Statoil enters contracts despite lack of approval for development

Norwegian oil company Statoil will sign huge contracts for the development of the oil field Johan Castberg despite the fact that Norway's parliament has not approved the plans. Politicians want to change this system, reports local media Aftenposten.

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Frontline hit by weakest tanker market in four years

Over the third quarter, John Fredriksen's tanker carrier Frontline rejected unreasonable offers from customers, especially for the large VLCCs, which had a negative impact on the result, says CEO Robert Hvide Macleod.

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