Allianz buys further 6.4% of Gassled

Germany’s Allianz Capital Partners has made a second investment in the Norwegian gas transport network in the space of three days. On Monday, it was part of a consortium that acquired 24.1% of the business - today, it has added another 6.4% from a different seller.

Silex Gas Norway, a wholly owned subsidiary of German fund manager Allianz Capital Partners, has today acquired a 6.4 percent stake in Gassled, the Norwegian gas transportation network, from French oil and gas group Total. The transaction, valued at approximately €580 million, is subject to regulatory approvals. 

The deal comes just a couple of days after Allianz Capital Partners was part of a consortium alongside Canada Pension Plan Investment Board and an investment arm of Abu Dhabi Investment Authority which acquired a 24.1 percent stake in Gassled from Norwegian oil company Statoil. That deal was worth around €2.2 billion.

Gassled is proving particularly attractive to infrastructure investors. In April last year, Njord Gas Infrastructure – owned 82 percent by UBS Infrastructure Fund and 18 percent by CDC Infrastructure – acquired a 9.4 percent stake in the business for an undisclosed sum from ExxonMobil.

Gassled transports Norwegian gas from production sites by pipeline to consumers on the European continent and the UK. Its grid transported around 100 billion cubic meters of gas last year, representing roughly one-sixth of total European Union consumption.

Gassled’s owners derive revenues from shippers who have booked transportation capacity on a “ship or pay” basis. The transportation tariffs are regulated by the Norwegian Ministry of Petroleum and Energy.