Total selling pipeline stake to Silex Gas Norway AS

Total is to sell its entire stake in Gassled (6.4%) and related entities to Silex Gas Norway AS, a wholly owned subsidiary of Allianz, for a price of NOK 4.64 billion (approximately US$ 870 million).

Statoil ha salso chosen to sell a 24.1% stake in Gassled to Solveig Gas Norway AS, a holding company that is approximately 45% owned by Canada Pension Plan Investment Board, 30% by Allianz Capital Partners, a subsidiary of Allianz SE, and 25% by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Gassled is a joint venture formed in 2003 to transport natural gas from fields on the Norwegian Continental Shelf to Continental Europe and the UK. Gassled’s infrastructure assets comprise approximately 7980 km of natural gas pipelines and associated platforms, processing plants and terminals in Norway, Belgium, France, Germany and the UK. Gassled derives its revenues from tariff payments from Shippers using the system, these tariffs being regulated by the Norwegian Ministry of Petroleum and Energy.

Ownership of Norwegian midstream gas transportation assets is no longer a core business, and so this sale constitutes part of the Group’s ongoing optimization of its portfolio” said Patrice de Vivies Senior Vice President Exploration & Production Northern Europe.

Total will continue to be a major user of the Gassled system with long term bookings to transport its equity gas production to customers in European markets.

Published on 09/06/2011

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