Statoil transfers ownership in power company

Statoil ASA plans to transfer its shares in Naturkraft AS to current partners Statkraft SF and Norsk Hydro ASA, which will then have 50:50 ownership of the power company.

Sept. 27, 2004

By OGJ editors

HOUSTON, Sept. 27 -- Statoil ASA plans to transfer its shares in Naturkraft AS to current partners Statkraft SF and Norsk Hydro ASA, which will then have 50:50 ownership of the power company.

Norsk Hydro and Statkraft agreed to proceed with plans to build a 400 Mw natural gas-fired electric power generation plant at Karsto that they said would be the most modern and environmentally friendly in Europe. It would increase Norwegian electricity supplies by 2.5%.

Total investment for the project is estimated at more than 2 billion kroner. The plant is expected to be on stream in 2007.

However, the owners said a license to build another power plant at Kollsnes, near Bergen, will not be obtained by Naturkraft.