Statoil sells stake in Norway pipeline JV Gassled
Norway’s oil company Statoil ASA will sell the majority of its stake in gas transportation firm Gassled for 17.35 billion Norwegian kroner ($3.2 billion).
Following the sale, Statoil’s ownership in Gassled will be 5%.
The buyer is Solveig Gas Norway AS, a holding company owned 45% by the Canada Pension Plan Investment Board, 30% by Allianz Capital Partners, a subsidiary of Allianz SE, and 25% by Infinity Investments SA, a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
"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," said Eldar Saetre, Statoil’s executive vice president for marketing, processing and renewables.
Gassled is the owner of the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf (NCS), transporting Norwegian gas by pipelines from the producing fields to consumers on the European continent and UK.
Gassled was established in 2003 by the merger of the majority of the gas pipeline joint ventures into one joint venture. Gassled provides transportation services with third-party access on a non- discriminatory basis to producers on the NCS.
Statoil's divestment in Gassled enables a re-deployment of capital into assets and projects that yield higher rates of return, the company said.
Statoil is committed to the development and supply of Norwegian gas and will continue to be the largest shipper in Gassled, it said.
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