A significant plot of private land in Norway’s Arctic Svalbard archipelago is on the verge of being sold for approximately €300 million ($330 million), stirring security concerns in Oslo. This property, named Søre Fagerfjord and spanning about 60 square kilometers (23 square miles), represents the last privately held land in Svalbard. A consortium of international and Norwegian investors has expressed interest in purchasing the land; however, Norwegian officials are apprehensive that such a sale could potentially offer foreign nations a strategic foothold within the sensitive Arctic region.
Located approximately 60 kilometers (37 miles) from the primary settlement of Longyearbyen, the land has remained under Norwegian control for over a century. Listed for sale last year, the government emphasized that any sale must be approved in advance due to security laws. The significance of Svalbard as a location is growing, primarily because of the implications of melting sea ice, which is opening new shipping routes and piquing global interest in the area.
Despite the investors’ claims of being environmentalists from NATO countries, dedicated to protect the land from environmental changes and a portion of the sale proceeds going towards environmental projects, Norwegian authorities remain cautious. Similar attempts by Chinese investors in 2024 were not successful due to concerns about regional stability and national interests. Svalbard is unique, as it is governed by a 1920 treaty that grants over 40 countries, including Russia, China, and the U.S., equal rights to inhabit and business there. Consequently, the sale’s outcome remains under close scrutiny.
Source: https://www.foxnews.com/world/norway-raises-security-concerns-manhattan-sized-arctic-land-sale-rising-tensions
