Finance
Norway parliament approves $2 billion artillery plan
Published by Global Banking and Finance Review
Posted on January 27, 2026
2 min readLast updated: January 27, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 27, 2026
2 min readLast updated: January 27, 2026
Norway's parliament approved a $2 billion artillery plan to enhance NATO's deterrence against Russia, selecting South Korea's Chunmoo system.
OSLO, Jan 27 (Reuters) - Norway's parliament on Tuesday approved a $2 billion procurement plan for long-range artillery to boost the NATO country's deterrence against Russia in the Arctic, where the two nations share a border.
European countries are in the midst of hiking defence spending, under pressure to do so by the administration of U.S. President Donald Trump and unnerved by Russia's invasion of Ukraine.
"These are weapons that can reach far behind enemy lines... this is decisive in modern warfare," Peter Froelich, the defence policy spokesperson for the opposition Conservatives, told parliament on Tuesday.
SOUTH KOREAN VS U.S. SUPPLIER
Norwegian daily Aftenposten, citing anonymous sources, on January 24 reported that the government has selected South Korean defence contractor Hanwha Aerospace's Chunmoo artillery system, beating U.S. Lockheed Martin's HIMARS.
Some members of Norway's parliament have said the Nordic country should help develop a European missile alternative, but this has been dismissed as too time-consuming and costly by government officials charged with making the selection.
The South Korean system met all requirements set by Norway for the ground-based artillery, including the ability to fire at a range of up to 500 km (310 miles), and had the quickest delivery time, according to the Aftenposten report.
Norway's defence ministry, which is expected to soon announce the contract winner, did not immediately respond to a request for comment.
The ministry has said it plans to acquire 16 launch systems along with an undisclosed number of rockets for a total cost of 19.5 billion crowns ($2.0 billion).
Hanwha Aerospace last year signed an agreement with Polish defence company WB Electronics to form a joint venture producing missiles in Poland, including for the Chunmoo rocket artillery, ensuring manufacturing on European soil.
($1 = 9.7484 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
NATO, or the North Atlantic Treaty Organization, is a military alliance of countries from North America and Europe established for mutual defense against aggression.
Military technology encompasses the tools, equipment, and systems used by armed forces to enhance their capabilities in warfare and defense.
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