🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Iceland to seek talks with Magma Energy - minister

Published 01/18/2011, 06:31 PM
Updated 01/18/2011, 06:36 PM

* Says government is united in wanting asset back

* Singer Bjork leads high-profile campaign vs sale

REYKJAVIK, Jan 18 (Reuters) - Iceland's environment minister said on Tuesday the government wants to have talks with Magma Energy Corp and aims to regain ownership of geothermal energy producer HS Orka.

Environment Minister Svandis Svavarsdottir told state radio there was full unity in the government on the issue, which has been contentious as Iceland emerges from its financial crisis.

"The next step is to initiate negotiations with Magma Energy to realize this," said Svavarsdottir, a member of the Left-Green party, which is part of a coalition government.

A parliamentary oversight committee approved the deal last year to sell HS Orka to Canadian-based Magma. But the sale faced public opposition, including a high-profile campaign led by Icelandic singer Bjork.

Bjork, who is known for her political activism, has said Icelanders should be allowed to decide through a referendum whether access to the country's natural resources should be privatized. She presented a petition on Monday to Iceland's prime minister, protesting against the sale of HS Orka.

Magma has said the government found its HS Orka acquisition to be legally binding in three separate reviews and it was "business as usual" at the facility. (Reporting by Omar Valdimarsson, writing by Nicole Mordant; Editing by Janet Guttsman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.