Statoil to divest in Gassled

Statoil ASA (OSE: STL, NYSE: STO) has decided to divest a 24.1% direct and
indirect stake in Gassled joint venture (jv) for a consideration of NOK 17.35
billion. Following this transaction, Statoil will continue to own 5.0% in the
jv. The buyer is Solveig Gas Norway AS, a holding company that is approximately
45% owned by Canada Pension Plan Investment Board, 30% by Allianz Capital
Partners, a subsidiary of Allianz SE, and 25% by Infinity Investments SA, a
wholly owned subsidiary of the Abu Dhabi Investment Authority.
 
"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," says executive vice president for
Marketing, Processing and Renewable in Statoil, Eldar Sætre.
 
Gassled is the owner of the integrated 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 was established in 2003 by the merger of the
majority of the gas pipeline joint ventures into one joint venture.
Gassled provides transportation services with third party access on a non-
discriminatory basis to producers on the NCS. Statoil's divestment in Gassled
enables a re-deployment of capital into assets and projects that yield higher
rates of return. This is part of Statoil's continuous efforts to increase
capital efficiency and create shareholder value.
 
Statoil is committed to the development and supply of Norwegian gas and will
continue to be the largest shipper in Gassled.
 
"Reliable, safe and cost-efficient operation of the system is the key to secure
continued interest for our gas among European customers. We are therefore fully
committed to maintain our role as TSP for the major part of the transportation
and processing systems," Sætre says.
 
The financial effect of the transfer will be as of 01.01.2011
 
The transaction will be subject to government approval from the Norwegian
Ministry of Petroleum and Energy (MPE) and the Norwegian Ministry of Finance
(MF).
 
For more information
 
Investor relations
 
Hilde Merete Nafstad, senior vice president, Investor Relations,
Tel: +47 957 83 911
 
Morten Sven Johannessen, vice president, Investor Relations USA,
Tel: +1 203 570 2524
 
Media
 
Bård Glad Pedersen, press spokesperson, Media Relations,
Tel: +47 91 80 17 91
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
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Source: Statoil via Thomson Reuters ONE
 
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