NATO Invests 10 Billion ISK In New Oil Depot

On November 27, a declaration of will concerning a 10 billion ISK construction project in Helguvík was signed. Foreign Minister Þorgerður Katrín Gunnarsdóttir, Reykjanesbær mayor Kjartan Már Kjartansson, and Reykjanes harbourmaster Halldór K. Hermannsson confirmed the agreement, RÚV reports.

In partnership with the Icelandic government, NATO intends to increase the capacity of its oil depot in Helguvík. A 390 metre wharf is set to be built, alongside a depot to store 25.000 cubic metres of ship fuel.

“It is imperative to bolster the defense infrastructure and capacity of Iceland to better ensure support to allied ships monitoring the North Atlantic,” Þorgerður Katrín said in a press statement.

Construction is scheduled to start in late 2026, ending in 2029.

On the same day, Secretary General of NATO Mark Rutte is scheduled to arrive in Iceland, mbl.is reports. He is set to meet with Prime Minister Kristrún Frostadóttir, Þorgerður Katrín, and Alþingi Speaker Þórunn Sveinbjarnardóttir. Mark will visit Keflavík airport and attend a meeting of Alþingi’s foreign affairs committee.