Norway takes up to 30 % stake in Skanled pipeline project
The Norwegian Government has decided that Petoro can take part in the Skanled project with an interest of up to 30
%.
Skanled is a planned pipeline that will go from Karsto on the Norwegian West Coast to Grenland on the Norwegian East
Coast, and to Sweden and Denmark. The pipeline makes possible the export of gas to Sweden and Denmark, and lays the
ground for industrial use of gas in the Grenland region on the East Coast.
"We are in an economic downturn, with concern for increasing unemployment. Skanled is important for employment and
value creation in Norway. The Norwegian Government is following this project closely," said Mr Terje Riis-Johansen,
Minister of Petroleum and Energy.
"I am dedicated to the progress of Skanled. The Norwegian State has therefore decided to enter into the project that
will realize Skanled if necessary. Skanled is important to lay the ground for industrial development in Norway and to
increase the gas export capacity to Europe," added Mr Riis-Johansen.
Skanled is a complicated project, and there are remaining challenges before the project can be realized. The project
is now in a critical phase to accomplish the scheduled submission of the Plan for Installation and Operation on April
1, 2009. If any of the companies reduce or withdraw their participation without any of the existing owners or other
investors taking over, the consequences will be that the project doesn't have sufficient financing and the
development of the project may be uncertain. The Government's decision is therefore important for the further
progress of the project.
Petoro will participate in the project on behalf of the States Direct Financial Interest (SDFI).