Source Pravda.Ru

DONG Plans $1 Billion International Expansion

Dansk Olie and Naturgas A/S, Denmark's state owned oil and gas company, plans to spend at least ten billion kroner ($1.2 billion) on purchases over two years to broaden its earnings streams, its chief executive officer said. DONG is currently negotiating with NESA A/S, Denmark's top electricity company, about an acquisition, and has already put 600 million kroner into a windmill park in the south of Denmark as part of a plan to add renewable energy and electricity assets. “It's difficult to see how else a company of our miniscule size will be able to cope on our own,” said Anders Eldrup, the CEO. “We plan to look for investment opportunities in neighboring countries such as Ireland, Germany and Sweden.” Set up 30 years ago to safeguard Denmark's energy supply, DONG is trying to expand as competition intensifies and the Liberal Conservative government plans a DONG stake sale in the years ahead. The Danish company has just a sixth of the sales of rivals such as Ruhrgas, the biggest German natural gas company.