After Statoil ASA sold its stake in the Shah Deniz gas field in Azerbaijan, the company has now decided to sell its 20 percent stake in Trans Adriatic Pipeline AG (TAP) to the Italian gas transport company Snam SpA for 208 million euros, the company said in a press release.
This sum includes both Statoil’s share in TAP and Statoil’s share of loans that are now allocated to TAP from shareholders.
In August speculated that Statoil’s stake could be worth around 400 million euros, or well 3.6 billion Norwegian kroner, according to Reuters.
It was the words do not.
The size of the final Cash consideration we be adjusted by the transaction closes.
– We are pleased to announce this agreement with Snam, which will realize the value of our share in TAP, where we have been a shareholder since 2008. Sales increases our economic flexibility, and are in line with our strategy of portfolio optimization and prioritization of capital, says Jens Økland, EVP Marketing, Central Power and Processing (MMP).
Statoil and Snam have agreed to complete the transaction , assuming that a number of caveats are met. It is expected that the transaction will be completed by the end of 2015.
Statoil joined the TAP project in 2008 together with the Swiss EGL Group. The companies then had two equal shareholdings.
No comments:
Post a Comment