$3.2 Billion Quoted Price for Pipeline Stakes

$3.2 Billion Quoted Price for Pipeline Stakes

It was announced by the Norwegian gas and oil plant, Statoil that it shall sell as much as 24.1% of its share in the venture of the pipeline. They added that they shall sell their stakes in Gassled for a sum of $3.2 billion dollars. According to Eldar Sætre, an Executive at Statoil, it is one of the steps to make the portfolio of the firm better.

The firm shall sell most of its stakes to Solveig Gas Norway, which is a firm owned by the Pension plan investment board in Canada. This firm is one of the most essential members of the Abu Dhabi Investment Authority as well as a subsidiary in Allianz, the insurance firm from Germany.

The "divestment in Gassled enables a re-deployment of capital into assets and projects that yield higher rates of return", Statoil said. There was a declaration made by the firm in March that it shall invest a further sum of about $3billion in the activity of exploration. They were of the view of working with places like Tanzania, Indonesia, Brazil and Norway.

"This transaction contributes to a further streamlining of Statoil's portfolio", Statoil Executive Vice President Eldar Saetre said in a statement.

"The divestment is part of our continuous efforts to increase capital efficiency and maximize shareholder value creation", he added further.

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