StatoilHydro looking to form partnerships with Russia

Jun 11, 2007 02:00 AM

StatoilHydro, the forthcoming merged entity comprising Norsk Hydro's petroleum operations and Norway's Statoil, has ambitions in the country's far north and Arctic, and is seeking collaboration with Russian partners, Statoil's chief executive, Helge Lund, has said.
Lund told the St Petersburg International Economic Forum that StatoilHydro is looking to form close and long-term partnerships with the Russian government and companies, as Russian and Norwegian interests meet in the far northern region and the Barents Sea, Statoil said.

"The aspirations of our two nations in the energy arena meet in far northern areas,” said Mr Lund. “Russia and Norway jointly share unique opportunities to liberate the energy potential in this part of the world.”
“We can combine Russia’s onshore Arctic know-how with Norway’s experience from many years of offshore oil and gas operations.”

The Statoil-Hydro tie-up is due for completion in the third quarter of 2007.

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