Vinnuflokkurin (The Business Party) was a political party in the Faroe Islands. It was founded by bank director Thorstein Petersen in 1935. The party was listed ("I" in the election letters) at the 1936 elections, and took 8.1 percent of the vote, enough to gain 2 seats at the Løgting. Petersen didn't represent the party in the Løgting itself. The Faroe Islands (Faroese: Føroyar, Danish: Færøerne) are an island group situated between the Norwegian Sea and the North Atlantic Ocean, approximately halfway between Scotland and Iceland. The Faroe Islands are a self-governing territory within the Kingdom of Denmark, along with Denmark proper and Greenland. The total area is approximately 1,400 km² (540 sq mi) with a 2010 population of almost 50,000.