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Statoil to sell composite company

September 12, 2001, 09:00 CEST

Statoil has signed a letter of intent to sell its stake in Raufoss Composites (RAC) to Hexagon Composites.

If the sale goes ahead, half the payment will be in cash. Shares in Hexagon will make up the remainder.

“The sale means that Statoil has found a long-term industrial investor that will be a good owner in the company Statoil helped to establish,” reports Per Henning Hanssen, project manager in Statoil’s industrial development unit.

He emphasises that the sale will safeguard the future development of composite containers.

Raufoss and Statoil have cooperated in the development and manufacture of composite propane containers since 1996. The bottles are practical for consumers – they weigh only half as much as the traditional steel bottles. In addition they are transparent, which allows you to see how much propane is left.

Statoil has a contract for 760,000 gas containers over a period of four years.