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Einar Steensnaes The Oslo Center for Peace and Human Rights IDEA Annual Democracy Forum Gaborone, Botswana 24-25 November 2014

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Norway a major oil&gas producer

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Legislation Taxation Security Safety Environment Climate Cessation

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Public-private partnership The Norwegian experience: A well balanced cooperation with private sector

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Public-private partnership The Norwegian experience: A well balanced cooperation with private sector 1. 1965-1972:

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Public-private partnership The Norwegian experience: A well balanced cooperation with private sector 1. 1965-1972: 2. 1972-1993: (50 pct) + (50 pct)

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Public-private partnership The Norwegian experience: A well balanced cooperation with private sector 1. 1965-1972: 2. 1972-1993: (50 pct) + (50 pct) 1993-2001: (Flexible shares) +

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Public-private partnership The Norwegian experience: A well balanced cooperation with private sector 1. 1965-1972: 2. 1972-1993: (50 pct) + (50 pct) 3. 1993-2001: (Flexible shares) + 4. 2001- : partly privatised + 67 pct 100 pct

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Licencing system in Norway Oil Companies vs the Government 100 % 0 % Company activities Government activities Exploration DevelopmentProduction

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A fair distribution between citizens Transparency Improving living conditions for all A fair distribution between generations Avoid overspending & overheating of economy Apply good governance Take into consideration environment and climate

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Established in 1990 Manager: The Norwegian Central Bank Investments in non-Norwegian financial instruments (equities, bonds, money market instruments) and real estate 46 developed and emerging markets

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Norway

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National Insurance liabilities for retirement pensions ~900 bill USD

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The Global fund flow of capital State Budget Fund Revenues Expenditures

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State Budget Fund 680 bill USD Return on investments Revenues Expenditures 195 bill USD Petroleum revenues 63 bill USD 168 bill USD ?

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The transfer of money from the Fund, should not exceed 4 pct of the Funds capital annually

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State Budget Fund 610 bill USD Return on investments Revenues Expenditures 168 bill USD Petroleum revenues 63 bill USD 4% ~ 24 bill USD 144 bill USD

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GOOD GOVERNANCE PRINCIPLES ACCOUNTABILITYRULE OF LAWTRANSPARENCYINCLUSIONIMPARTIALITYSUSTAINABILITY

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The Oslo Center