April 3, 2025 | 07:10 GMT +7
Hotline: 0913.378.918
April 3, 2025 | 07:10 GMT +7
Hotline: 0913.378.918
The investment of NOK 2 billion (€174.5 million/$187.2 million) is the largest single investment ever seen in the Luroy municipality.
Norway-based salmon famer Nova Sea is pressing ahead with its plan to build a new NOK 2 billion (€174.5 million/$187.2 million) salmon plant in Lovund, Norway, after putting the project on hold in the wake of the passage of Norway's controversial new 25% tax on the country's fish farmers.
Work on the plant is slated to begin next April with the first salmon harvest in 2026, the company said in a statement Tuesday.
"The old facility is outdated and cramped," said Nova Sea CEO Tom Eirik Aasjord. "We must have a new harvesting plant to keep up with developments in the industry."
On Sept. 29, the day after the government announced the introduction of ground rent tax in aquaculture, Nova Sea announced it was putting the investment in the new plant on hold.
The company will increase harvesting capacity considerably with the new facility and, depending on the level of activity, the plant will create between 10 and 40 new jobs.
The investment of NOK 2 billion (€174.5 million/$187.2 million) is the largest single investment ever seen in the Luroy municipality.
Earlier this summer, Nova Sea-owned smolt producer Helgeland Smolt also said it will begin construction of its new NOK 1 billion (€87.2 million/$93.6 million) production facility in Kilvika in Meloy, Norway.
"We have now gone through a year of great uncertainty as a result of the ground rent tax," said Aasjord. "But we want to develop our local community, provide work for our suppliers, have good quality in the fish we sell, and take good care of our employees."
"It is far more important to us than the prime rate, and we are incredibly happy to have a board that chooses to invest so aggressively in a time where there is still a lot of uncertainty."
However, Aasjord noted, the investment is a big financial burden for the company now that the tax has been introduced.
"Now we are making a formidable boost to secure both the farming industry and the supplier industry in the region. We expect the politicians to see the benefit in being part of the journey ahead."
intrafish
(VAN) The nation’s top banks are quietly advising their clients on how to build a financial life raft - or perhaps life yacht - from the wreckage of runaway climate change.
(VAN) From FAO Office in the Democratic Republic of the Congo.
(VAN) Corn prices in the Campinas region have surged past 90 reais ($15.80) per 60-kg bag, the highest nominal level in nearly three years, marking a more than 23% jump year-to-date, according to the widely followed Cepea index from the University of Sao Paulo.
(VAN) Thailand’s efforts to address landlessness among its population has been a priority for multiple administrations.
(VAN) FAO, together with the Government of Italy, and a forest expert and a master ice cream maker from Italy, educate young students on the significance of forest foods at FAO Park.
(VAN) The EU has recently approved the use of glyphosate for another decade. Bárbara Pinho examines the controversial pesticide’s presence in British farming and considers the possibility of a ban in the UK.
(VAN) Averting losses of hundreds of millions of poultry crucial to mitigate impacts on food security, nutrition and affordability of poultry products.
