Statoil Mulls Reducing Stake in Gassled Pipeline
STOCKHOLM (Dow Jones Newswires), Apr. 12, 2011
Norwegian oil and gas major Statoil is evaluating a sale of some of its shares in the Gassled joint venture pipeline, according to a company spokesman.
"We consider reducing our ownership share in Gassled and believe that could potentially make capital available that we could manage elsewhere where we could use our experience and competence to create more value," Bard Glad Pedersen told Dow Jones Newswires. "We aren't considering to sell out, just to reduce our ownership."
The spokesman declined to comment on whether the firm, which owns 28.5% of Gassled, had been approached by potential buyers and said a transaction would require the approval of Norway's Ministry of Petroleum and Energy.
Norwegian daily Aftenposten reported Tuesday that Statoil, Shell and Total want to sell stakes in Gassled to "foreign funds" based outside Norway, citing unnamed sources.
Gassled is used for transporting Norwegian gas to mainland Europe and the U.K. Its largest shareholder is state-run oil company Petero, which has a 45.8% stake.
U.S. oil major ExxonMobil last year sold its 8% stake in Gassled for around 6 billion kroner ($1.12 billion), so the pipeline's market value may be around NOK75 billion. Bard Glad Pedersen declined to comment on the figure.
Norwegian authorities would like the current ownership structure to remain in place but have few means to prevent a sale, Aftenposten cites Oil and Energy Ministry spokesman Erik Johnsen as saying.
Shell and Total decline to comment on the issue, Aftenposten said.
Copyright (c) 2011 Dow Jones & Company, Inc.
Operates 13 Offshore Rigs
- ExxonMobil Says Julia, Hadrian South Operations Back To Normal After Nate (Oct 10)
- Iraq's Talks with Exxon on Southern Oilfields in Final Stages-Minister (Oct 09)
- U.S. Gulf Oil Producers Start Evacuating Staff Ahead of Tropical Storm Nate (Oct 05)
Company: Shell more info
Operates 27 Offshore Rigs
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Shell, Varo End Talks on Germany Refinery Stake Sale (Oct 06)
Company: Statoil more info
Operates 1 Offshore Rigs
- Statoil Takes First Bite Of Solar Market With Brazilian Joint Venture (Oct 04)
- Statoil Charters Last of Largest Oil Tankers to Hold Crude for Asia Buyers (Sep 28)
- Statoil And Partners Plan Output Capacity Expansion At Troll Gas Field (Sep 26)
Company: Total S.A. more info
- Total CEO: US Shale Oil Industry To See Wave Of Investment (Oct 18)
- Total's CEO Says Will Try To Move Ahead With Iran Gas Project (Oct 17)
- Total Expands Presence in Mexico (Oct 12)