Scaling down third party product activities

November 20, 2008, 15:36 CET

Product trading will be concentrated around the European refinery assets, Mongstad and Kalundborg as well as our downstream commitments in Scandinavia and the Baltic states.

"The decision will not affect any of our trading activities in crude or gas liquids, the key trading areas for StatoilHydro, in addition to natural gas," says Jan K Karlsen,   senior vice president of the oil trading and supply business cluster.

The scale down will affect our third party product trading in Singapore. The products department with its four employees will be discontinued. StatoilHydro is committed to fulfilling all existing obligations.