Norwegian energy firm Statoil will divest a 24.1% stake in a natural gas pipeline joint venture (JV) to Solveig Gas Norway for NOK17.35bn ($3.22bn).

The company will retain a 5% interest in the Gassled venture, which owns gas pipelines and processing facilities on the Norwegian Continental Shelf.

Gassled transports Norwegian gas by pipelines from the producing fields to consumers on the European continent and the UK.

Closing of the transaction is subject to approvals from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.

Solveig Gas Norway is a holding company that is about 45% owned by Canada Pension Plan Investment Board, 30% by Allianz Capital Partners and 25% by the Abu Dhabi Investment Authority.