Statoil Finalises Sale of Borealis

OSLO, Norway, Oct. 14, 2005 (PRIMEZONE) -- Statoil ASA (OSE:STL) (NYSE:STO) has closed the sale of its 50 percent holding in the Borealis petrochemicals group.

Statoil has received EUR 1 billion (NOK 7.8 billion) for the transaction which gives a book profit of NOK 1.5 billion.

The buyers, International Petroleum Investment Company (IPIC) and OMV Aktiengesellschaft, which earlier together owned 50 percent of the petrochemicals group, now own 65 percent and 35 percent respectively. Statoil has long-term agreements to supply Borealis with feedstock from the Norwegian continental shelf.


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