AS Norske Shell has entered into a binding agreement to sell its interests in the Gassled natural gas transportation system joint venture to Infragas Norge AS for $730 million.
“This sale is a further step in our strategy of exiting nonstrategic 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% interest in Gassled JV and associated interests of 3.3% in Dunkerque terminal and 2.5% in Zeepipe terminal.
Earlier this year, Total SA agreed to sell its entire 6.4% stake in the Gassled venture and related entities to Silex Gas Norway AS, a unit of German insurer Allianz SE, for $870 million (OGJ Online, June 8, 2011).
Gassled is Norway’s integrated gas transportation system and processing facilities, transporting most of the gas production on the Norwegian Continental Shelf to consumers in Europe and the UK.
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