A/S Norske Shell has entered into a binding agreement to sell its 5% stake in Gassled to Infragas Norge AS for about €430m. Gassled is a joint venture between oil and gas companies on the Norwegian continental shelf, which operates the gas transportation system from Norway to consumers on the European continent and in the United Kingdom. The transaction includes Shell's 5% stake in Gassled and association interests of
3.3% in Dunkerque Terminal and 2.5% in Zeepipe Terminal. Gassled's current shareholders are Petoro AS (45.8%), Statoil Petroleum AS (28.5%), TOTAL E&P NORGE AS (6.1%), Njord Gas Infrastructure AS (8%), Norske Shell (5%), Norsea Gas AS (2.3%), ConocoPhillips Skandinavia AS (1.7%), Eni Norge AS (1.3%), DONG E&P Norge AS (1%), GDF SUEZ and RWE Dea Norge (less than 0.5% each).
Infragas Norge AS is an indirect wholly-owned subsidiary of the Public Sector Pension Investment Board (Canada). The transaction is subject to approval by the relevant Norwegian authorities and to consents by the Gassled JV partners. The parties’ intention is to close in Q4 2011.