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Tag: Faroe Islands

  • WTO engaged in EU fishing dispute

    WTO engaged in EU fishing dispute

    Fish farm outside of Thorshaven

    The Faroe Islands is seeking to bring its dispute with the EU over their herring and mackerel exports to the World Trade Organisation.

    The Danish mission to Gevena filed a request to establish a WTO panel in the dispute, which pits the Faroe Islands, a self-governing member of the Danish Kingdom, against the EU, which it is not a member of.

    The request will be dealt with at a forthcoming meeting of the WTO dispute settlement body on January 20.

    Last November, the Faroe Islands announced that it had started WTO dispute settlement proceedings against the EU to challenge the bloc’s trade sanctions against Faroese herring and mackerel.
    The sanctions, introduced last August, ban all imports of herring and mackerel products from the Faroe Islands, and deny access to EU ports by vessels transporting these products. The measures set up the awkward situation of Faroese ships being unable to call on Danish ports.

    In a statement accompanying the announcement, Kai Leo Johannesen, the Faroese premier, pointed out that his country was heavily dependent on fish exports, which he said constituted more than 95 percent of total Faroese exports.
    “This step is therefore of major importance for the Faroe Islands, and a crucial step in order to ensure that the EU’s coercive economic measure, whose purpose is exclusively to safeguard the interests of its domestic industry, will be withdrawn and revoked.”
    The ban against Faroese fish products has repercussions in Denmark, where Danish fishing boats have been banned from Norwegian waters due to the conflict.

    The EU can oppose the request to set up a panel during the January meeting, but EU regulations require that the matter be taken up the following month to attempt to mediate the dispute. Previous attempts at resolution have failed.

    Click here for more articles about EU – Faroese fishing dispute.

    Source: the Arctic Journal 
  • Mackerel dispute to reach WTO

    Mackerel dispute to reach WTO

    Fishing community of Nólsoy, 20 km outside of Thorshaven, Faroe Islands

    Last week the government of Faroe Islands decided to launch the fishing restrictions dispute through World Trade Organization (WTO).

    Political representatives of Faroe Islands want to challenge European Union´s (EU) ban on importing Faroese mackerel and herring and restrictions on the island nation´s ships entering EU ports.

    The Prime Minister of Faroe Islands Kaj leo Holm Johannesen said that the EU+s actions are being done against basic provisions of the WTO Agreement.

    It is worth mentioning that EU banned imports from the Faroe Islands in August in an ongoing dispute about alleged over-fishing on the islands’ part, and EU officials warned that they will take similar action against Iceland.

    Atlanto-Scandian herring stock was controlled jointly by Iceland, the Faroe Islands, Norway, Russia and the EU until this year. The Faroese claim the herring stock allocation is an issue for on-going negotiations between the five states.

    The Faroese state that the EU has not accepted its 105,230-tonne catch limit, and wants it reduced to 31,000 tonnes.

    This is the first WTO dispute the island group has been involved in. the EU now has 60 days to resolve the dispute. If it fails to do so, the Faroese could request that the WTO adjudicates.

    Source: IceNews
  • Big ideas in Faroe Islands

    Big ideas in Faroe Islands

    Faroe Islands

    The Faroe Islands are certainly small, but their force is growing. They have big ideas for the future, contrasting the few number of 50.000 inhabitants, both regarding oil and shipping.

    Next week a Chinese delegation will visit the islands with the view of cooperation regarding a large hub-port. Minister Johan Dahl confirmed this and says that they will also speak about the potential oil and gas exploring in their EEZ.

    “I want to talk to them about a potential hub-port,” Dahl confirmed. Iceland has also looked at the possibility of a hub-port and other locations are also under consideration for Arctic shipping.

    Next week the drill Cosl Pioneer will make shore in the Faroes. He will drill down to 5km, the deepest ever in the history of the islands.

    Oil companies have explored the area and remain hopeful that the black gold can make the Faroese nation one of the wealthiest ones in the world. At least per capital.

    Three companies are behind the project, Statoil has 50% of the rights, ExxonMobil from the USA has 49% and Atlantic Petrolium from the Faroes has 1%.

    The area is called Brugdan 2 and south-west of the Faroe Islands.

    Source

    Oljan

  • Oil benefits for Iceland and Faroes

    Oil benefits for Iceland and Faroes

    Oil in the southern part of the Arctic

    In the southern part of the Arctic the dream of oil is still alive. Iceland is hoping to find oil in the Dreki area but the crisis hit country could benefit by other means.

    In the eastern part of Greenland lie vast resources of oil.

    Greenlands problem is the countries infrastructure. With scarce population, long distances and gruesome transport, Iceland could be the perfect partner in Greenlands oil adventure.

    The western part of Iceland could use a boost like an oil adventure. Icelandic oil from the Dreki area would also be sent to the Westfjords, if found.

    Greenland is hopeful that oil can be utilized around the year 2020.

    But near the Faroe Islands there is also some hope for oil. South of the Faroes, around the EEZ-lines of Faroes and the UK, utilizing of oil could start as soon as next year.

    With new technology British scientist have reduced the cost of oil utilization of around 30%, making the project feasible, and profitable for UK.

    This could mean the Faroes would get a slice of the oil cake, boosting the small nation’s economy significantly.

    Source: BBC

  • Denmark releases Arctic strategy

    Denmark releases Arctic strategy

    Researchers standing with the Danish flag

    Denmark has released its Arctic Strategy up to the year 2020. Denmark reins both in Greenland and the Faroe Islands and their interest are numerous in the Arctic.

    The Arctic strategy will make it possible for the three parts of the Kingdom to address the challenges in a coordinated way, the strategy report states.

    “The purpose of this strategy is to focus attention on the Kingdom’s strategic priorities for future development in the Arctic towards 2020. The aim is to strengthen the Kingdom’s status as global player in the Arctic.”

    Denmark aims to strengthen its position in Arctic matters, but underlines close cooperation with its neighbors and partners in the area.