Total unit offloads stake in Interconnector system

Quebec's La Caisse de depot et placement du Quebec has acquired a 10% interest in Interconnector (UK) from Total Midstream Holding UK Ltd.

Uchenna Izundu
International Editor

LONDON, Oct. 5 -- Quebec's public pension plan management firm La Caisse de depot et placement du Quebec has acquired a 10% interest in Interconnector (UK) Ltd. from Total SA unit Total Midstream Holding UK Ltd.

A Total spokeswoman told OGJ that it had sold its stake because it was no longer a strategic interest, but the company would retain capacity rights in the infrastructure. She did not disclose the deal's value.

Interconnector is a bidirectional, 230-km gas pipeline that links the UK to Continental Europe in Belgium with a capacity of 25.5 billion cu m/year of gas from Zeebrugge to Bacton and 20 billion cu m/year in the opposite direction.

Total remains committed to gas development in the UK with production from the Jura gas-condensate field in the Alwyn Area, expected to start in second quarter 2008.

Total is also continuing exploration in the UK North Sea with the recent Tormore discovery. "Recent discoveries have lifted its proved and probable reserves in the United Kingdom to over 1 billion boe in 2006," the company added.

According to Interconnector's web site, the pipeline's shareholders are now as follows: La Caisse 35%, E.On Ruhrgas 23.59%, Ditstrigas 16.41%, ConocoPhillips 10%, OAO Gazprom 10%, and Eni SPA 5%.

Contact Uchenna Izundu at uchennai@pennwell.com.

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