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OIL & GAS NOTES

SPP, Ruhrgas sign joint venture

The state-run gas utility SPP said on June 16 it had signed an agreement with German gas firm Ruhrgas AG to create a joint venture company. The new 50:50 joint venture called InterKvet, will be based in Bratislava and will focus on trading with natural gas and offering consulting services in energy saving programs. It should also operate a gas-fuelled electricity and heat producing unit at SPP headquarters in Bratislava, SPP said in a statement. SPP spokesman Tibor Repta said it would be premature to speak about the deal in terms of revenue or profit forecasts. The joint venture is part of a wider cooperation agreement with Ruhrgas, which may possibly include future contracts on purchase and sale of natural gas, technological cooperation and infrastructure construction.

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