Allianz buys stake in Norwegian gas transportation grid

Allianz SE | Munich | Jun 06, 2011

Allianz Capital Partners (ACP), together with Canada Pension Plan Investment Board (CPPIB), and Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority, has acquired a 24.1 percent stake in Gassled joint-venture from Norwegian Statoil ASA for a total consideration of 17.35 billion NOK (approximately 2.2 billion euros).

The stake was acquired through Solveig Gas Norway AS, a holding company that is approximately 45 percent owned by CPPIB, 30 percent by ACP, a subsidiary of Allianz SE, and 25 percent by Infinity Investments.

Gassled is the owner of the integrated offshore gas transportation grid and processing facilities on the Norwegian Continental Shelf (NCS), transporting Norwegian gas by pipelines from the producing fields to consumers on the European continent and United Kingdom.

Gassled provides transportation services with third party access on a non-discriminatory basis to producers on the NCS.

The transaction will be subject to government approval from the Norwegian Ministry of Petroleum and Energy (MPE) and the Norwegian Ministry of Finance (MF).