EIB Signs EUR 150 million Loan with DONG Energy for Project Bringing Norwegian Gas to EU

Gas from Norway’s Trym field will be pumped onshore through a Danish platform in an EIB-financed project signed today with DONG Energy.

The European Investment Bank will provide EUR 150 m to DONG Energy to develop the field. Trym was first discovered in 1989 but not explored, partly due to low market prices at the time. The field is located in the Southern part of the Norwegian North Sea zone near the Danish platform Harald. The project includes well drilling, subsea pipelines and related work worth a total of approximately EUR 326 m.

Gas will be brought onshore using DONG Energy’s existing pipeline to Nybro in Denmark and, using a separate link, to Den Helder in the Netherlands. The loan agreement was signed in Luxembourg by DONG Energy CEO Anders Eldrup and Plutarchos Sakellaris, EIB Vice-President responsible for operations in Denmark.

“We are delighted to support this project, which contributes towards EU goals of secure and diverse energy supply and makes intelligent and cost-effective use of existing infrastructure,” said Plutarchos Sakellaris.

In recent years, the EIB has financed a range of projects with DONG Energy. They include London Array, which when completed in 2012 will be the world’s largest offshore wind farm, and onshore wind farms in Poland.

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Source:EIB , October 6, 2010;