Tuesday 7 June 2011

Total to sell Gassled stake

French oil firm Total are reported to be ready to sell their 6.4% stake in the Norwegian gas grid system Gassled.

Total are following in the steps of Norwegian energy firm Statoil, who agreed to sell nearly a quarter of the Gassled stake to a group, which included German insurer Allianz.

According to a Reuters report Total's senior vice president for Northern Europe a deal with a European investment firm was agreed for $900 million last week.

Total are due to make an official announcement on the deal tomorrow.