A piece of private land in Norway’s Arctic Svalbard archipelago is on the verge of being sold for approximately €300 million ($330 million), prompting concerns in Oslo regarding national security.
The property, known as Søre Fagerfjord, covers roughly 60 square kilometers (23 square miles) and is the last privately owned land in Svalbard.
An international and Norwegian investor consortium has made an offer for the land, raising apprehensions among Norwegian officials about the potential for foreign powers to gain influence in such a significant Arctic region.
The parcel of land, located about 60 kilometers (37 miles) from the primary town of Longyearbyen, has been under Norwegian ownership for more than a century. It was put up for sale last year, with the government highlighting the necessity for any sale to adhere to security laws and receive prior approval.
A white rainbow over the Arctic Sea at Svalbard, Norway. (Arterra/Universal Images Group via Getty Images)
The buyers describe themselves as environmentalists from NATO countries who want to protect the land.
“The consortium includes both Norwegian and international investors who have a long-term perspective of protecting this territory from environmental changes,” said Birgit Liodden, a shareholder and climate activist.
She added that about half the money from the sale would go toward environmental projects in Svalbard. So far, the group has not discussed the sale with the Norwegian government.
In the area surrounding Nordenskjøld Land National Park in Svalbard, a lone polar bear is exposed on the rocks where a decade ago a glacier stood. (Mark Fitzsimmons, Sony World Photography Awards 2023)
Still, Norwegian officials are cautious. In 2024, they blocked a similar attempt by Chinese investors. Trade Minister Cecilie Myrseth warned at the time that such actions could harm regional stability and threaten national interests.
Svalbard is governed by a 1920 treaty that gives over 40 countries, including Russia, China and the U.S., equal rights to live and do business there.
The sellers’ lawyer, Per Kyllingstad, said the buyers only want to protect nature and that the sale should not be blocked.
