UPDATE: Statoil ASA signs 10-year gas contract with British Gas Trading Ltd

Nordic Business Report, June 10, 2002

NORDIC BUSINESS REPORT-10 June 2002-UPDATE: Statoil ASA signs 10-year gas contract with British Gas Trading Ltd (C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com

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The Norwegian oil company Statoil ASA said today (10 June) that it had signed a 10-year gas supply contract with British Gas Trading Ltd.

The contract covered five billion cubic metres of natural gas per year and was scheduled to begin on 1 October 2005, Statoil said.

The contract was said to be Statoil's largest sale based on annual volumes since the Troll gas sales agreement in 1986. According to the Norwegian financial newspaper Dagens Naeringsliv's online edition the financial value of the deal was some NOK50bn.

"The contract secures a good commercial outlet for Statoil's gas and is therefore key to the future development of new gas fields off Norway to increase supplies into Europe," said Peter Mellbye, executive vice president of Statoil's Natural Gas business area.

"Furthermore, this sale underpins the possibility for additional gas transport pipelines from Norway into the UK," Mellbye added.

British Gas Trading is a wholly-owned subsidiary of the United Kingdom utility Centrica.

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