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Key information
- The Norwegian government is acquiring a majority stake in three key joint ventures: Gassled, Nyhamna and Polarled for €1.56 billion.
- Agreements were reached with seven companies to sell their interests in the joint ventures, but two owners declined the offer.
- The government aims to obtain full ownership of Nyhamna JV and Polarled JV to ensure low tariffs, adequate capacity and reliable operation of the gas infrastructure.
The Norwegian government has made a significant move to take control of the country's natural gas export network. The acquisition, valued at €1.56 billion (18.1 billion Norwegian crowns), involves purchasing majority stakes from private companies in three key joint ventures: Gassled, Nyhamna and Polarled. The government has announced plans to own the entire network in 2023, citing its national importance.
Agreements have been reached with seven companies – Equinor, Shell, CapeOmega, Hav Energy, Silex Gas Norway, Orlen and ConocoPhillips – for the acquisition of their interests in these joint ventures. However, not all owners agreed to the sale. North Sea Gas Infrastructure AS and M Vest Energy AS have declined the government's offer for their respective stakes in Nyhamna and Polarled.
Key actors and stakeholders
Despite this, the Norwegian government intends to secure full ownership of Nyhamna JV and Polarled JV, either through future agreements or upon expiration of existing license periods. The stated aim of this takeover is to ensure low prices, adequate capacity and reliable operation of the gas infrastructure. According to the Ministry of Energy, this will optimize resource management and maximize value creation from Norwegian oil reserves on the continental shelf.
Context and motivation
The move comes as Norway has established itself as Europe's main natural gas supplier following the interruption of Russian deliveries following the invasion of Ukraine.
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