Norway calls off unique property sale in Arctic Svalbard

📆 7/1/2024 10:28 AM
📰 rtenews

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The Norwegian government has called off a plan to sell the last privately owned piece of land on the strategic Arctic archipelago of Svalbard in order to prevent its acquisition by China.

The remote Sore Fagerfjord property in southwestern Svalbard - 60sq/km of mountains, plains and a glacier - was on sale for €300 million.

Svalbard is governed under an unusual legal framework that allows foreign entities to gain footholds in the region. Russia, for example, has maintained a coal mining community on Svalbard, via the state-run company Trust Arktikugol, for decades. "The current owners of Sore Fagerfjord... are open to selling to actors that could challenge Norwegian legislation in Svalbard," Trade and Industry Minister Cecilie Myrseth said.Lawyer Per Kyllingstad, who represents the sellers, has previously said that he had received"concrete signs of interest" from potential Chinese buyers who have"been showing a real interest in the Arctic and Svalbard for a long time.

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