Statoil sells US$ 3.25 billion pipeline stake

Statoil ASA has decided to divest a 24.1% direct and indirect stake in Gassled joint venture (jv) for a consideration of US$ 3.25 billion. Following this transaction, Statoil will continue to own 5.0% in the jv.

The buyer is Solveig Gas Norway AS, a holding company that is approximately 45% owned by 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.

Eldar Sætre, executive vice president for Marketing, Processing and Renewable in 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 maximise shareholder value creation.”

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 United Kingdom. Gassled was established in 2003 by the merger of the majority of the gas pipeline joint ventures into one joint venture.

Statoil is committed to the development and supply of Norwegian gas and will continue to be the largest shipper in Gassled.

Read the article online at: https://www.worldpipelines.com/business-news/07062011/statoil_sells_3-25_billion_dollar_pipeline_stake/