Eastern European Markets
May 18, 2005

Fortum sells its stake in North Transgas to Gazprom

Fortum Heat and Gas Oy has decided to sell its 50% stake in North Transgas Oy to OAO Gazprom. As a result, Gazprom will become a 100% owner of North Transgas Oy.

As stated for several years, Fortum sees itself as a major user of natural gas, not as a builder of gas infrastructure. The divestment of the North Transgas shares is a natural consequence of this strategy. Fortum has expressed its interest to provide gas-powered energy to Stockholm and mid-Sweden and Gazprom is studying the feasibility of a spur pipeline to Sweden.

"Gazprom will continue to be an important partner of Fortum. We have a mutual interest in facilitating the future use of gas-powered energy also in the Stockholm and the mid-Sweden areas. We are very pleased to see this option as part of Gazprom's plans" says Tapio Kuula, Senior Vice President of Fortum.

North Transgas Oy was formed in 1997 by Neste (later Fortum) and Gazprom to plan, construct and operate the North European Gas Pipeline from Russia to Northern Germany across the Baltic Sea.

For further information
Tapio Kuula, Senior Vice President
Fortum Corporation,
Tel. +358 (0) 10 45 24112

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