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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Norway's Stoltenberg set to stay in power Mon Sep 14, 2009 11:15pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Wojciech Moskwa and Terje Solsvik OSLO (Reuters) - Norwegian Prime Minister Jens Stoltenberg's center-left coalition was set to retain power on Tuesday after a tight election showed voters credited him with steering the major oil-producer through the global downturn. With 99 percent of votes counted from Monday's poll, his coalition was on course to keep a slim majority in parliament over the center-right, which had tried to woo voters with promises of tax cuts and less state involvement in the economy. Stoltenberg's coalition had 86 seats in the 169-seat parliament, putting it in line to be the first government to be re-elected in 16 years. While striking a cautious note about the results as there remained a faint possibility of some seats turning on a handful of votes, Stoltenberg said on television: "We have campaigned and we have won the election. "It looks like the red-green government can stay in power." The government is set to decide whether the North Sea country opens new Arctic areas for oil and gas exploration, whether it taps its $400 billion offshore wealth fund and possibly whether it opens a fresh debate on joining the EU. Norway has survived the global downturn better than its Nordic peers. Stoltenberg has injected more oil money into the economy and offered relief to banks. With unemployment at 3 percent and the economy set to resume growth in 2010, many see the Labour Party leader's coalition as a safe pair of hands. He is set to lead his third government this decade. No government has been voted back in since 1993, not long before the country set up the wealth fund to invest oil and gas revenues abroad, instead of pumping them into the local economy. The fund, worth $80,000 per citizen, stokes expectations for quick improvements in the standard and scope of public services, which in turn has led to a series of one-term cabinets. Non-OPEC member Norway is the world's fifth-biggest crude exporter and Western Europe's biggest natural gas exporter. However the powerful oil and gas lobby has said the future of the industry in the country hinges on gaining access to new Arctic areas to replenish dwindling North Sea resources. Labor SUCCESS At a rally jubilant Stoltenberg supporters shouted "Four more years" as he thanked them for helping Labour to its best result in 16 years. Labour was backed by more than 35 percent of voters and increased its ballot for a second successive election. This marked the first time in more than 50 years it had done this. The result paves the way for more major government initiatives and relative restraint in using the country's vast oil windfall to plug budget holes. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: UK's Conservatives have 14 point lead: poll A year since Lehman: times of crisis Richard Fuld talks The former CEO of Lehman Brothers is bracing for the anniversary of the firm's failure. In an exclusive interview, Fuld tells Reuters: "You don't have a gun, that's good." Full Article | Full Coverage Patience needed in post-Lehman deals Multimedia: Times of Crisis More International News Somali group lauds U.S. killing of al Qaeda suspect U.S. envoy meets Netanyahu over settlement freeze Iran's talks with world powers to start next month Japan picks ex-policeman for banking minister: report UK's Conservatives have 14 point lead: poll More International News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video UPDATE 5-New York homes raided in terrorism probe U.S. Senate denies funds for poverty group Democrats to condemn US lawmaker who heckled Obama Your shower may be blasting you with germs: study Kids send Marcus the lamb to slaughter "Dirty Dancing" star Patrick Swayze dead at 57 Whitney Houston says husband painted evil eyes in house Del Potro ends Federer's reign in New York A year after Lehman, an assertive China eyes influence Wells Fargo fires exec over Malibu house scandal Most Popular Articles RSS Feed Video Kanye controversy at VMAs Obama's message to Wall Street WW2-era's Vera Lynn tops UK charts Talk of the Town NY home searched in terrorism probe Lehman anniversary $30 mln bail for accused kidnapper U.S. forces raid Taliban stronghold German leader in emergency landing Lehman victims fight on Most Popular Videos RSS Feed Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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