The Norwegian state is the majority shareholder in Statoil, and also holds a 40% stake in Norsk Hydro.

BBC: Norwegian gas giants avoid EU fines

Unlike any previous blocks, it is to be operated by Sonangol, with technical assistance from Norway's Norsk Hydro.

ECONOMIST: Angolan oil: Drilling down | The

Norsk Hydro also said it would delay the planned restart of idled capacity at its Sunndal smelter in Norway.

FORBES: Some Aluminum Production Dips Below Costs; Output Cuts Likely If Condition Persists

And of course Vale's big shareholding in Norsk will give it continuing exposure to aluminium for the time being.

ECONOMIST: An acquisition in aluminium

Norsk Hydro's President and chief executive, Eivind Reiten, also said he was satisfied.

BBC: Norwegian gas giants avoid EU fines

This is great if all you do is run the smelter (as Norsk Hydro does for example, not being an integrated producer).

FORBES: Rio Tinto's Aluminium Problems: And They're Only Going To Get Worse

Norsk Hydro and the Icelandic power company are conducting the EIAs which they plan to present to the Ministry of Environment before the end of March 2001.

CNN: Iceland locked in national dam dispute

The smelter, to be built by Norwegian multinational Norsk Hydro and a consortium of Icelandic banks, is expected to give a good return to its investors if forecast increasing global demand for aluminium exports materializes.

CNN: Iceland locked in national dam dispute