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Danske Commodities, part of Equinor, announced in a statement on Tuesday that its CEO will assume a new role as senior vice president (SVP) of gas and power at its parent company after six years at the helm of Danske Commodities.
Kristiansen will become responsible for all Equinor’s power and gas trading activities globally.
Gas and power represents a “critical and profitable business cluster in Equinor as the market-facing entity for all gas and power, with total revenues of $25.7 billion last year.”
“After the energy crisis, Equinor has become the largest supplier of natural gas to Europe. That is an important responsibility, which I look forward to taking on,” Kristiansen said.
He replaces Helge Haugane, who was named head of a new Equinor business area in April.
In Europe, Eqinor’s most important markets for gas are Germany, the UK, and France.
Equinor also supplies LNG to Europe from its 4.3 mtpa Hammerfest LNG export plant.
According to Equinor, its production capacity of around 6.5 bcm of gas per year is enough to supply 6.5 million households with light and heat.
In 2023, Equinor also signed a long-term deal to buy LNG from US LNG exporting giant Cheniere, while the firm is also developing the delayed Tanzania LNG export project with Shell nad other partners.