18 May 2016, during the announcement of the winners of the 23rd licensing round, the Russian NRCC member company LUKOIL Overseas North Shelf was awarded a 20% stake in operating license PL858 in blocks 7234/7235 located directly along the Norwegian-Russian maritime border in the Barents Sea. In this round, the Norwegian Ministry of Petroleum and Energy awarded ten new licenses, consisting of 40 blocks in total.
Thirteen companies are offered participating interest, whereof five companies are offered operatorship. In the press release from the Ministry of Petroleum and Energy of Norway in connection with the announcement, it is underlined that access to new, attractive exploration acreage is a precondition for long-term activity and value creation in the petroleum sector of Norwegian industry, and thus employment throughout the country. This is a cornerstone of the government's petroleum policy and is particularly important in the current challenging times for the industry.

Press release from the Norwegian Ministry of Petroleum and Energy of 18 May 2016.

Russian Economic Developments - №5 - 2016

The newest issue of the "Russian Economic Developments" prepared by experts of Gaidar Institute for Economic Policy in Moscow, is now available.

In this issue:

Forecast 2016-2017: Russia’s economy to enter a stabilization zone • Foreign currency and Russian ruble: what does the balance of payments tell us? • Inflation: limits of slowdawn • Regions - focus on reduction of expenses • Demand on foreign assets is falling, bank currency accounts are stable • Russian industry in Q1 2016: the onset of stagnation? • Enterprises retain high propensity for adaptability • The way flows of food products changed in the wake of embargo • Foreign trade: trade balance down due to decline in export • Resources of migration growth have run dry • Privatization program for 2014-2016: formal shifts and uncertain prospects • The defense industry failed to underpin the national economy

"Norwegian-Russian Partnership in Business Education and Research: Impacts on individuals, institutions and society"

15 SEPTEMBER 2016 08:30 - 15 SEPTEMBER 2016 17:00, Saint Petersburg, Russia

The conference is organized as a part of celebrating the 25-years anniversary of cooperation between High North Center, Business School at NORD University with Baltic State Technical University and aims at sharing experiences of Norwegian-Russian cooperation, and discusses future opportunities for building a partnership in business, higher education, and research. The Conference will take place September 15. 2016 at the facilities of the Presidential Library named under Boris Yeltsin (http://www.prlib.ru/en-us/Pages/about.aspx).

The conference assembles various stakeholders from Norway and Russia representing industry, governmental and non-governmental bodies, and higher education and research institutions. During the conference, opportunities connected to projects, study programs, and institutions will be presented and discussed. Graduates, who occupy important positions, will share own experiences. More information and registration here!

Networking meeting in Oslo 26 April 2016

On 26 April, the NRCC Networking Meeting took place in Oslo, in the facilities of NRCC premium partner company Statoil ASA in Fornebu.

About 80 participants took part in the meeting.                                                           

Following speakers have discussed topics of interest for participants. 

• Welcome to Statoil – “Statoil in Russia” by Mr. Torgeir Kydland, Country Manager, Statoil Russia
• Kværner in the Russian Arctic byMs. Elisabeth Barstad Dehlie, Business Manager Russia, Kværner
• Presentation of new NRCC member; Petroleum Geo Services (PGS) - Lessons learnt in Russia by Mr. Alexander Dementiev, Business Development Manager, Europe, Middle East and CIS
• Russian micro management and business climate today by  Mr. Hans Christian Dall Nygård, Head of CapMan, Senior Partner,  Russia
• Presentation of a new Nordic-Russian MBA project by Mr. Andrei Mineev, Researcher and PhD, High North Center for Business - Nord University Business School  
• Presentation and update regarding Arctic Business 2016 conference in Bodø, May 25-26 by Mrs. Lill Hilde Kaldager, Managing Director, Arctic Business                                     

Russian Economic Developments - №4 - 2016

Please find enclosed recent survey "Russian Economic Developments" №4, 2016 prepared by experts of Gaidar Institute for Economic Policy, Moscow.

In this issue:

Inflation and the foreign exchange market; Contraction of corporate lending; The real sector in February 2016; Russian industry in February 2016; Dynamics of capital investment; Development of the oil sector: possibilities and limitations; 
Dynamics of production and foreign trade of Russia; Elimination of duties in SEZ in the Kaliningrad region; Money income and spending of population; Population’s material well-being assessment; Road freight traffic between Russia and Roland; Inter-fuel competition in electric power generation: coal or natural gas

Download Russian Economic Developments - №4 - 2016

Russia - a forgotten market?

13 April 2016, Jacob Grapengiesser, East Capital's Senior Advisor, commented on the results of the Russian economy in 2015 and the most recent developments in 2016.

"We continue to believe that the Russian market offers attractive upside, but it will be focused to a select number of opportunities. There are of course quite a few businesses not doing well in the current circumstances. A key event to follow will be the dividend announcements from large state-owned enterprises, and whether these will increase payouts in a meaningful way. Even though most funds would be underweight in such names, it would be a major boost to the market and would put Russia back in the spotlight."

Read full text on East Capital's corporate site.