A disputed Arctic land plot in the Norwegian archipelago may be sold for 300 million euros - Bloomberg
Kyiv • UNN
A disputed Arctic land plot in Svalbard may be sold to environmentalists for €300 million. The Norwegian government must approve the sale due to national security concerns.
A controversial Arctic land plot on the Norwegian archipelago the size of Manhattan is raising national security concerns amid growing geopolitical tensions in the region. However, it could be sold to environmentalists for €300 million. This was reported by UNN with reference to Bloomberg.
Details
The Søre Fagerfjord property is a 60,000-square-meter plot of land on the Svalbard archipelago, located approximately 60 km from the main town of Longyearbyen. It was put up for sale last May. Subsequently, the Norwegian government stated that any negotiations or sales agreements must be agreed in advance with the state due to national security interests. The Norwegian Ministry of Trade confirmed this position to Bloomberg on Friday.
The plot has a coastline of about 5 km and is full of mountains, fjords and Arctic wildlife. From April to August, it is under constant sunlight, and from October to February, it is in the darkness of the polar night.
For more than a century, the land belonged to the Norwegian holding company Aktieselskabet Kulspids, founded by wealthy families from Oslo who were interested in the area because of its natural resources. They wanted to mine asbestos. But over the past hundred years, the shares have changed hands.
Why the archipelago is considered a disputed territory
The Svalbard archipelago, located in the Arctic Ocean, is a territory of Norway but is governed by a 100-year-old treaty signed by approximately 45 countries, including Russia, China, and the United States. According to Statistics Norway, while the islands are home to more than 1,600 Norwegians, there is also a permanent community of Russian speakers, numbering approximately 200 residents. Russia has repeatedly accused Norway of violating the treaty by militarizing the archipelago, which Norway denies.
Last year, Norwegian authorities reprimanded the Chinese ambassador to Norway after a Chinese tourist on the island posed in military gear.
Why the archipelago is of interest
Due to climate change and as ice melts, new shipping routes are opening up in the region, which has intensified the rivalry between world powers that signed the 100-year treaty in the region. Especially against the backdrop of US President Donald Trump's recent insistence on his desire to appropriate Greenland from Denmark.
Who is planning to purchase the plot
A private plot of land on the Arctic archipelago of Svalbard in Norway has attracted a group of buyers willing to pay €300 million if the Norwegian government does not cancel the deal due to geopolitical considerations.
The consortium includes both Norwegian and international investors who "have a long-term perspective of protecting this territory from environmental changes," said Birgit Liodden, one of the shareholders selling the land and a well-known climate activist, in an interview on Friday.
Liodden said that about half of the money from the sale will be used for environmental projects in Svalbard.
These are huge and sensitive areas that we know almost nothing about. This is a way to protect a valuable area that is threatened by climate change.
she said.
Denmark accuses Russia of trying to incite conflict with the US over Greenland - Bloomberg