04 June 2004 12:45
Gazprom Appoints Hydro as Partner in Shtokman
OSLO, Norway, June 4 /PRNewswire-FirstCall/ -- Alexey Miller, the top executive of the Russian oil company Gazprom
indicated in a meeting with Hydro's President and CEO, Eivind Reiten, on Thursday that Hydro could be one of the
most important partners in the Shtokman gas field, situated on the Russian side of the Barents Sea.
It has been agreed that a work group shall now draw up a proposal for the concrete agreements on Hydro's
possible participation in the development of the Shtokman field.
"This is very pleasing for Hydro and for Norwegian offshore expertise as a whole. Hydro is now seeing the
results of its long-term engagement in oil and gas activities in Russia," says Eivind Reiten, President and CEO in
Hydro.
The head of Gazprom, Alexey Miller, underlined at the meeting that Hydro could be one of the most important partners
in the development of the gas field, on the basis of Hydro's unique technological position and its experience of
offshore production and the transportation of gas from offshore fields.
"This is a recognition of Hydro's expertise after 30 years on the Norwegian continental shelf, and not
least Hydro's technological project expertise from the Ormen Lange field development, which we hope to transfer and
expand in the development of Shtokman together with Gazprom. There is potential here for reducing the cost estimate for
the development by 30 percent," Reiten points out.
"Gazprom seems to feel that Hydro can contribute to an efficient development of Shtokman, but it must be
underlined that there are a number of questions that need to be clarified, such as the progress plan for the
development, ownership stakes and other conditions."
The Shtokman gas field is one of the largest in the world, localized in the deep water continental shelf on the
Russian side of the Barents Sea, around 500 kilometres from Murmansk.
Hydro is a Fortune 500 energy and aluminium supplier operating in more than 40 countries. We are a leading offshore
producer of oil and gas, the world's third-largest aluminium supplier and a leader in the development of renewable
energy sources. Our 36,000 employees create value by strengthening the viability of the customers and communities we
serve.
Certain statements in this press release are or may constitute "forward- looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical
facts may be deemed to be forward-looking statements and may contain identifying words such as "believes",
"anticipates", "plans", "expects" and similar expressions. These forward looking
statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and
the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a
detailed description of factors that could cause Hydro's actual results to differ materially from those expressed
in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2002
and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission. With respect to each non- GAAP
financial measure Hydro uses in connection with its financial reporting and other public communications, Hydro provides
a presentation of what Hydro believes to be the most directly comparable GAAP financial measure and a reconciliation
between the non-GAAP and GAAP measures. This information can be found in Hydro's earnings press releases, quarterly
reports and other written communications, all of which have been posted to Hydro's website (http://www.hydro.com/).
Contact Cecilie Ditlev-Simonsen Idar Eikrem Telephone (+47) 22 53 20 97 (+47) 22 53 32 73 Cellular (+47) 41 55 92 50
(+47) 95 02 83 63 E-mail Cecilie.Ditlev-Simonsen@hydro.com Idar.Eikrem@hydro.com Norsk Hydro
CONTACT: Cecilie Ditlev-Simonsen, +47-22-53-20-97, or cellular: +47-41-55-92-50, or
Cecilie.Ditlev-Simonsen@hydro.com, or Idar Eikrem, +47-22-53-32-73, or cellular: +47-95-02-83-63, or
Idar.Eikrem@hydro.com, both of Norsk Hydro
Web Site: http://www.hydro.com/
[PR Newswire (US)] |
RUSSIA IN FACTS
