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    Statoil Completes Gassled Sale to Solveig

Summary

Norwegian Statoil has today completed a 24.1 per cent stake sale in gas transportation unit owner Gassled to Solveig Gas Norway, at a cost of NOK17.35 billion (approx. €2.7 billion).

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Natural Gas News, News By Country, Norway

Statoil Completes Gassled Sale to Solveig

Norwegian Statoil has today completed a 24.1 per cent stake sale in gas transportation unit owner Gassled to Solveig Gas Norway, at a cost of NOK17.35 billion (approx. €2.7 billion). The sale is completed following approval from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.

The sale, which was agreed in June 2011, grants Solveig the majority of Statoil's stake in Gassled. Statoil will still retain a 5 per cent stake in Gassled and will continue to act as the technical service provider.

Chairman of Solveig, Johan Nic. Vold, said the deal marked the completion of a year's efforts.

"Today represents the culmination of over a year of effort to build relationships with our stakeholders, secure all government approvals and establish our organization in Norway," he said.

"The shareholders of Solveig appreciate the close cooperation Statoil has offered in the transition process. Gassled is a strong fit with Solveig Gas Norway AS’ shareholders long-term investment strategy and we look forward to becoming an important strategic partner in the future development of the Gassled network."

Gassled is the owner of the integrated gas transportation grid and processing facilities on the Norwegian continental shelf, transporting gas from Norway's fields to Europe and the United Kingdom via pipelines.

Solveig Gas Norway is a holding company, which is 40 per cent owned by Canada Pension Plan Investment Board, 30 per cent by Allianz and 30 per cent owned by Infinity Investments, a wholly owned subsidiary of the Abu Dhabi Investment Authority.