Iceland to cheer UK investment in the country’s energy industry

Marion Dakers
ICELANDIC President Olafur Ragnar Grimsson is set to give his blessing to UK-listed Faroe Petroleum’s explorations in his country’s waters today.

At an event hosted by oil explorer, the leader is expected to herald a decision last week to award UK firms provisional licences to drill off Iceland’s coast.

Aim-listed Faroe and fellow licence-winner Valiant have benefited from a recent opening up of Iceland’s natural resources as it recovers from the financial crisis, which has already seen China sign a deal to allow its researchers into the energy-rich Arctic.