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Gas agreement with Mærsk

September 22, 2003, 14:00 CEST

Norsk Hydro Energy B.V. has signed an agreement with A. P. Møller-Mærsk A/S on the purchase of 0.6 billion cubic metres natural gas a year for a five year period.

This delivery will start in the autumn of 2004 and will strengthen Hydro's position as gas player in the liberalized European markets.

The natural gas purchased by Hydro comes from fields in the Danish sector in the North Sea. It will be transported in the planned pipeline from Tyra Vest in the Danish sector to the Dutch sector, where it will enter the Dutch gas pipeline system.

Norsk Hydro Energy B.V., a wholly-owned Hydro company, will strengthen its position as gas supplier through this agreement. Hydro is a major player both as producer and trading company in the European gas market. Its own production is nearly 8 billion cubic metres this year, which is in addition to third party sales and trading of around 11 billion cubic metres.