sjonvarpid2

[sjonvarpid2]

The Norwegian energy company Equinor expects record profits in the third and fourth quarters in light of rising energy prices. The profits will be spent on wise investments. According to Teodor Sveen-Nilsen, an expert at the investment bank Sparebank1 Markets, the Norwegian State Radio reports that the profit will be up to 70 billion dollars in the second half of the year, equivalent to ten thousand billion Icelandic krona.

The profit is greater than the combined market value of the two largest financial companies in the Nordic countries, Nordea and DNB. Anders Opedal, CEO of Equinor, opposes that the energy giant will become some kind of credit institution, but that the profits will be spent on rational investments in renewable energy resources as well as oil and natural gas.

Sveen-Nilsen says Equinor can use the profits to get closer to its goal of adding 12-16 gigawatts of renewables to its inventory by 2030. According to his calculations, the company can add about 6.5 gigawatts of renewables by that time.

Opedal says it's good for the energy giant to have cash, because the company will pay 230 billion Norwegian kroner in taxes in the near future from income in the first half of the year, equivalent to more than three thousand billion Icelandic kroner.

From RÌKISÙTVARPID RÙV,