700 million kroner fine for Statoil / News / The Foreigner

700 million kroner fine for Statoil. Kårstø terminal costs the company. Statoil has been ordered to pay the Norwegian State almost 694 million kroner in compensation for modifications to the Kårstø terminal north of Stavanger as part of the Åsgard development. The case arose due to a dispute over who should pay for the terminal’s expansion, which was a joint venture as part of the Åsgård gas field development in the Norwegian Sea.

statoil, statpipe, kaarstoe, aasgaard, gas, terminal, stavanger, development, modifications, compensation, court, ruling, ministry, petroleum, energy, norway, norwegian, sea, saga, agip, fortum, total



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700 million kroner fine for Statoil

Published on Sunday, 17th January, 2010 at 22:03 under the news category, by Michael Sandelson   .

Kårstø terminal costs the company.

New Identity, Statoil
New Identity, Statoil
Photo: Øyvind Hagen/Statoil


Statoil has been ordered to pay the Norwegian State almost 694 million kroner in compensation for modifications to the Kårstø terminal north of Stavanger as part of the Åsgard development.

The case arose due to a dispute over who should pay for the terminal’s expansion, which was a joint venture as part of the Åsgård gas field development in the Norwegian Sea.

Kårstø’s owner, Statpipe, and the Åsgård partnership had originally agreed that Åsgård would pay for the part of the expansion required to handle gas from the field.

However, a cost overrun led to four of the Åsgård partners – Saga, Agip, Fortum, and Total – issuing claims against Statoil on the grounds that investment costs had not been incurred in Åsgård’s interest.

Although Statoil denies any liability under a guarantee it issued to the State at the time in December 1999, Stavanger District Court ruled in favour of a settlement.

In a press release the Ministry of Petroleum and Energy, representing the State, writes they are now considering carefully whether or not to lodge an appeal against the court’s decision, as their original compensation claim was for seven billion kroner.

Statoil says it’s pleased with the outcome, but will also consider whether the court’s judgment forms grounds for an appeal.

Both parties have been given six weeks to make a decision.



Published on Sunday, 17th January, 2010 at 22:03 under the news category, by Michael Sandelson   .

This post has the following tags: statoil, statpipe, kaarstoe, aasgaard, gas, terminal, stavanger, development, modifications, compensation, court, ruling, ministry, petroleum, energy, norway, norwegian, sea, saga, agip, fortum, total.





  
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