Norsk Hydro To Sell Snohvit Interest

Norsk Hydro is seeking a buyer for its 10% stake in the Snohvit gas field. The company has said that it wants to steer clear of LNG projects. "It is available for sale, we've had no firm offers yet. Hydro does not want to have extensive interests in LNG projects, we are just looking for the right price," according to Norsk Hydro officials. Cost overruns on the project played a part in the company's decision to exit the project. Statoil has a 22.29% stake; Petoro holds 30%, TotalFinaElf holds 18.4%, Gaz de France holds 12%, Norsk Hydro holds 10%, Amerada Hess holds 3.26%, RWE-DEA holds 2.81% and Svenska Petroleum holds the remaining 1.24%.