Statoil Inks $3.2B Deal To Sell Pipeline Stake

Law360, New York (June 6, 2011, 12:49 PM EDT) -- Norwegian oil and gas giant Statoil ASA said Monday that it had struck a $3.2 billion deal to sell a 24.1 percent stake in a European joint pipeline venture.

Statoil will retain a five percent stake in Gassled, the owner of the gas transportation grid and processing facilities on the Norwegian Continental Shelf, but the company will sell the bulk of its ownership to Solveig Gas Norway AS, a holding company owned by the Canada Pension Plan Investment Board, a subsidiary of German insurer Allianz SE...
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