The board of the state oil firm...
The board of the state oil firm Statoil, Norway’s biggest company, resigned in the face of intense pressure to quit because of overspending by $780 million at a refinery project. The Norwegian news agency NTB reported the resignations of the eight board members at Statoil, the cornerstone of Norway’s oil-based economy, during a political storm that has threatened the minority Labor government. Oil and Energy Minister Arne Oeien had earlier refused to fire the board or managing director Arve Johnsen after costs overran at the Mongstad refinery project on Norway’s coast.
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