ExxonMobil Completes Restructuring of Its Dutch Gas Transportation Interests
Posted on: Friday, 1 July 2005, 09:01 CDT
Exxon Mobil Corporation (NYSE:XOM) announced today that its subsidiary, Esso Nederland B.V., has completed the restructuring of its interest in the Dutch gas transportation business. This restructuring had in principle been agreed under the terms of a Heads of Agreement signed on Nov. 1, 2004 between Esso Nederland B.V., Shell Nederland B.V. and the State of the Netherlands. Following the successful completion of various regulatory reviews and detailed agreements, Esso Nederland B.V. and Shell Nederland B.V. have today formally transferred their ownership share of 25 percent each in Gasunie's gas transportation business to the State of the Netherlands. At the same time the State of the Netherlands has paid an agreed net compensation in the amount of 2.77 billion euros to NAM, the Dutch oil and gas producing company jointly owned by ExxonMobil and Shell. The positive after-tax earnings impact of this transaction will be approximately $1.6 billion and will be reported in third quarter 2005 results.
This step completes the restructuring of the Dutch gas transport business consistent with the goals of the Second European Gas Directive to further the liberalization of the natural gas market in Europe. It is also consistent with the recently revised Dutch Gas Act.
As part of this restructuring, Gasunie has been legally split into a transportation company and a merchant company. The transport company is now 100 percent owned by the State. The ownership of the merchant company has remained unchanged with 50 percent owned by the State of the Netherlands and 25 percent each owned by Esso Nederland B.V. and Shell Nederland B.V.
CAUTIONARY STATEMENT: Estimates and business plans in this release are forward-looking statements. Actual future results could differ materially depending on the outcome of commercial negotiations, changes in law or government policy, and other factors discussed under the caption "Factors Affecting Future Results" in item 1 of ExxonMobil's most recent 10-K and available on our website at www.exxonmobil.com.
Source: Business Wire
Related Articles
- Bankruptcy and Restructuring Activity Increases 300 Percent Year-Over-Year
- GE Unit's First Investment in NY Wind Energy to Boost State's Wind Power By Over 70 Percent
- Nord Oil / the North-West Oil Group to Create a Joint-Venture With Oil India, India's Leading Oil and Gas State Enterprise
- Sovereign Settles Suit With Investor: San Diego-Based Relational Investors, Which Owns More Than 8 Percent of Sovereign Bancorp Inc. Stock, Has One of Its Principals Elected to the Thrift's Board.
- Croatian Gas Imports From Russia Down By 33 Percent
- States Have Their Own Plans for Bird Flu
- Gas Heating Bills Expected to Soar 50 Percent ; That's National Average; It Could Be More in Midwest
- Gas Company Seeks Heftier Rate Hike: 23.8 Percent
- Columbia Gas of Ohio to Raise Rates 16 Percent
 |
 |
User Comments (0)
RSS Feeds