Monday 6 June 2011

Statoil sells stake in pipeline

Norwegian firm Statoil have agreed to sell a 24.1% stake in the Gassled joint venture for 17.35 billion Norweigian Krone, nearly £2 billion. After the sale Statoil will continue to own 5% in Gassled.

Energy giants Statoil are selling to Solveig Gas Norway AS, who are owned by Canada Pension Plan Investment Board, Allianz Capital Partners and Infinity Investments SA.

Eldar Sætre, Executive Vice President for Marketing, Processing and Renewable for Statoil said: "This transaction contributes to a further streamlining of Statoil's portfolio. The divestment is part of our continuous efforts to increase capital efficiency and maximize shareholder value creation.

Gassled, established in 2003, owns the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf and transports Norwegian gas by pipelines from the producing fields to consumers on the European continent and United Kingdom.