Private-equity firm HitecVision AS has agreed to acquire 100% of the shares in Solveig Gas Norway AS, the second largest owner of Norway's offshore gas pipeline system, the company said April 2.
Solveig Gas owns 25.6% in the Gassled joint venture, which owns a majority of offshore pipelines that transport natural gas from the Norwegian Continental Shelf to customers in Europe.
HitecVision said the owners of Solveig Gas—Canada Pension Plan Investment Board, Infinity Investments SA (a wholly-owned subsidiary of the Abu Dhabi Investment Authority) and Allianz Capital Partners—have agreed to sell their stakes to a portfolio company of HitecVision.
The transaction has an effective date of Jan. 1, and is pending government and competition authority approvals.
HitecVision did not give the deal's value.
Norway's state-owned Petoro AS is the largest owner in Gassled with a 46.7% stake.
The comments by Prince Abdulaziz bin Salman, OPEC's most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.
OPEC cut its outlook for demand in 2020, saying world oil demand would fall by 9.46 million bbl/d this year, an increase of 400,000 bbl/d from its previous report.
Crude exports from Saudi Arabia, the world's largest oil exporter, extended a decline in June to the lowest on record as global demand remained squeezed by the COVID-19 pandemic.