First euro deal

September 3, 1998, 01:00 CEST

A first contract denominated and paid in euros has been negotiated by Statoil's methanol marketing and sales department.

This deal runs from 1 January 1999, when bank transactions in the new common European currency will also begin.

The fact that the group's new SAP common applications platform handles the euro like any other currency reduces the practical problems of the transition.

"Dealing in just one currency will make life simpler for us," explains senior sales coordinator Cathrine Duun. "At the same time, a number of the big European companies want to convert to the euro.

"We'll be gradually seeking to denominate all our contracts in euros, including methanol sales, ship transport and terminal charges."

The Deutschmark has been the dominant currency in the European methanol market so far. All Statoil's methanol sales deals will be re-negotiated during the autumn with the aim of converting them to euros.