Shares in Statoil Edge Down as Union Threatens Strike; Could Hit Norwegian Production

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Shares in Norwegian energy group Statoil ( STO ) edged down in early trade as a key union warned that it could be hit with a strike by workers which would affect production at 20 oil and gas platforms in the North Sea, where Statoil is the dominant producer.

The union at the center of the pay and conditions negotiations, Norway's Industri Energi, announced on its website that mediation talks between the unions and the producers would take place on Saturday afternoon, but if no progress was made a strike would definitely be called Monday morning.

Norway is one of the top 10 oil exporters in the world and the second biggest gas exporter after Russia to Europe.

Industri Energi said the strike would involve two onshore basis in Norway, whose workers load and unload ships with essential supplies to maintain the platforms.



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This article appears in: Investing , Commodities

Referenced Stocks: STO

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