StatoilHydro does not fear Telenor fate
Norwegian energy major StatoilHydro is not concerned about ending up in the same situation as Telenor. Russian authorities last week arrested the telecom company’s 29,9 percent of VimpelCom.
StatoilHydro’s press spokesman Ola Morten Aanestad said to newspaper Aftenposten that the character of his company’s investments in Russia is different from Telenor’s. He argues that partnership with state-controlled Gazprom is a strength and that the Russian side on several occasions have expressed commitment to cooperation. StatoilHydro is partner in the Shtokman Development AG together with Gazprom and Total. The Shtokman Development AG will be responsible for the development of the huge Shtokman field in the Barents Sea. A Russian court last Thursday arrested the Norwegian company’s shares in VimpelCom worth about 1.5 billion EUR. The arrest is a major concern also of Norwegian authorities. Norwegian Minister of Industry Sylvia Brustad has addressed Russian Deputy PM Viktor Zubkov about the issue. In addition, Foreign Minister Jonas Gahr Støre says he might raise the issue in meetings with Russian authorities in upcoming meetings in Moscow.
