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Norway agrees $1.6 bln takeover of gas export network

Norway has actually reached a deal with seven private owners for a government takeover of much of the country's substantial gas pipeline network from 2024 onwards, the Norwegian energy ministry said on Tuesday.

Norway in 2023 announced strategies to nationalise the majority of its vast gas pipeline network, a significant processing plant and other facilities when lots of existing concessions end in 2028, and had invited current owners to work out a shift.

The federal government accepted pay the seven owners 18.1 billion crowns ($ 1.64 billion) for their properties.

Norway is Europe's largest gas supplier following a. sharp fall in Russian deliveries activated by Moscow's. full-scale intrusion of Ukraine in 2022.

The Nordic nation's centre-left federal government relates to the. pipeline network extending some 9,000 km (5,600 miles) along. the seabed as a possession of nationwide interest over which it desires. complete state ownership.

While seven companies concerned an arrangement with the. federal government, two groups declined the deal.

(source: Reuters)