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Emission cuts make opportunities for Statoil

March 12, 2007, 13:00 CET

The European Union's (EU) goal of reducing greenhouse gas emissions will give Statoil new and important market opportunities up to 2020.

On Friday 9 March, EU member states and heads of government approved a European energy policy that addresses global climate challenges.

They agreed to reduce greenhouse gas emissions by at least 20% by 2020. The target will be reached by an increased focus on renewables, bio-fuels and carbon management.

"The EU's new energy policy creates a market in these areas," comments Arve Thorvik, Statoil's vice president for EU affairs in Brussels. "This opens up big business opportunities for Statoil."

EU countries approved important principles for carbon management technology development. The aim is that Europe will have 12 pilot plants for carbon capture and storage by 2015. The EU Commission will now establish mechanisms that encourage governments and industry to develop carbon management technology.

Statoil is presently world-leading in technology development and carbon management research. The ambition is that the Mongstad energy project (EVM) and Halten carbon dioxide project can become pilot facilities for carbon management in Europe.

Delegates also agreed that 20% of European energy consumption should be met by renewables. At the same time, 10% of the European transport sector will run on bio-fuels.

"Statoil is well poised to compete in both these markets," says Mr Thorvik.