Reykjavík Energy Will Not Sell Entire Investment Branch Skip to content

Reykjavík Energy Will Not Sell Entire Investment Branch

The proposal of the majority coalition of Reykjavík City, that Reykjavík Energy (OR) sell 100 percent of its shares in its daughter company Reykjavík Energy Invest (REI), was changed on Friday, according to vice-chairman of OR Ásta Thorleifsdóttir.

“The proposal was cut down,” Thorleifsdóttir told Fréttabladid. Thorleifsdóttir, chairman of the board of OR and REI Kjartan Magnússon and Reykjavík City councilmember Júlíus Vífill Ingvarsson revised the proposal before the board of OR met on Friday.

“We have to face the fact that this company was founded to undertake projects abroad, which can be risky,” Thorleifsdóttir said. “The proposal was changed from what had been decided [on Thursday]. […] I don’t want to sell REI and I think some of its projects are exciting. But if someone provides arguments that REI should be sold, I have the right to change my mind.”

Thorleifsdóttir said Reykjavík Mayor Ólafur F. Magnússon had agreed to the change, while Magnússon said the original proposal, that OR should sell REI in its entirety, had never been discussed within the majority coalition of Reykjavík City.

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