Total sells Gassled stake Silex Gas Norway AS

Total sells Gassled stake to Silex Gas Norway AS

3:38 PM, 8th June 2011
Total sells Gassled stake to Silex Gas Norway AS
Patrice de Vivies, Senior VP Exploration & Production Northern Europe, Total.

 

PARIS, FRANCE: Total agreed with Silex Gas Norway AS, a wholly owned subsidiary of Allianz, to sell its entire stake in Gassled (6.4 per cent) and related entities for a price of NOK 4.64 billion (approximately $ 870 million). The transaction is subject to approval by the relevant authorities.

 

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 7,980 kilometre 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 VP Exploration & Production Northern Europe, Total. 

 

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.

© WOC News

 

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