From Iceland — Government Will Not Confirm Magma Deal

Government Will Not Confirm Magma Deal

Published July 27, 2010

The Icelandic Government will not confirm the infamous Magma Energy/HS Orka deal, which has been a huge topic of debate as of late. Vísir reports that their sources indicate that the government will tell Magma’s Icelandic representatives that the legality of their purchase of HS Orka is being contested, and thus the deal can not be officially verified as of yet. 
Vísir also reports that the government has a plan of strengthening Icelandic law regarding public ownership of energy resources and energy companies, and that it will instigate a thorough investigation of Magma Energy’s purchase of HS Orka, with the aim of winding it down.
Pic related. It’s Magma Energy CEO Ross Beaty. He is probably not happy now. Or maybe he is glad to be rid of this whole “Iceland” thing. Who knows?

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