Shell Divests from Polarled and Nyhanma

Shell, has entered into an agreement with CapeOmega for the sale of Shell’s 9.02% stake in the Polarled offshore gas pipeline and 3% of the 15.03% stake in the gas plant Nyhamna, one of the largest gas-processing plants on the Norwegian continental shelf.

CapeOmega is owned by HitecVision, acquisition fund focusing on offshore upstream oil and gas industry.

The transaction is expected to be completed by 2017, subject to approval by the Ministry of Petroleum and Energy and the Ministry of Finance.

Shell will still be linked to Nyhamna through a significant ownership stake and still be in charge of the operation of the plant through the role of technical service provider to Gassco.

Shell participated in the funding of the Polarled pipeline and expansion of Nyhamna in order to help further develop gas production on the Norwegian continental shelf. The sale has no impact on Shell’s business or strategic aspirations in Norway,” said Rich Denny, Shell’s CEO in Norway.

The parties have agreed not to provide information on financial aspects of the transaction.

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