European Union Clears the Way for HydroWingasNorwegian-German Joint Venture Begins Marketing of Natural Gas in Great Britain
Brussels / London, 4 February 2004. The competition authority of the European Union has now granted its approval for the formation of HydroWingas Limited. This clears the way for the Norwegian-German joint venture to begin marketing natural gas in Great Britain. The joint enterprise, comprised of Norsk Hydro, the Norwegian group of energy, aluminium and chemical companies, and WINGAS GmbH, the German gas transport and supply company, will be starting business activities immediately.
"After this positive decision by the EU competition authority, there's nothing standing in the way of a speedy expansion of our activities. The joint venture should now establish itself further in the growing British gas market", said Dr. Raine Seele, spokesman for the management of WINGAS. Hilde Myrberg, Head of Hydro Energy, said, "As an energy company with many years of experience in the gas business in Continental Europe, we want to establish ourselves through HydroWingas in the British natural gas market, and contribute to the future provision of energy, especially in light of the development of the Ormen Lange Field and the accompanying pipeline construction."
Both companies have an equal interest in the joint venture HydroWingas Limited. The company's headquarters will be located near London. The scope of business is to sell natural gas direct to major industrial end customers as well as to redistributors. HydroWingas is an independent company and will purchase the required gas from the market, third parties or from the owners.
The configuration of the HydroWingas Limited, including its own sales structures and on-site contact personnel, is to be completed within the next few months.
Since domestic production of natural gas is decreasing, the UK will become increasingly dependent on imports over the coming years. The new provider of natural gas sees itself as a competitive and service-oriented supplier, which wants to supply Great Britain with an energy source of the future reliably over the long term.
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