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4-Traders Homepage  >  Equities  >  Oslo Bors  >  Statoil    STL   NO0010096985

STATOIL (STL)
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Statoil : CCB Kollsnes Selected for CO2 receiving Terminal

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11/13/2017 | 08:52pm CET

Gassnova and Statoil have concluded that a CO2 receiving terminal will be located at the premises of CCB Kollsnes AS in the Naturgassparken industrial area in the municipality of ?ygarden by Bergen in Western Norway.

“Our decision to select CCB Kollsnes is based on an overall evaluation of factors such as safety, technical and commercial conditions, costs and expansion possibilities,” says project director Sverre Over? in Statoil. “This is a key milestone ensuring necessary progress in the project.”

Construction of the full-scale project including the onshore terminal is subject to the Norwegian parliament making a positive investment decision, scheduled for 2019.

The establishment of an onshore CO2 storage plant is part of the Norwegian authorities’ plans for developing full-scale CO2 handling in Norway. CO2 will be captured from onshore industrial plants in Eastern Norway and transported by ship from the capture area to the onshore reception plant. At this plant, the CO2 will be pumped from the ship to onshore tanks before it is sent in a pipeline and injected for permanent storage 1000-2000 metres below the seabed.

In June 2017, Statoil was assigned studies to mature a CO2 storage facility, and to establish cost estimates for a possible investment decision. The project has been strengthened by Shell and Total joining as collaboration partners. Gassnova has also extended the scope by including the study for ship transport.

Following the site selection, contracts will be awarded for engineering of site preparation, administration building and marine structures, processing facility and pipelines from the onshore plant to the offshore injection well. A contract for assistance in preparing the environmental impact assessment and zoning plan has already been awarded.

(c) 2017 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 60 479 M
EBIT 2017 12 339 M
Net income 2017 3 483 M
Debt 2017 15 667 M
Yield 2017 3,81%
P/E ratio 2017 21,12
P/E ratio 2018 18,02
EV / Sales 2017 1,53x
EV / Sales 2018 1,45x
Capitalization 76 662 M
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Mean consensus HOLD
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Average target price 21,1 $
Spread / Average Target -8,6%
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Eldar Sætre President & Chief Executive Officer
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Jannicke Nilsson Chief Operating Officer
Hans Jacob Hegge Chief Financial Officer & Executive Vice President
Bjørn Tore Godal Independent Non-Executive Director
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