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. Last Updated: 07/27/2016

Wingas to Buy Norsk's Venture Stake

OSLO -- Norwegian industrial group Norsk Hydro said Monday that German-Russian gas venture Wingas would buy its 50 percent of a venture called HydroWingas, which sells gas to British industry. It did not disclose the financial details.

Wingas is a subsidiary of Wintershall, the oil and gas arm of German chemicals group BASF, in partnership with Gazprom.

"The sale will be accomplished as soon as the EU Commission has given its approval," energy and aluminum group Norsk Hydro said in a statement.

"Hydro will continue to sell natural gas on the British gas exchange, the National Balancing Point, and directly to major participants in the British gas market," Hydro said.

"Our company wants to become more involved in the British gas market," German-based Wingas said in a news release.

Wingas, which is continental Europe's No. 3 gas storage operator, wants to expand its vast storage facilities to exploit seasonal price swings in Europe's growing gas market.

HydroWingas in 2006 raised its sales by 50 percent year on year to 1.2 billion cubic meters, it said.