The FINANCIAL -- The divestment of 24.1% of the Gassled
shares from Statoil ASA to the consortium Solveig Gas Norway AS is now
completed, according to Statoil.
Solveig Gas Norway AS is a holding company that is approximately 40% owned by Canada Pension Plan Investment Board, 30% by Allianz Capital Partners, and 30% by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority.
The total value of the transaction as announced on 6 June 2011 is NOK 17.35 billion
Statoil retains a 5% stake in Gassled and remains the technical service provider. Gassled is the owner of the integrated gas transportation grid and processing facilities on the Norwegian continental shelf, transporting Norwegian gas by pipelines from the producing fields to consumers on the European continent and the United Kingdom. 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 NCS producers. Statoil’s divestment in Gassled enables a redeployment of capital into assets and projects that yield higher rates of return. This is part of Statoil’s continuous efforts to increase capital efficiency and create shareholder value.
Statoil is committed to the development and supply of Norwegian gas and will continue to be the largest shipper in Gassled.
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