FORTUM CONCLUDED THE SALE OF ITS NORWEGI

Fortum Corporation    STOCK EXCHANGE RELEASE
                      3. March 2002 at 1.15 p.m. 1 (1)





FORTUM CONCLUDED THE SALE OF ITS NORWEGIAN E&P ASSETS TO ENI



Today Fortum closed the transaction whereby it sells Fortum
Petroleum AS and its Norwegian E & P business to ENI International
B.V. as described in a stock exchange release issued by Fortum on
20 November, 2002. The transaction completes the divestment of
Fortum´s non-core E&P assets.

The financial impact of the transaction was included in Fortum’s
2002 annual closing and no production volumes or related earnings
from the Norwegian operations in question will be booked in 2003.

Fortum continues its current E & P activities in north-west
Russia, where preparations to start production in late 2003 at the
South Shapkino oil field continue according to plan.



Fortum Corporation
Carola Teir-Lehtinen
Senior Vice President, Corporate Communications



For further information, please contact:

Mr Juha Laaksonen, CFO, tel. +358 10 45 24519
Mr Veli-Matti Ropponen, President, Oil Sector, tel. +358 10 45
24115



Distribution:
Helsinki Exchanges
Key media





About Us

Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and 62% of our electricity generation is CO2 free. In 2016, our sales were EUR 3.6 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com

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