Norway-based Statoil ASA (STO: 20.27 +0.05 +0.25%) signed an agreement with French independent electricity and gas operator Power for supply of natural gas to the latter’s proposed 400 MW Combined Cycle Gas Turbine (CCGT) power plant in Toul, France. The supply is expected to start from October 2012.Statoil management said that this deal highlights Statoil’s strategy to promote gas throughout Europe. The company is one of the leading suppliers of natural gas in the European market.
The growing share of natural gas in the company’s Norwegian continental shelf volume mix and its extensive interests in infrastructure assets enable it to play a significant role in the European natural gas market.
Apart from the proposed plant, Poweo already runs a 412 MW CCGT in Pont-sur-Sambre, France, and plans to develop other CCGT plants totalling more than 1600 MW.
This agreement materializes the partnership spirit between supply and demand for the long term. Given the current scenario of rising demand for natural gas, we believe that Statoil is well positioned to provide a steady supply, even in the long run.
Statoil has been actively investing in the existing fields and is increasingly shifting its focus to the still unexplored areas of the Norwegian Sea to get more hydrocarbons. Recently, the company got the green signal from the Norwegian government for development and operation of its North Sea Gudrun field for approximately $3.6 billion. Statoil’s strong finances and its dominant position in the European continent will be positive catalysts for its long-term growth trajectory.
Statoil has been actively investing in the existing fields and is increasingly shifting its focus to the still unexplored areas of the Norwegian Sea to get more hydrocarbons. Recently, the company got the green signal from the Norwegian government for development and operation of its North Sea Gudrun field for approximately $3.6 billion. Statoil’s strong finances and its dominant position in the European continent will be positive catalysts for its long-term growth trajectory. 
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