John Fredriksen's twin daughters Kathrine and Cecilie have agreed to supply the National Museum of Norway with artworks worth several hundred million krone.
The collection is described as "modern, international art".
The new National Museum will borrow the works for 10 years initially and display them at Vestbanen, close to Aker Brygge. It is set to open in 2020.
In her honour
One of the rooms in the new museum will be named after John Fredriksen’s wife, Inger Katharina Astrup Fredriksen, who died in 2006.