President of Iceland to Establish Oil Wealth Fund Skip to content

President of Iceland to Establish Oil Wealth Fund

Icelandic President Ólafur Ragnar Grímsson will set up a national wealth fund for revenue from potential oil discoveries in the country’s waters, as reported yesterday.

olafurragnar_ipaÓlafur Ragnar Grímsson. Photo copyright Icelandic Photo Agency.

“Since we look at this resource as a national wealth, there will be a national wealth fund that would be established, but this is more of a general policy at this time,” Ólafur told bloomberg.com.

As reported earlier, the National Energy Authority of Iceland (NEA) completed the processing of application for licenses for exploration and production of hydrocarbons in the Dragon Zone, which lies in Icelandic waters, last week.

Licenses have been granted to the Faroe Petroleum Norge AS Iceland branch and Iceland Petroleum ehf., on the one hand, and Valiant Petroleum ehf. and Kolvetni ehf., on the other.

Click here to read more about the search for oil in Icelandic waters.

ZR

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