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Selling Meganor

August 30, 2002, 12:00 CEST

Statoil is selling its wholly-owned subsidiary Meganor to Forbrukerkraft and in the future will switch its focus from electricity sales in the household market, to large-scale customers and firms in Norway.

The companies have agreed that Statoil's shares will be transferred to Forbrukerkraft by 30 June 2003. From 7 October this year Forbrukerkraft will take over responsibility for Meganor's electricity customers.

When Forbrukerkraft assumes responsibility for Meganor's customers it will have a total of roughly 80,000 customers. On 1 July, Norwegian Forbrukerkraft was taken over by TXU, one of the world's leading energy companies. TXU is an important player in the energy market in countries including the UK, Finland and Sweden.

See press release (in Norwegian only).