Gassled transaction completed

The divestment of 24.1% of the Gassled shares from Statoil ASA to the consortium Solveig Gas Norway AS is now completed.

Solveig Gas Norway AS is a holding company that is approximately 40% owned by Canada Pension Plan Investment Board, 30% by Allianz Capital Partners (a subsidiary of Allianz SE), 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 (TSP).
"This transaction contributes to a further streamlining of our portfolio and underlines our continuous efforts to increase capital efficiency and maximise shareholder value," says Eldar Sætre, Statoil executive vice president for Marketing, Processing and Renewable Energy (MPR).


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 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.


"Reliable, safe and cost-efficient operation of the system is the key to secure continued interest for our gas among European customers. We are therefore fully committed to maintaining our role as TSP for the major part of the transportation and processing systems," Sætre says.
 

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