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Scandinavian consortium agrees to pursue possible regional gas pipeline

Scandinavian consortium agrees to pursue possible regional gas pipeline

A Scandinavian consortium has agreed to pursue a project to build a pipeline to bring North Sea natural gas to eastern Norway, Sweden and Denmark, Norway's Gassco announced Monday.
The state-owned gas transport company said it has signed agreements with 16 companies to join a project for a possible 9 billion kroner (US$1.14 billion, euro1.08 billion) pipeline.
"We now have a good basis for constructing a system to transport gas to eastern Norway, western Sweden and Denmark," said Gassco Vice President Thor Otto Lohne. "Seven companies have currently agreed to own 70 per cent of such a pipeline, while another nine have undertaken to pay for the right to use it."
A key condition is that gas buyers sign binding contracts for the energy supplies by June 30, the news release said.
Norway is the world's No. 3 natural gas exporter, but the vast fields are all off its western coast. An 800-kilometer (500-mile) pipeline would bring gas to the east of the country, as well as western Sweden and Denmark.
Norwegian Oil Minister Odd Roger Enoksen welcomed the project, and said he would work to make it a reality.
"This is a very promising project," he said. "I am happy to increase cooperation with Sweden and Denmark in the energy sector, and aim to have prompt meetings with my Scandinavian colleagues to seek a good solution."
A final decision is expected in 2009, which could lead to flows starting in 2012.


Updated : 2021-05-14 19:55 GMT+08:00