Statoil Divests Gassled Interest

7 June 2011 (Last Updated June 7th, 2011 18:30)

Statoil is to sell a 24.1% direct and indirect interest in the Gassled joint venture, the owner of the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf, to Solveig Gas for Nkr17.35bn ($3.24bn). Statoil will continue to hold a 5% stake in th

Statoil is to sell a 24.1% direct and indirect interest in the Gassled joint venture, the owner of the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf, to Solveig Gas for Nkr17.35bn ($3.24bn).

Statoil will continue to hold a 5% stake in the joint venture following the transaction.

Gassled transports Norwegian gas by pipelines from the producing fields to consumers in Europe.

The Gassled sell-off will enable Statoil to deploy capital into assets and projects that yield higher rates of return.