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FINLAND


CAPITAL: Helsinki

MONETARY UNIT: Markka

REFINING CAPACITY: 200,000 b/cd

OIL PRODUCTION: 0

OIL RESERVES: 0

GAS RESERVES: 0

Finland`s Neste Oy and Imatran Voima Oy (IVO), respectively the state petroleum and electric power concerns, merged in 1998.

The Finnish government owned 71% of Neste Oy and 100% of IVO. The combined firm was named Fortum Corp.

The government planned to sell up to 49.9% of Fortum. The first stock offering reduced the state`s share in the company to 77.6% from 97.5%.

Finland overcame European Commission objections by having Neste Oy sell part of its interest in Gasum Oy, a joint venture with Russia`s Gazprom to import gas to Finland.

Neste Oy planned to double production to 38,000 b/d of premium diesel at its Porvoo refinery to meet increased export demand in Northwest Europe.

The company would spend 170 million markka to modify existing refining units by late 1999.

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