Statoil Sells Gas Pipeline Stake to Italy's Snam for EUR208 Million
01 Dicembre 2015 - 10:30AM
Dow Jones News
By Kjetil Malkenes Hovland
OSLO--Oil and gas producer Statoil ASA (STO) said Tuesday it had
sold its 20% stake in the Trans Adriatic Pipeline AG to Italian gas
pipeline operator Snam SpA for 208 million euro ($220.06 million),
partly to reduce its spending obligations.
"This divestment increases our financial flexibility and is in
line with our strategy of portfolio optimization and capital
prioritization," said Jens Okland, Statoil's executive vice
president for marketing, midstream and processing.
Running 882 kilometers from Turkey through Greece and Albania to
Italy, the Trans Adriatic Pipeline will be the westernmost part of
the 3,500-kilometer, $45 billion Southern Gas Corridor, which is
set up to bring gas from Azerbaijan's Shah Deniz gas field to the
European market via Georgia and Turkey toward the end of this
decade.
The purchase price for Statoil's 20% stake in the TAP pipeline
was EUR130 million, Snam said. In addition, the Italian pipeline
operator also takes over a credit facility agreement of EUR78
million granted by Statoil to TAP.
"TAP is crucial to the diversification of gas sources in
Europe," said Snam Chief Executive Carlo Malacarne. "Snam's entry
in the project will reinforce its primary role and that of Italy's
infrastructure in boosting competition among supply sources and
strengthening security of supply for the European gas system."
Statoil has been a partner in the TAP pipeline since 2008, but
has gradually reduced its ownership in the Shah Deniz field,
divesting a 10% stake to SOCAR and BP in 2013 for $1.45 billion and
exiting the project in 2014 by selling its remaining 15.5% stake to
Malaysia's Petronas for $2.25 billion.
Since 2009, Statoil has divested about $25 billion in assets,
including stakes in oil and gas fields off Norway, pipelines, and
its gas station unit.
The TAP pipeline transaction is expected to close by the end of
2015.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 01, 2015 04:15 ET (09:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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