Bigger stake in Swedish gas company

June 18, 2001, 16:00 CEST

Statoil is increasing its ownership in the Swedish gas company Vattenfall Naturgas from 14.5 per cent to 30 per cent.

Vattenfall Naturgas is Sweden's leading marketer of natural gas. The company has annual sales of around one billion cubic metres of gas to local distributors and Swedish industry. The gas is imported from Denmark. The company owns and operates the 300-kilometre trunkline that runs from Dragør in Denmark to Gothenburg in Sweden.

Auke Lont, vice precident of the nordic energy unit says, "the doubling of Statoil's stake in the gas company is an important strategic step for our future focus on the Swedish natural gas market."

The Swedish electricity company Vattenfall has disposed of its 51 per cent share and is no longer part of Vattenfall Naturgas. Other owners in the gas company are Ruhrgas (German – 30 per cent), DONG (Danish – 20 per cent) and Fortum (Finnish – 20 per cent).

The name of the company will be changed after the summer season.