Three European gas companies are joining forces to build, own and operate a 235km gas pipeline to link Bacton in Norfolk with Holland.
A new £310m undersea pipeline will link Bacton in Norfolk with Holland
The new company, known as BBL, includes Fluxys (Belgian), Gasunie (Dutch) and Ruhrgas (German).
The £310m pipeline is designed to allow Britain to import gas after supplies in the North Sea run out.
Construction of the pipeline is expected to start in the second half of 2004.
The new pipeline will form part of network which will eventually mean British consumers could be burning natural gas from the Norwegian sector of the North Sea and the Ural Mountains in Russia.