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.