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Norway's Statoil sells stake in gas transport firm for US$3.2 billion

AP
June 7, 2011, 10:17 am TWN

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OSLO, Norway -- Norwegian oil company Statoil ASA says it will sell the majority of its stake in gas transportation company Gassled to a holding company for 17.35 billion Norwegian kroner (US$3.2 billion).

Statoil said Monday it will divest 24.1 percent of Gassled shares to Solveig Gas Norway AS, a holding company owned by Canada Pension Plan Investment Board and subsidiaries of German-based insurance giant Allianz SE and the Abu Dhabi Investment Authority.

After the sale, Statoil's stake in Gassled will be 5 percent.

Gassled owns the grid that transports gas by pipeline from the Norwegian continental shelf to consumers on the European continent and the United Kingdom.

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