Baltic Rim gas, retail businesses overhauled

Finnish petroleum and energy company Fortum Oy has sold 50% of the shares of Gasum Oy, its 75-25 gas supply joint venture with Russia's Gaz- prom. The sale was a condition for approval by the European Commission of Finland's plans to merge state petroleum and electric power firms Neste Oy and Imatran Voima Oy, respectively, to create Fortum (OGJ, Dec. 29, 1997, p. 23). Meanwhile, Fortum and Norway's state oil company Statoil have signed a memorandum of understanding (MOU) to set up a joint venture that would combine all Neste and Statoil retail and wholesale marketing operations and oil terminals in Estonia, Latvia, Lithuania, Poland, and Russia. It is to take ef...

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