2011-06-21-2011-06-06-2011-06-06

To acquire 24.1% stake in Gassled JV with transportation grid and processing facilities on the Norwegian Continental Shelf.

Solveig Gas Norway AS, a Norweigian holding company, plans to acquire a 24.1% direct and indirect stake in the Gassled joint venture from Statoil ASA, Stavenger, Norway, (Oslo: STL; NYSE: STO) for approximately US$3.12 billion (NOK 17.35 billion).

Solveig Gas Norway's owners includes Canada Pension Plan Investment Board, which holds 45%; Allianz Capital Partners, a subsidiary of Munich, Germany-based financial services company Allianz SE (Frankfurt: ALV; NYSE: AZ), which holds 30%; and 25% held by Infinity Investments SA, a subsidiary of the Abu Dhabi, U.A.E.-based Abu Dhabi Investment Authority.

Gassled is the owner of the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf, transporting Norwegian gas by pipelines from the producing fields to consumers on the European continent and U.K.

Pro forma, Statoil will continue to own 5% interest in the joint venture.

Statoil executive vice president Eldar Sætre says, "This transaction contributes to a further streamlining of Statoil's portfolio. The divestment is part of our continuous efforts to increase capital efficiency and maximize shareholder value creation."