Statoil and EU agree on gas sales

July 17, 2002, 14:00 CEST

The Competition Directorate General of the European Commission and Statoil have today, Wednesday 17 July, agreed an amicable settlement of the "GFU case".

The settlement entails that the European Commission closes the case and that Statoil over a period starting 1 June 2001 and until 30 September 2005 undertakes to offer for sale on commercially competitive terms and conditions a total of 13 billion cubic metres of natural gas to new customers during that period.

As Statoil's undertaking is retrospective to 1 June 2001, a portion of this gross volume has already been sold to such new customers. Statoil will endeavour to distribute the volume evenly over the period.

The definition of a new customer is all creditworthy undertakings within the EEA, which were not among Statoil's long-term customers prior to 2001.

Statoil has undertaken the above without any admission that the company's marketing and GFU gas marketing activities constituted an infringement of the competition rules of the EC or the EEA.

"We are satisfied with the agreement we have reached with the EU today," says Peter Mellbye, executive vice president for Statoil's Natural Gas business area. "The commitments we are taking on are in accordance with Statoil's business strategy."