NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.

Members of the personnel board of the pension fund are negotiating the matter with the company, which is half owned by the Dutch state, Gasunie press officer Pieter Bakker told IPE.

Negotiations could end with a decision to split the pension fund, although the details would not be public until next year, as the board is receiving advice and consultations which may drag on until March, Bakker said.

Bakker also said it was too early to determine whether the split would lead to a clean-cut 50-50 division of the pension fund’s assets.

From the accounting point of view, Gasunie will be known as two separate entities from January 1. The separation of the two aspects of the business is expected to be complete by July 2005.

The transport services side of the business, including Gasunie technology and assets, research and engineering divisions, will be known as Gasunie. It will be wholly owned by the state, which could also have to foot the bill for the pensions.

The supply and trade operations, Gasunie Trade and Supply, will be owned by the Dutch state and Exxon/Shell, although further separations in the future are not excluded at the moment, the spokesman said.

According to ‘International Pension Funds and their Advisors 2004’, the fund is managed in house and its asset allocation consists of equities (36%), bonds (52%) and property (12%).

The split of Gasunie’s operations is to comply with the European Union’s gas directive, which establishes common rules for the transmission, distribution, supply and storage of gas.

The directive aims at developing a competitive market dividing the supply and transport of gas.

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