Statoil-led group to establish western European gas marketplace

A joint venture led by Statoil ASA intends to establish a western European gas marketplace to meet demand for shorter, smaller gas contracts.

Nov. 21, 2001

By the OGJ Online Staff

HOUSTON, Nov. 21 -- A joint venture led by Statoil ASA intends to establish a western European gas marketplace to meet demand for shorter, smaller gas contracts.

North West European Hub Co. (NWE-HubCo), which also includes Ruhrgas AG and BEB Erdgas & Erdol GMBH, will lay the basis for trading in such contracts but will not trade on its own account.

Next year, the company will establish a fully-integrated marketplace for the area between Bunde on the Dutch-German border and Emden on the German North Sea coast. The area is a central point in gas flows from Germany, Russia, Norway, the Netherlands, and the UK.

NWE-HubCo will deliver transport and logistical services as well as information technology solutions that support trading.

Statoil, Ruhrgas and BEB own and operate gas transport systems.