Norway's National Oil Champion

Aiming to compete globally with Exxon and Shell, the Norwegian government-controlled energy company Statoil is buying the oil and gas assets of Norsk Hydro for about $30 billion

Norway slaloms back and forth between treating its oil industry as a branch of state and as private market-listed companies. On Dec. 18, it made another big turn when Statoil (STO), the government-controlled but publicly listed oil company, announced that it would buy the oil and gas assets of the smaller Norsk Hydro (NHY) for about $30 billion.

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