Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Norway plans to nationalise gas pipelines when concessions expire

By Gwladys Fouche and Nerijus Adomaitis

OSLO (Reuters) -Norway plans to nationalise most of its gas pipeline network when many existing concessions expire in 2028, the oil and energy ministry said on Friday, to tighten control over key infrastructure.

Norway has become Europe’s largest supplier of gas, following a drop in Russian gas flows, which it supplies via a network of pipelines stretching some 9,000 kms (5,590 miles).

The ministry said on Friday it was sending a letter to licensees “signalling the state aims to make use of the right of repatriation at the end of the license period”.

The state wants complete state ownership of the central parts of the Norwegian gas transport system,” it said, without giving reasons.

Norway takes an active role in its industry and is the top owner of the country’s biggest bank, DNB, telecoms operator Telenor, and oil company Equinor, among others.

The gas pipeline network is owned by Gassled, a partnership set up in 2003 by the oil companies that were producing gas offshore Norway at the time. It cost billions of dollars to build.

One of the Gassled co-owners told Reuters it was “surprised” at the move.

Norwegian petroleum policy has had its foundation on combined ownership from private companies and the state and has worked well,” said Kurt Georgsen, CEO of Silex Gas, wholly owned by German insurer Allianz.

We will work with the government to find a good solution for the transfer of ownership,” he added.

The Norwegian state already owns 46.7% of Gassled via state-owned company Petoro, while another 5% is owned by Equinor.

In some cases, the government may have to compensate other shareholders, the ministry said, without elaborating.

Gassled owns the Kaarstoe and Kollsnes processing plants as well as the majority of the pipelines delivering Norwegian gas to the European Union and Britain.

It was not immediately clear which exact parts of the network would become owned by the state. The energy ministry was not immediately available for additional comment.

Over time, the oil companies have reduced, or sold entirely their stakes, often selling to investment companies.

Some of the owners of Gassled include Swiss-based asset manager Partners Group, Allianz and private equity firm HitecVision.

The technical operator of the infrastructure is Gassco and would remain so under the new regime, the energy ministry said.

(Reporting by Gwladys Fouche and Nerijus Adomaitis, editing by Terje Solsvik, Elaine Hardcastle and Emelia Sithole-Matarise)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts