Fortum Close Sale of Norwegian E&P Assets

Fortum closed the transaction whereby it sells Fortum Petroleum AS and its Norwegian E & P business to ENI International. The transaction completes the divestment of Fortum's non-core E&P assets.

The financial impact of the transaction was included in Fortum's 2002 annual closing and no production volumes or related earnings from the Norwegian operations in question will be booked in 2003.

Fortum continues its current E & P activities in northwest Russia, where preparations to start production in late 2003 at the South Shapkino oil field continue according to plan.