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Shell to offload Norwegian pipeline and part of gas plant

The oil major has entered into an agreement to sell its 9% share of the Polarled gas pipeline which connects Statoil’s Aasta Hansteen field in the Norwegian North Sea with the Nyhamna gas processing plant.

Shell plans to sell the stake to CapeOmega AS, which is owned by European acquisition fund HitecVision.

The deal also includes £% of the 15.03% stake in the Nyhamna gas plant, one of the largest of its kind on the Norwegian continental shelf.

The transaction is expected to be completed by 2017, subject to approval by the Ministry of Petroleum and Energy and the Ministry of Finance.

Shell will still be linked to Nyhamna through a significant ownership stake and still be in charge of the operation of the plant through the role of technical service provider to Gassco.

Shell participated in the funding of the Polarled pipeline and expansion of Nyhamna in order to help further develop gas production on the Norwegian continental shelf.

The sale has no impact on Shell’s business or strategic aspirations in Norway,” said Rich Denny, Shell’s chief executive in Norway.

The agreement is in accordance with Shell’s strategy to concentrate the upstream portfolio, where the company can provide the most value to shareholders and partners.

The parties have agreed not to provide information on financial aspects of the transaction.

SOURCE

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