New gas marketplace
A new marketplace for gas is being established through the North West European Hub Company (NWE-HubCo), a joint venture linking Statoil with Germany’s Ruhrgas and BEB.
“This move is intended to meet demand for shorter gas contracts covering smaller volumes,” explains Thor Otto Lohne, marketing vice president for the Natural Gas business area.
The new company will lay the basis for increased trading in such contracts, but will not trade on its own account.
Similar marketplaces already exist in the UK and at Zeebrugge in Belgium.
“Developing a new gas marketplace means we can support our long-term contracts and activities,” says Mr Lohne. “That in turn strengthens our position in the north European gas market.”
Due to become operational next year, the company will establish a fully-integrated marketplace for the area between Bunde on the Dutch-German border and Emden on the German North Sea coast.
This area represents a central point in gas flows from Germany, Russia, Norway, the Netherlands and the UK because pipelines from the leading European gas companies meet there.
NWE-HubCo will be an independent company with its own employees.