Shell to exit Norwegian gas transportation venture

Norske Shell has agreed to sell its interests in the Norwegian gas transport infrastructure joint venture Gassled to Infragas Norge for $730 million.

Offshore staff

OSLO, Norway – Norske Shell has agreed to sell its interests in the Norwegian gas transport infrastructure joint venture Gassled to Infragas Norge for $730 million.

Gassled manages Norway's gas transportation system and processing facilities, which delivers most of the country’s offshore gas production markets throughout Europe.

"This sale is a further step in our strategy of exiting non-strategic assets and focusing on major growth projects," said David Loughman managing director of Norske Shell. "Shell's growth strategy for Norway is unchanged."

The agreement with Infragas Norge relates to Shell's 5.0% interest in Gassled and associated interests of 3.3% in the Dunkerque gas terminal in northern France and 2.5% in the Zeepipe terminal in Belgium.

Gassled’s other license partners are Petoro, Statoil, Njord Gas Infrastructure, Total E&P Norge, Norsea Gas, ConocoPhillips Skandinavia, Eni Norge, Dong E&P Norge, GDF Suez E&P Norge, and RWE Dea Norge.

Infragas Norge is an indirect, wholly owned subsidiary of Canada’s Public Sector Pension Investment Board.

09/01/2011

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