Shell completes business negotiations with Infragas Norge
A deal has been completed that has seen Shell sell its share in Gassled to Infragas Norge AS.
Shell has agreed to sell its stake in a natural gas transportation scheme to Infragas Norge AS.
The deal for Gassled - which is responsible for most of the moving of gas in the Norwegian Continental Shelf - is expected to cost $730 million (£450 million).
Negotiation skill may have been required in order to complete the business negotiations.
David Loughman, managing director in A/S Norske Shell, noted the move will not affect Shell's plan for expansion in Norway.
"This sale is a further step in our strategy of exiting non-strategic assets and focusing on major growth projects," he added.
The Gassled initiative is a joint venture established in 2003 and it provides transportation for a number of different providers.
Norsea Gas AS, ConocoPhillips Skandinavia AS and Total E&P Norge AS are among the groups already involved.
It comes after Arrow - a 50-50 venture owned by subsidiaries of Royal Dutch Shell and PetroChina - made an offer for Bow Energy.
Posted by Ken Hayes