Editing Economy of Norway (section)

==State ownership role==
[[File:Public vs private consumption Norway.PNG|thumb|Public vs. private consumption Source: Statistics Norway]]

The Norwegian state maintains large ownership positions in key industrial sectors concentrated in natural resources and strategic industries such as the strategic petroleum sector ([[Equinor]]), hydroelectric energy production ([[Statkraft]]), aluminum production ([[Norsk Hydro]]), the largest Norwegian bank ([[DNB ASA|DNB]]) and telecommunication provider ([[Telenor]]). The government controls around 35% of the total value of publicly listed companies on the Oslo stock exchange, with five of its largest seven listed firms partially owned by the state.<ref>{{cite journal |last1=Lie |first1=Einar |title=Context and Contingency: Explaining State Ownership in Norway |journal=Enterprise & Society |date=6 April 2016 |volume=17 |issue=4 |pages=904–930 |doi=10.1017/eso.2016.18 |s2cid=157325276 }}</ref> When non-listed companies are included the state has an even higher share in ownership (mainly from direct oil license ownership). Norway's state-owned enterprises comprise 9.6% of all non-agricultural employment, a number that rises to almost 13% when companies with minority state ownership stakes are included, the highest among OECD countries.<ref>{{cite web |url= https://www.oecd.org/industry/ind/Item_6_3_OECD_Korin_Kane.pdf|title= The Size and Sectoral Distribution of State-Owned Enterprises|author= Korin Kane |date= 17 September 2018|website= oecd.org |access-date= 3 October 2019}}</ref> Both listed and non-listed firms with state ownership stakes are market-driven and operate in a highly liberalized [[market economy]].<ref name=":0">{{cite web |url= https://www.oecd.org/regreform/sectors/15360734.pdf|title= Norway – Marketisation of Government Services State-Owned Enterprises|date= 2003|website= oecd.org |access-date= 3 October 2019}}</ref>

The oil and gas industries play a dominant role in the Norwegian economy, providing a source of finance for the Norwegian [[welfare state]] through direct ownership of oil fields, dividends from its shares in Equinor, and licensure fees and taxes. The oil and gas industry is Norway's largest in terms of government revenue and value-added. The organization of this sector is designed to ensure the exploration, development and extraction of petroleum resources result in public value creation for the entire society through a mixture of taxation, licensing and direct state ownership through a system called the State's Direct Financial Interest (SDFI). The SDFI was established in 1985 and represents state-owned holdings in a number of oil and gas fields, pipelines and onshore facilities as well as 67% of the shares in Equinor. Government revenues from the petroleum industry are transferred to the [[Government Pension Fund of Norway]] Global in a structure that forbids the government from accessing the fund for public spending; only income generated by the funds' capital can be used for government spending.<ref>{{cite web |url= https://www.norskpetroleum.no/en/economy/governments-revenues/|title= The Government's Revenues|date= 15 May 2019|website= Norwegian Petroleum |access-date= 3 October 2019}}</ref>

The high levels of state ownership have been motivated for a variety of reasons, but most importantly by a desire for national control of the utilization of natural resources. Direct state involvement began prior to the 20th century with the provision of public infrastructure, and expanded greatly into industry and commercial enterprises after the Second World War through the acquisition of German assets in several manufacturing companies. The largest expansion of state ownership occurred with the establishment of Statoil in 1972. Industries and commercial enterprises where the state owns stakes are and market-driven, with marketization extending to [[public service]] providers as well as industry.<ref name=":0" />