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Selling share of power plant

January 30, 2006, 15:35 CET

Statoil has sold its 30 per cent interest in the Ringsend gas power plant in Dublin, Ireland to RBS Power Investments, today 30 January.

The power plant is owned and operated by Synergen Power, a company owned by ESB International (ESBI) and Statoil, with 70 per cent and 30 per cent respectively.

ESBI will retain its 70 per cent share.

Statoil is selling its holding in Synergen as it aims to streamline further the group’s business activities.

Statoil will continue to supply gas to Synergen for the Ringsend power plant under a long-term agreement to deliver about 600 million cubic metres of gas per year.

The terms of the sale are confidential but Statoil is satisfied with the commercial conditions agreed upon.

The power plant which came on stream in 2002 is in the Ringsend industrial area of Dublin.