Word: nyhamna
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...Hydro, an Oslo-based energy-and-metals company he was running, completed a $36 billion merger with Statoil, its beefier Norwegian rival, creating the world's largest offshore energy operator. Five days later, Reiten hosted his country's King and Queen in Nyhamna, a third of the way up Norway's west coast, at the official launch of a record-breaking gas-production and -processing project forged by Hydro to harness gas from 75 miles (120 km) away under the Norwegian...
...during the investigation left him little choice but to resign as the combined company's first chairman. (He remains CEO of Hydro's aluminum and power businesses, which were not part of the merger.) "It's been an eventful week," Reiten, 54, told TIME amid the icy rain in Nyhamna. "Both for good...
Take Ormen Lange, the name of the deep-sea field 75 miles (120 km) from Nyhamna. Hover over the sea above the enormous gas reservoir, and you won't see a rig. Instead, the company overcame underwater peaks, subzero temperatures and powerful currents to build extraction installations directly on the seabed half a mile (1 km) below the surface. In a couple of hours, extracted gas reaches the Nyhamna plant, where it's processed and sent to Britain via the world's longest underwater pipeline (it's a trip that can take as little as two days). In full swing...
...Hydro said it had contacted Okokrim, the Norwegian national authority that investigates economic crime, after an initial probe suggested Hydro had done more business with the consultancy than was previously thought. Packed into a room with reporters in Molde, a short drive and ferry trip from Nyhamna, StatoilHydro's new boss Lund scoffed at any talk that the revelations might disrupt the smooth integration of the two firms. "I'm the strongest guarantor for that," he said, shortly before heading to the Ormen Lange celebrations, "and that is my responsibility." As the head of Norway's new, next-generation energy...
...Hydro said it had contacted Okokrim, the Norwegian national authority that investigates economic crime, after an initial probe suggested Hydro had done more business with the consultancy than was previously thought. Packed into a room with reporters in Molde, a short drive and ferry trip from Nyhamna, StatoilHydro's new boss Lund scoffed at any talk that the revelations might disrupt the smooth integration of the two firms. "I'm the strongest guarantor for that," he said, shortly before heading to the Ormen Lange celebrations, "and that is my responsibility." As the head of Norway's new, next-generation energy...