Total sells its stake in gigantic Norwegian pipeline network

7th June 2011, Comments 0 comments

French oil giant Total is selling its 6.4 percent stake in the Gassled pipelines in Norway, the largest offshore pipeline network in the world, for some 900 million dollars, a spokesman said Tuesday.

"The deal is done," Florent Segura told AFP.

"The only thing left is to sign, which will be done in the next few days," he added, refusing to disclose who was the buyer.

Total will get around $900 million (610 million euros) for the stake, Paris-based Segura said, reached by phone from Oslo.

Gassled is a gigantic network of pipelines totaling almost 8,000 kilometers (5,000 miles) in the North Sea which brings Norwegian gas to the European continent and Britain.

The joint venture, created by oil companies in 2003, also has two gas processing facilities in Norway.

On Monday, Norwegian energy giant Statoil said it was selling part of its 24.1 percent stake in Gassled to a financial consortium for 17.35 billion kroner (2.2 billion euros), retaining just a 5.0 percent share in the pipeline network.

Last year, US energy giant ExxonMobil sold its 9.4 percent stake to the Njord Gas Infrstructure fund, formed by Swiss USB (82 percent) and France's CDC Infrastructure (18 percent), a division of France's Caisse des Depots.

© 2011 AFP

0 Comments To This Article