Halved oil prices, sharp decline in the oil sector, crisis in Europe and warns of weaker growth in Norway was the backdrop for the Annual Conference in Oslo on Thursday.
– I think we can handle this quite well. We have a rich state in the worst case can support. This has nothing to do crisis. These are natural fluctuation in industries to tackle it, says Reiten said.
He believes Norway and Norwegian industry must be able to handle a period where the price of oil is not only a blessing. Crisis can only talk about if the price fall is very long lasting, says the former boss of Norwegian Hydro.
– My assessment is that we use too much words about this. We must remember that we have built us rich in this country on oil and a steadily rising oil prices which has given us the riches we’ve never counted, says Reiten, who was minister of petroleum Sysendammen government.
Can be measures
In his speech to the NHO conference struck Prime Minister Erna Solberg (H) states that the pace and duration of the fall in oil prices will determine whether the government will have to implement concrete measures to counteract effects in the economy.
– If changes are happening even faster than we now envisage, it may be appropriate measures of the government, she said.
Reiten believes it is natural that a prime minister signaled readiness.
– But I will certainly say to the government: Do not rush you with this, he said.
– I’m very very interested in that we should get emergency packages and tax adjustments when we have a little dip in the oil price, Reiten.
Notified position shot in the oil industry has risen from 4,000 in September to over 9,000 today, according to an overview of DNB Markets. But no later than Wednesday rejected Industry Minister Monica Mæland (H) the need for an emergency package to the oil industry, according to Aftenposten.
– Customizes us
Both Reiten and others believe the Norwegian economy has both willingness and ability necessary restructuring, although the decline in the oil sector will be highlighted.
– The Norwegian economy is robust, but it is clear there will be consequences for individual companies in a restructuring, says former Statoil CEO Helge Lund, soon to be CEO of BG Group.
Aker CEO Øyvind Eriksen says most are surprised by the substantial oil price decline, and that very few were prepared for the current price level.
– I perceive that business is able to adapt quickly. Several companies, including Aker, has adapted its capacity to a new reality. We are concerned that the recession also offers great opportunities, he says to NTB.
He looks Solberg notice of possible measures as a basic attitude and an active political leadership. (© NTB)
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