Sjógæti sells development quota to Hvalnes in Klaksvík

In 2018, Høgni Hoydal, the then Minister of Fisheries, decided to allocate development quotas. The purpose of these free quotas was to support value addition in the fishing industry in regions where access to fisheries is limited and unemployment is high.

Companies and organizations could apply for development quotas, with the condition that they demonstrate how the quotas would be utilized through a specific project.

One of the companies that applied and was granted a development quota was Sjógæti, which received 900 tons of mackerel and 450 tons of herring over four years. Sjógæti aimed to use the quotas primarily for smoking mackerel.

However, this time-limited development quota was converted into a permanent individual quota when Jacob Vestergaard took over as Minister in 2019. Sjógæti, as well as other companies that had received temporary development quotas earmarked for a specific purpose, were now able to retain and sell these quotas, aligning with the 2019 administration’s desire for quota transferability.

Jacob Vestergaard commented today on the rationale behind converting development quotas into permanent individual quotas.

In February 2022, Hans Marius í Byrgi, the director of Sjógæti, expressed enthusiasm for the future during a public event.

Recently, Sjógæti sold its development quota to the company Hvalnes in Klaksvík, which owns Nordborg. The sale occurred last year, and the company’s financial statements indicate a net profit of 27.8 million Danish kroner after experiencing various losses in recent years. Attempts to reach Dennis Holm, the current Minister of Fisheries, and Høgni Hoydal for comment were unsuccessful, and there has been no response from the director of Sjógæti.