Norway's Skanled pipeline moves one step forward

Jun 28, 2007 02:00 AM

The Norwegian ministry of petroleum and energy said the planned Skanled pipeline, which will transport natural gas to Sweden and Denmark, has moved a step closer to realization after the privately owned British firm Ineos said it will fund the project's gas separation unit in Norway.
A decision on the NOK 7 bn (EUR 880 mm) project, which would transport gas from Karsto to eastern Norway, western Sweden and Denmark, will not be made until 2009.

However Norway's minister for petroleum and energy, Odd Roger Enoksen, said that the decision by Ineos moved the whole project a step closer to realization.
While no financial details were given, the Norwegian government said Ineos has agreed to take on the full ownership -- or alternatively a majority share -- of the gas separation unit in Bamble, southeast Norway.

According to experts, the unit could cost up to NOK 2 bn (EUR 250 mm).
Ineos has recently transformed its presence in Norway in recent months, acquiring not only the petrochemicals business of Borealis in the country, but also Hydro Polymers, the petrochemicals business of Norsk Hydro in a deal worth NOK 5.5 bn (EUR 690 mm).

Source / AFX News Limited
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