This outcome comes on the back of police investigation launched last September over a deal Statoil made with UK-based, Iran-owned Horton Investments Ltd. Statoil’s Head of International E&P Richard Hubbard, CEO Olav Fjell and Chairman Leif Terje Loeddesoel were forced to resign following the investigation.

In an interview with Reuters, the Director of the Police’s Economic Crime Unit Einar Hogetveit said, “A US$15 million deal between state-controlled Statoil and a London-based consultancy firm was a pay-off aimed at winning deals in the promising Gulf oil and gas market, and should have been scrapped after Norway’s laws were tightened.”

“Statoil has paid out money with the aim of gaining benefits in decision-making processes in Iran. Whether decisions were actually influenced is irrelevant [and] Hubbard was also ordered to pay 200,000 (US$29,000) crowns or spend 20 days in jail,” added Hogetveit.

Statoil and Hubbard have gone on record as denying any wrongdoing. Under Norwegian law they can reject the penalties and request a court trial.