STAVANGER, Norway – Statoil is selling a 24.1% direct and indirect stake in the Gassled pipelines joint venture to SolveiG Gas Norway for NOK 17.35 billion ($3.2 billion). The sale will reduce Statoil’s share in Gassled to 5%.
Gassled owns the gas transportation grid and processing facilities on the Norwegian continental shelf (NCS), taking gas from Norway’s fields through a network of long-distance offshore trunklines to consumers on the European mainland and in the UK. It was formed in 2003 via the merger of most of Norway’s existing gas pipeline joint ventures into one organization, and today provides transportation services with third party access to producers on the NCS.
SolveiG is a holding company owned 45% by Canada Pension Plan Investment Board; 30% by Allianz Capital Partners, a subsidiary of Allianz SE; and 25% by Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority.
Statoil says that scaling back its presence in Gassled will allow it to redirect capital into assets and projects yielding higher rates of return. But the company remains committed to the development and supply of Norwegian gas and will continue to be the largest shipper in Gassled.
The transaction is subject to approval from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.