Shell has agreed to sell its interests in natural gas
transport infrastructure joint venture Gassled to Infragas
Norge for about $730 million, based on current exchange
Gassled is Norways integrated gas transportation
system and processing facilities, which transports most of
the gas production on the Norwegian Continental Shelf (NCS) to
consumers on the European continent and in the United
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 for Shell. Shells growth strategy
for Norway is unchanged.
The agreement with Infragas Norge AS relates to Shells
5.0% interest in Gassled JV and associated interests of 3.3% in
Dunkerque terminal and 2.5% in Zeepipe terminal.
Gassled is a joint venture established in 2003.
It provides transportation services on an open access basis
to producers on the Norwegian Continental Shelf.
Licence partners in Gassled include Petoro, Statoil, Njord
Gas Infrastructure , Total, Norsea Gas, ConocoPhillips, Eni,
Dong, GDF Suez and RWE Dea Norge.
Infragas Norge is an indirect wholly-owned subsidiary of the
Public Sector Pension Investment Board one of
Canadas largest pension investment managers, with over
Canadian $58 billion of assets under management as of March
The transaction is subject to approval by the relevant
Norwegian authorities and to consents by the Gassled JV
The parties intention is to close in the fourth
quarter of 2011, they said.