From Iceland — Government In Talks With Magma

Government In Talks With Magma

Published January 26, 2011

The Icelandic government is now entering talks with Magma Energy over the subject of shortening the length of time the company may rent the geothermal deposits in the Reykjanes area.
As has been reported, both Minister of Finance Steingrímur J. Sigfússon and Minister for the Environment Svandís Svavarsdóttir have said that HS Orka will be owned by the government again, neither one of them ruling out eminent domain.
At the same time, mayor of Reykjanesbær Árni Sigfússon has offered to sell the government his city’s share of the geothermal deposits that HS Orka uses.
Vísir now reports that the government has formally decided to enter into talks with HS Orka and Magma Energy to purchase a majority stake.
Minister of Industry Katrín Júlíusdóttir intends to submit a bill that would shorten the amount of time a private company could rent one of Iceland’s resources. The minister also said that while eminent domain was not on the schedule, that it has not been ruled out.
Björk Shares Government HS Orka Position With Foreign Media
Government Takes Action On HS Orka
Sale Of HS Orka Cannot Be Stopped, Says Magma Official

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