Statoil Receives Contract

Monday, June 10, 2002
Statoil and British Gas Trading Ltd, a wholly owned subsidiary of Centrica, have signed a gas sales contract for supplies of five billion cubic metres of natural gas per year. Supplies will start on October 1, 2005 and run for 10 years. This is Statoil's largest sale since the Troll gas sales agreement in 1986 on the basis of annual volumes. The contract reinforces Statoil's position as the largest importer of gas to the UK. Peter Mellbye, executive vice president for Statoil's Natural Gas business area comments: "The contract secures a good commercial outlet for Statoil's gas and is therefore key to the future development of new gas fields off Norway to increase supplies into Europe." "We are very satisfied with the gas contract," says Rune Bjørnson, managing director of Statoil UK. "With this new contract Statoil will increase the supply of gas to meet the UK's growing energy needs. The UK is a target market for Statoil due to the increasing need for gas supply. Over the last year, Statoil has increased short term sales of gas to the UK, and in June 2001 Statoil signed a contract with BP for supplies of 1.6 bcm per year over fifteen years. "Statoil looks forward to cooperating with British Gas Trading. The deal is beneficial for both parties; flexibility with regard to sourcing the gas, including being able to source it in the UK traded market, increases Statoil's commercial opportunities. The contract also enables us to supply gas to the largest supplier in the domestic market segment where we are not active. For British Gas Trading it will provide a stable and reliable supply of gas in coming years," concludes Mr Bjørnson. The volumes will be delivered at the National Balancing Point, the UK's notional gas trading point. The contract is pending approval by Statoil's board of directors.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Contracts

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

 
 
Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1188 sec (8 req/sec)