STATOIL JOINS NORWEGIAN METHANOL PROJECT

Den norske stats oljeselskap AS has agreed to join Conoco Inc. in construction of an 830,000 metric ton/year methanol plant in mid-Norway. Statoil's interest will be 80%, with Conoco holding the remaining 20%. The Norwegian state company will be operator and responsible for marketing and sales. The plant will use gas feedstock from Norske Conoco's Heidrun oil and gas field in the Haltenbanken area of the Norwegian Sea.

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