Denmark: 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.

Background information:

EIB
The mission of the EIB, the European Union’s bank, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments. The European Investment Bank is the long-term lending institution of the European Union, whose shareholders are the 27 Member States. The promotion of sustainable, competitive and secure sources of energy is a key policy objective of the European Union and the European Investment Bank has made lending to support Europe’s energy objectives a top priority. In 2009, the EIB’s lending to energy projects amounted to EUR 14.8 bn, up 44 percent on the previous year.

DONG Energy
DONG Energy is one of the leading energy groups in Northern Europe. It is headquartered in Denmark. Its business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe. DONG Energy has approximately 6,000 employees and generated just under DKK 50 billion (EUR 6.6 billion) in revenue in 2009.

Media contacts:

DONG Energy: website: www.dongenergy.com