establish a natural gas profit fund based on Norway’s model, Energy and Water Minister Silvan Shalom announced on Thursday after a meeting with the Norwegian energy and petroleum minister.Shalom and Energy and Water Ministry director-general Shaul Zemach met with Norway’s Ola Borten Moe and senior staff from his ministry to discuss the composition of the Norwegian gas profit fund, Shalom’s office said.

The model entails allocating 3 percent of the country’s gas profits to a fund that the state can use for various national needs. Considered the largest in the world, the Norwegian fund contains about $700 billion, and all investments of the fund are foreign-based, Shalom’s office said.

Moe advised Shalom how to efficiently manage the security of such a fund, as well as the employee training and other requirements its establishment entailed.

In response, Shalom said Israel would employ the Norwegian schema.

“I am pleased about the establishment of the Israeli fund and that it is being created on the basis of the Norwegian model,” Shalom said. “If we achieve the same success in 20 years, the citizens of Israel will benefit.”

Moe expressed a great interest in cooperating with Israel in the future on hi-tech industry issues and on sharing knowledge, Shalom’s office said.

2 comments for “Not in Norwegian news – Norwegian-Israeli petrol fund cooperation

  1. de Bacle
    April 22, 2013 at 12:07 pm

    Great news. The more Norway needs to cooperate with ISrael, the better.
    Still, the hypocrisy bothers. Like the funds withdrawn from Israel Banks that have investemnts in funds that include “Elbit (because they make cameras for observation of the Israeli border !).
    The hypocrisy because of all the collaboration with undemocratic corrupt regimes with blood on their hands – like Azerbajan – and now as exposed in Aftenposten – Saudi Arabia.

    Yet another depressing account how Norway (the same minister as Silvan Shakom met with above) sucks up to a regime that Aftenposten brands as one of the most opressive regimes in the world. Of this you can’t say, however, “Not in Norwegian News” – because it is (OK, I give you Aftenposten guys this one, well done)…

    But still, the hypocrisy ?

  2. Eric R.
    April 23, 2013 at 1:40 am

    Why base your fund on how your enemies run it? Alaska also has an oil fund; it could be used as a model instead.

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