Norway agrees US$1.6 billion takeover of gas export network
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Reuters reports that Norway has reached a deal with seven private owners for a government takeover of much of the country's extensive gas pipeline network from 2024 onwards, the Norwegian energy ministry said on Tuesday 12 November, 2024.
Norway in 2023 announced plans to nationalise most of its vast gas pipeline network, a major processing plant and other infrastructure when many existing concessions expire in 2028, and had invited current owners to negotiate a transition.
The government agreed to pay the seven owners 18.1 billion crowns (US$1.64 billion) for their assets.
Norway is Europe's largest gas supplier following a sharp fall in Russian deliveries triggered by Moscow's full-scale invasion of Ukraine in 2022.
The Nordic country's centre-left government regards the pipeline network stretching some 9000 km (5600 miles) along the seabed as an asset of national interest over which it wants complete state ownership.
While seven companies came to an agreement with the government, two groups rejected the offer.
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Read the article online at: https://www.worldpipelines.com/business-news/12112024/norway-agrees-us16-billion-takeover-of-gas-export-network/
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