Holding company Solveig Gas Norway AS is set to purchase the 24.1 per cent interest. Once this transaction is complete, Statoil will be left with a 5 per cent interest in the joint venture.
Statoil Executive Vice President for Marketing, Processing and Renewable Eldar SÌ_tre 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 transports 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 will continue to be the largest shipper through the Gassled Pipeline.
The transaction will be subject to government approval from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.
Solveig Gas Norway AS is 45 per cent owned by the Canada Pension Plan Investment Board, 30 per cent by Allianz Capital Partners and 25 per cent by Infinity Investments SA.