Petoro becomes Skanled partner

Petoro has reached an agreement on behalf of the Norwegian government to become a partner in developing the proposed Skanled gas pipeline, with a share of up to 30%.

Offshore staff

STAVANGER -- Petoro has reached an agreement on behalf of the Norwegian government to become a partner in developing the proposed Skanled gas pipeline, with a share of up to 30%. The state-owned company has struck a deal with Skagerak Energi AS, Østfold Energi AS, and Agder Energi AS to acquire an initial 25% interest in the project.

Under the agreement, Østfold Energi and Agder Energi will transfer their respective 10 and 5% shares in the Skanled partnership to Petoro. Skagerak Energi's stake in the project is being reduced from 20 to 10%.

Petoro, which manages the State's direct financial interest in Norwegian petroleum operations, has initially become a partner in Skanled's study phase.

The Skanled partners intend to submit a plan for installation and operation (PIO) of the pipeline to the Ministry of Petroleum and Energy on April 1.

02/13/2009

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