• Chinese, Nigerian presidents satisfied with bilateral ties • Pang Yuliang Acquired German Parchim Airport

Investors wanting to make the most of growing telecoms markets should put Bangladesh, China and India top of their list, according to a survey out today.
In a report that echoes Vodafone's recent multi-billion deal to control one of India's largest mobile companies, Russian and British academics said southern and south-east Asia would continue to provide the most lucrative telecoms markets in coming years.
Meanwhile, the UK remains a much less attractive prospect given it is already a highly satuarted market, according to the study by professors at the Russian School of Economics, the London Business School and Cambridge University along with Anglo-Russian telecoms investment group Altimo.
The report's authors said one of the more surprising findings was the high potential from the United States and Canada, where mobile penetration is still relatively low compared with western Europe. The US was also seen as providing strong potential for margin growth.
Russia, Ukraine and Uzbekistan were also in the report's top 10 but not all emerging markets were described as attractive investment spots. Based on low per capita GDP prospects, sub-Saharan Africa "offers a significantly less attractive investment environment," the report said.
Back in Asia, however, prospects for telecoms business growth were high thanks to "high projected per capita GDP growth and significant current capital expenditure".
Altimo's finance director Teijo Pankko predicted the strong growth seen in Asian telecoms was set to continue over coming years and highlighted Indonesia and Vietnam as particularly interesting markets.
He said Russia also continued to provide strong opportunities for investors thanks to high mobile phone usage.
"Russian and Slavic countries are as social over the phone as over the table. And there, as soon as people have money they are willing to spend it," he said.
Top five countries to invest in:
Bangladesh
China
India
Indonesia
Russia
Bottom five:
Estonia
Israel
Ireland
Tanzania
Nigeria
Document GRULTD0020070413e34d0005m

WSJ.COM What's News - Worldwide News Briefs For April 11
791 words

11 April 2007

12:25 PM

Dow Jones News Service

DJ

English

(c) 2007 Dow Jones & Company, Inc.
MCCAIN DEFENDED his stance on the Iraq war and support for Bush's troop increase, calling it the 'right road,' in prepared remarks the presidential hopeful will give.
* * * Democrats kept pressure on Gonzales and the White House to turn over hundreds of documents before next week, when the attorney general will testify before a Senate panel.
* * *
Bush invited Democrats to discuss the standoff over a war-spending bill but made clear he wouldn't change his position opposing troop withdrawals.
* * *
Wen and Abe signed an environmental accord calling for China and Japan to work on a successor to the Kyoto Protocol on climate change, as the two leaders moved to repair relations during the Chinese premier's visit to Japan.
* * *
North Korea offered to invite U.N. nuclear inspectors to return within a day of receiving funds that had been frozen in a Macau bank, and a U.S. delegation refused to extend a deadline for shutting down the country's main reactor.
* * *
The IMF expects global output to expand 4.9% this year and next, even as it says central bankers around will have to make difficult decisions on interest rates in the months ahead.
* * *
An explosion hit the prime minister's office in the capital of Algeria, ripping through some of its walls. A fire officer said at least 10 people were killed.
* * *
The Senate took up a bill on lifting Bush stem-cell funding curbs. The president signaled he'd sign a narrowly targeted Republican bill.
* * *
Attorneys for homeowners suing State Farm over Hurricane Katrina say emails in the case support their argument that the insurer pressured its engineers to alter reports on storm-damaged homes so that policyholders' claims could be denied.
* * *
Diabetes scientists said 15 Type 1 Brazilians don't need insulin shots after therapy with stem cells from their own blood, JAMA reports.
* * *
Fred Thompson, the actor-politician who is considering a bid for president, said he was diagnosed with lymphoma more than two years ago but the cancer shouldn't affect his life expectancy.
* * *
The student-loan scandal took root well before recent conflict-of-interest allegations over gifts from lenders cast a shadow on the business.
* * *
Labor's 2005 split has failed to halt a membership slide as breakaway unions pledged, and it could muddy 2008's political picture.
* * *
Russia expressed skepticism about Iran's announcement of an expanded uranium-enrichment program in defiance of U.N. demands.
* * *
Israeli authorities said they have arrested a ring of Islamic militants who planned to set off a massive car bomb in Tel Aviv over the Passover Jewish holiday.
* * *
Morocco police broke up a Casablanca suicide-bomb attack. Three men blew themselves up as police closed in. A fourth was shot dead.
* * *
Ethiopia acknowledged detaining 41 suspected terrorists from 17 countries, some captured in Somalia, and said foreign investigators were given access to them.
* * *
A federal judge rejected a motion by alleged al Qaeda operative Padilla to dismiss terrorism charges against him over claims he was tortured in U.S. military custody.
* * *
South Korea and China agreed to step up cooperation to help end North Korea's nuclear-weapons programs, during the first visit by a Chinese prime minister to Seoul in seven years.
* * *
Nigeria votes Saturday in what may be a watershed for Africa, the country's first civilian-to-civilian change of government. If things go wrong, it could disrupt the country's significant oil production.
* * *
NASA will try to launch Atlantis on the first space shuttle mission of the year in early June, almost three months later than originally planned, so that technicians can finish repairing its hail-damaged fuel tank, officials said.
* * *
Warming temperatures could cause food shortages for 130 million people by 2050, with Africa being the most vulnerable, according to a U.N. report.
* * *
Caterpillars offer a faster, safer medium to culture flu vaccine than chicken eggs, a vaccine company-funded AMA Journal study found.
* * *
P&G suspended ad support for Don Imus's program amid controversy over racist remarks he made last week. Bigelow Tea and Staples also pulled ads.
* * *
Greek maritime officials said human error contributed to the sinking of a cruise ship in the Aegean Sea last week that forced its evacuation and left two passengers missing.
* * *
Georgia health officials said a private vendor has lost a computer disk with personal data of 2.9 million Medicaid and children's health-care recipients.
* * *
The NFL suspended Tennessee Titans player Adam 'Pacman' Jones for the entire 2007 season for violating the league's personal-conduct policy.
(For continuously updated news from the Wall Street Journal, see WSJ.com at http://wsj.com .) [ 04-11-07 1225ET ]
Document DJ00000020070411e34b000ar

WSJ.COM What's News - Worldwide News Briefs For Apr. 11
655 words

11 April 2007

09:15 AM

Dow Jones News Service

DJ

English

(c) 2007 Dow Jones & Company, Inc.
A HOUSE PANEL SUBPOENAED new documents from Attorney General Gonzales as part of its investigation into the firings of eight federal prosecutors.
* * *
Bush invited Democrats to discuss the standoff over a war-spending bill but made clear he wouldn't change his position opposing troop withdrawals.
* * *
Wen and Abe signed an environmental accord calling for China and Japan to work on a successor to the Kyoto Protocol on climate change, as the two leaders moved to repair relations during the Chinese premier's visit to Japan.
* * *
North Korea offered to invite U.N. nuclear inspectors to return within a day of receiving funds that had been frozen in a Macau bank, and a U.S. delegation refused to extend a deadline for shutting down the country's main reactor.
* * *
An explosion hit the prime minister's office in the capital of Algeria, ripping through some of its walls. A fire officer said at least 10 people were killed.
* * *
The Senate took up a bill on lifting Bush stem-cell funding curbs. The president signaled he'd sign a narrowly targeted Republican bill.
* * *
Diabetes scientists said 15 Type 1 Brazilians don't need insulin shots after therapy with stem cells from their own blood, JAMA reports.
* * *
The student-loan scandal took root well before recent conflict-of-interest allegations over gifts from lenders cast a shadow on the business.
* * *
Labor's 2005 split has failed to halt a membership slide as breakaway unions pledged, and it could muddy 2008's political picture.
* * *
Russia expressed skepticism about Iran's announcement of an expanded uranium-enrichment program in defiance of U.N. demands.
* * *
Israeli authorities said they have arrested a ring of Islamic militants who planned to set off a massive car bomb in Tel Aviv over the Passover Jewish holiday.
* * *
Morocco police broke up a Casablanca suicide-bomb attack. Three men blew themselves up as police closed in. A fourth was shot dead.
* * *
Ethiopia acknowledged detaining 41 suspected terrorists from 17 countries, some captured in Somalia, and said foreign investigators were given access to them.
* * *
A federal judge rejected a motion by alleged al Qaeda operative Padilla to dismiss terrorism charges against him over claims he was tortured in U.S. military custody.
* * *
South Korea and China agreed to step up cooperation to help end North Korea's nuclear-weapons programs, during the first visit by a Chinese prime minister to Seoul in seven years.
* * *
Nigeria votes Saturday in what may be a watershed for Africa, the country's first civilian-to-civilian change of government. If things go wrong, it could disrupt the country's significant oil production.
* * *
NASA will try to launch Atlantis on the first space shuttle mission of the year in early June, almost three months later than originally planned, so that technicians can finish repairing its hail-damaged fuel tank, officials said.
* * *
Warming temperatures could cause food shortages for 130 million people by 2050, with Africa being the most vulnerable, according to a U.N. report.
* * *
Caterpillars offer a faster, safer medium to culture flu vaccine than chicken eggs, a vaccine company-funded AMA Journal study found.
* * *
P&G suspended ad support for Don Imus's program amid controversy over racist remarks he made last week. Bigelow Tea and Staples also pulled ads.
* * *
Greek maritime officials said human error contributed to the sinking of a cruise ship in the Aegean Sea last week that forced its evacuation and left two passengers missing.
* * *
Georgia health officials said a private vendor has lost a computer disk with personal data of 2.9 million Medicaid and children's health-care recipients.
* * *
The NFL suspended Tennessee Titans player Adam 'Pacman' Jones for the entire 2007 season for violating the league's personal-conduct policy.
(For continuously updated news from the Wall Street Journal, see WSJ.com at http://wsj.com .) [ 04-11-07 0915ET ]
Document DJ00000020070411e34b0005x

Statoil Annual Report 2006
60,049 words

11 April 2007

Hugin Press Release

HUGNEN

English

(c) 2007
Table of contents
Terms and Measurements relating to the Oil and Gas Industry PART I
Item 1 Identity of Directors, Senior Management and Advisors Item 2 Offer Statistics and Expected Timetable Item 3 Key Information
Selected Financial Data
Exchange Rates
Dividends
Risk Factors
Forward-Looking Statements
Statements Regarding Competitive Position Item 4 Information on the Company
History and Development of the Company
Business Overview
Organizational Structure
Property, Plant and Equipment
Item 5 Operating and Financial Review and Prospects Operating Results
Liquidity and Capital Resources
Trend Information
Use and Reconciliation of Non-GAAP Financial Measures Item 6 Directors, Senior Management and Employees Directors and Senior Management
Compensation
Board Practices
Employees
Share Ownership
Item 7 Major Shareholders and Related Party Transactions Major Shareholders
Related Party Transactions
Item 8 Financial Information
Consolidated Statements and Other Financial Information Legal Proceedings
Dividend Policy
Significant Changes
Item 9 The Offer and Listing
Markets and Market Prices
Item 10 Additional Information
Memorandum and Articles of Association
Material Contracts
Exchange Controls and Other Limitations Affecting Shareholders Taxation
Report of DeGolyer and MacNaughton
Documents on Display
Item 11 Quantitative and Qualitative Disclosures about Market Risk Item 12 Description of Securities Other Than Equity Securities PART II
Item 13 Defaults, Dividend Arrearages and Delinquencies Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds
Item 15 Controls and Procedures
Item 16A Audit Committee Financial Expert Item 16B Code of Ethics
Item 16C Principal Accountant Fees and Services Item 16D Exemptions from the Listing Standards for Audit Committees Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers
PART III
Item 17 Financial Statements
Item 18 Financial Statements
Item 19 Exhibits
Appendix A - Report of DeGolyer and MacNaughton Financial Statements
Terms and Measurements relating to the Oil and Gas Industry
References to:
* bbl means barrel
* mbbls means thousand barrels
* mmbbls means million barrels
* boe means barrels-of-oil equivalent
* mboe means thousand barrels-of-oil equivalent
* mmboe means million barrels-of-oil equivalent
* mmcf means million cubic feet
* bcf means billion cubic feet
* tcf means trillion cubic feet
* scm means standard cubic meter
* mcm means thousand cubic meters
* mmcm means million cubic meters
* bcm means billion cubic meters
* mmtpa means million tonnes per annum
* km means kilometer
* ppm means part per million
* one billion means one thousand million
Equivalent measurements are based upon:
* 1 barrel equals 0.134 tonnes of oil (33 degrees API)
* 1 barrel equals 42 U.S. gallons
* 1 barrel equals 0.159 standard cubic meters
* 1 barrel of oil equivalent equals 1 barrel of crude oil
* 1 barrel of oil equivalent equals 159 standard cubic meters of natural gas
* 1 barrel of oil equivalent equals 5,612 cubic feet of natural gas
* 1 barrel of oil equivalent equals 0.122 tonnes of NGLs
* 1 billion standard cubic meters of natural gas equals 1 million standard cubic meters of oil equivalent
* 1 cubic meter equals 35.3 cubic feet
* 1 km equals 0.62 miles
* 1 square kilometer equals 0.39 square miles
* 1 square kilometer equals 247.105 acres
* 1 cubic meter of natural gas equals one standard cubic meter of natural gas
* 1,000 standard cubic meters of natural gas equals 6.29 boe
* 1 standard cubic foot equals 0.0283 standard cubic meter
* 1 standard cubic foot equals 1,000 British thermal units (btu)
* 1 tonne of NGLs equals 1.3 standard cubic meters of oil equivalents
* 1 degree Celsius equals minus 32 plus five-ninths of the number of degrees Fahrenheit
Miscellaneous terms:
* Condensates means the heavier natural gas components, such as pentane, hexane, iceptane and so forth, which are liquid under atmospheric pressure - also called natural gasoline or naphtha
* Crude oil, or oil, includes condensate and natural gas liquids
* LNG, or liquefied natural gas, means lean gas - primarily methane - converted to liquid form through refrigeration to minus 163 degrees Celsius under atmospheric pressures
* LPG means liquefied petroleum gas and consists primarily of propane and butane, which turn liquid under a pressure of six to seven atmospheres. LPG is shipped in special vessels
* Naphtha is an inflammable oil obtained by the dry distillation of petroleum
* Natural gas is petroleum that consists principally of light hydrocarbons. It can be divided into
- lean gas, primarily methane but often containing some ethane and smaller quantities of heavier hydrocarbons (also called sales gas) and
- wet gas, primarily ethane, propane and butane as well as smaller amounts of heavier hydrocarbons; partially liquid under atmospheric pressure
* NGL means natural gas liquids light hydrocarbons consisting mainly of ethane, propane and butane which are liquid under pressure at normal temperature
* GTL, or gas to liquids, means the technology used for chemical conversion of natural gas into transportable liquids (diesel and nahptha) and specialty products (base oils)
* Petroleum is a collective term for hydrocarbons, whether solid,
liquid or gaseous. Hydrocarbons are compounds formed from the

elements hydrogen (H) and carbon (C). The proportion of different

compounds, from methane and ethane up to the heaviest components,

in a petroleum find varies from discovery to discovery. If a

reservoir primarily contains light hydrocarbons, it is described

as a gas field. If heavier hydrocarbons predominate, it is

described as an oil field. An oil field may feature free gas

above the oil and contain a quantity of light hydrocarbons, also

called associated gas.


PART I
Item 1 Identity of Directors, Senior Management and Advisors Not applicable.
Item 2 Offer Statistics and Expected Timetable Not applicable.
Item 3 Key Information
Selected Financial Data
The following tables set forth selected consolidated financial and statistical data of Statoil.
You should read the following data together with Item 5-Operating and Financial Review and Prospects and Item 11-Quantitative and Qualitative Disclosures about Market Risk and our consolidated financial statements, including the notes to those financial statements included in this Annual Report on Form 20-F.
Solely for the convenience of the reader, the financial data for the twelve months ended December 31, 2006 has been translated into U.S. dollars at the rate of NOK 6.2287 to USD 1.00, the noon buying rate on December 29, 2006. The financial data has been derived from our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP.
(in million, Year ended December 31,

except per 2006 2005 2004 2003 2002

share amounts) NOK USD NOK NOK NOK NOK


Income
Statement
Revenues:
Sales 423,528 67,996 384,653 299,015 244,817 238,845 Equity in net
income (loss)
of affiliates 410 66 1,090 1,209 616 352

Other income 1,228 197 1,668 1,219 207 1,250

Total revenues 425,166 68,259 387,411 301,443 245,640 240,447

Expenses:

Cost of goods

sold (239,544) (38,458) (230,721) (184,234) (146,832) (145,365)

Operating

expenses (34,320) (5,510) (30,243) (27,258) (26,569) (28,229)


Selling,
general and
administrative
expenses (6,990) (1,122) (7,189) (5,720) (4,845) (4,646) Depreciation,
depletion and
amortization (21,767) (3,495) (20,962) (17,318) (16,151) (16,732) Exploration
expenses (5,664) (909) (3,253) (1,828) (2,370) (2,410) Total expenses
before
financial
items (308,285) (49,494) (292,368) (236,358) (196,767) (197,382) Income before
financial
items, other
items, income
taxes and
minority
interest 116,881 18,765 95,043 65,085 48,873 43,065
Net financial
items 4,814 773 (3,512) 5,755 1,417 8,267 Other items 0 0 0 0 (6,025) 0 Income before
income taxes
and minority
interest 121,695 19,538 91,531 70,840 44,265 51,332
Income taxes (80,360) (12,902) (60,036) (45,419) (27,422) (34,333) Minority
interest (720) (116) (765) (505) (289) (153) Net income 40,615 6,521 30,730 24,916 16,554 16,846 Ordinary and
diluted
earnings per
share (1) 18,79 3,02 14.19 11.50 7.64 7.78 Dividend paid
per share (2) 9.12 1.71 8.20 5.30 2.95 2.90
(1) The weighted average number of shares outstanding was 2,161,028,202, 2,165,740,054, 2,166,142,636, 2,166,143,693 and 2,165,422,239 in 2006, 2005, 2004, 2003 and 2002, respectively. (2) See Item 8-Financial Information-Dividend Policy and Item 3-Key Information-Dividends below for a description of how dividends are determined and share repurchases. See also Item 16E-Purchases of Equity Securities by the Issuer and Affiliated Purchasers for details on the share repurchases.
At December 31,

2006 2005 2004 2003 2002

(in million) NOK USD NOK NOK NOK NOK

Balance Sheet

Assets:

Cash and cash 1,183

equivalents 7,367 7,025 5,028 7,316 6,702

Short-term investments 1,031 166 6,841 11,621 9,314 5,289

Accounts receivable 41,273 6,627 42,816 31,007 29,935 33,623

Inventories 11,872 1,906 8,369 6,858 4,894 5,349

Prepaid expenses and

other current assets 15,538 2,495 12,815 11,710 8,801 8,275

Total current assets 77,081 12,375 77,866 66,224 60,260 59,238