Statoil to sell Gassled stake to foreign funds for $3.2 billion

Norwegian oil company Statoil today said that it will sell a major part of its stake in European natural gas transport joint venture Gassled to a group of foreign funds, for 17.35 billion Norwegian kroner ($3.2 billion).

Following the transaction, Stavanger, Norway-based Statoil will continue to own 5 per cent in Gassled.

Statoil is selling its 24.1 per cent direct and indirect stake in Gassled to Solveig Gas Norway AS, a holding company that is approximately 45 per cent owned by Canada Pension Plan Investment Board, 30 per cent by Allianz Capital Partners, a subsidiary of Allianz SE, and 25 per cent by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority.

The transaction will be subject to government approval from the Norwegian ministry of petroleum and energy and the Norwegian ministry of finance, said Statoil, which is 67 per cent owned by the Norwegian state.

Established in 2003 by the merger of the majority of the gas pipeline joint ventures into one joint venture, 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 the UK.

Gassled provides transportation services with third party access 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, according to a Statoil statement.

"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," said Eldar Sætre, executive vice president for marketing, processing and renewable in Statoil.