UPDATE 1-Norway plans wider gas transport nationalisation, including at Nyhamna
by Reuters
2023-05-05
(Adds detail from letter in third, fourth and fifth paragraphs)
OSLO, May 5 (Reuters) - Norway's plan to nationalise gas pipelines owned by the Gassled company also includes an additional goal to take over other assets, including at the Nyhamna processing plant, a letter from the Norwegian energy ministry to the owners showed.
In a surprise move, Norway's government last week announced a nationalisation plan that will take effect when many existing Gassled pipeline concessions expire in 2028, but remained tight-lipped about which other assets it sought to acquire.
Following a sharp fall in Russian gas deliveries amid the war in Ukraine, Norway has become Europe's largest supplier via a vast network of pipelines stretching some 9,000 kms (5,600 miles).
In a letter sent to licensees and obtained by Reuters on Friday, the ministry said its plan included "other central parts of the Norwegian gas infrastructure that are currently owned by Nyhamna and Polarled, as well as Vestprosess DA".
Much of Norway's gas pipeline network is owned by Gassled, a partnership set up in 2003 by oil companies that were producing gas offshore Norway at the time. It cost billions of dollars to build. (Reporting by Nora Buli, editing by Terje Solsvik)
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Exclusive Capital communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.