Norway says may fall victim to EU's planned rules

OSLO, April 23 (Reuters) - Norway may be an inadvertent victim of planned European Union rules that could limit the expansion of its oil and gas firms and place curbs on investments by its sovereign wealth fund, a senior Norwegian official said on Wednesday.

Deputy Oil Energy Minister Liv Monica Stubholt said Norway, which is outside the EU but part of its single market, could be hit by planned regulations to limit energy investments from non-EU suppliers of energy which do not open up their markets.

"We have no complaints in regard to the political cooperation, but it's simply (about) paying attention to the fact that we would inadvertently come in the line of fire of some of the things they do," Stubholt told reporters.

She said European energy security discussions have included proposals to restrict third-country energy suppliers in terms of investment and require offset investment in return for granting them access.

"These efforts are clearly not levelled at a country which is de facto a part of the EU's internal market, but if not carefully worded, it may impact us," she said.

Norway is the second biggest supplier of natural gas to the EU after Russia, whose expansive energy policy has raised concerns in some European capitals dependent on energy imports.

Stubholt also said that planned EU regulations aimed at restricting secretive sovereign wealth funds would hit Norway's oil fund, which is viewed as a model of transparency for other resource-rich states to follow.

"There is a risk that guidelines and legislation will be developed that will harm the Norwegian fund, although we do not fit the mould," she said, referring to a perception of wealth funds as harbouring political motivations and lacking clear investment mandates.

The Government Pension Fund -- Global, commonly known as the "oil fund", invests most of Norway's oil and gas revenues in foreign stocks and bonds to save for future generations when the country's petroleum stocks run out.