Hafslund ASA acquires stake in new gas distribution company in eastern Norway

Nordic Business Report, Oct 25, 2006

NORDIC BUSINESS REPORT-25 October 2006-Hafslund ASA acquires stake in new gas distribution company in eastern Norway(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian electric power and security group Hafslund ASA said on Wednesday (25 October) that it has agreed to acquire a 55% stake in the newly established gas distribution company Gassnett AS.

The financial details of the deal were not disclosed.

Gassnett plans to establish a gas storage and distribution network in the Ostfold region in Norway.

For Hafslund the investment is part of its strategy to focus on alternative energy sources.

"Gas and gas distribution solutions at the eastern part of Norway are with the current energy price situation considered a natural and exciting development area for Hafslund," Hafslund said.

Hafslund, headquartered in Oslo, Norway, is a leading generator and supplier of electric power and security. Hafslund's shares are listed on the Oslo Stock Exchange under the tickers HNA and HNB.

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