Faroe Business Report — The International Review of Faroe Islands Industry and Trade - Faroe Business Report -- The International Review of Faroe Islands Industry and Trade

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While new trade agreements with Eastern European countries could come about in the near future, the Faroes is hoping to see its Free Trade Agreement with the EU upgraded to encompass services as well as goods. ”

As groundwork complemented by Lisbon Treaty provisions paves the way for smoother negotiations compared to earlier, trade relations between the Faroe Islands and the European Union are poised to undergo an upgrade. Meanwhile, according to the Ministry of Foreign Affairs, new trade agreements with other European countries could be within reach before long.

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Under its new management, the Faroe Marine Research Institute looks to further develop its knowledge of marine ecosystems, as well as finding new ways to bridge the gap between fisheries science and commercial fishing.

Dr. Eilif Gaard, the newly appointed director of the Faroe Marine Research Institute (Havstovan), is not known as a man of many words. When he speaks, however, people tend to listen; and make no mistake, he is articulate and concise like a scientific dictionary. Internationally recognized for his research in biological oceanography and plankton ecology, Dr. Gaard has demonstrated with unique clarity the link between, on the one hand, growth and recruitment of commercial fishes on the Faroese Continental Shelf and, on the other, plankton production within the same area.

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Faced with the prospect of dwindling fishmeal production, the Port of Fuglafjørður looks to diversify in future — with seafood processing returning to prominence and fuel bunkering poised to become a major economic activity.

Not long ago, when the Port of Fuglafjørður invested to build a new bunker terminal, a number of skeptical voices questioned the economic wisdom of such a commitment. Traditionally, bunker services in the Faroes Islands have not been associated with large-scale business aimed at the international maritime market. With a water depth of 14 meters alongside the terminal, the project seemed almost excessive as, practically speaking, no ship has a draft that requires anything near that depth — or so the argument went.

Fast forward to spring 2010. Less than two years after Fuglafjørður’s new bunker service opened the valves, dissenting voices have turned silent.

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As the risks associated with exploration in Faroese territory decrease, the Faroes Oil Industry Group (FOĺB) could take on a more active role in helping promote the Faroe Islands as a place for oil and gas investment.

The last time a well was drilled offshore the Faroe Islands in 2008, there was a palpable sense of disappointment when the William probe operated by BP turned out not to be the find that many had expected and hoped for.

However, with clear and growing evidence of greater success just a few tens of kilometers away on the UK sector of the Atlantic Margin and with the Faroes sector Anne Marie well scheduled for 2010, there is absolutely an air of optimism among the membership of FOĺB, the Faroes Oil Industry Group.