Shell selling its stake in Norway firm for £455m

OIL major Royal Dutch Shell has agreed to sell its interests in natural gas transport infrastructure joint venture Gassled to Infragas Norge AS for 3,925m Norwegian crowns (£454.7m), as Shell continues its process of divesting non-core assets.

Gassled operates Norway’s integrated gas transportation system and processing facilities, moving most of the gas production on the Norwegian Continental Shelf to consumers on the European continent and in the United Kingdom.

“This sale is a further step in our strategy of exiting non-strategic assets and focusing on major growth projects,” said David Loughman, managing director for AS Norske Shell. “Shell’s growth strategy for Norway is unchanged,” he added in a statement.

Infragas Norge AS is an indirect wholly-owned subsidiary of the Public Sector Pension Investment Board, which is one of Canada’s largest pension funds.