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AIP acquires stake in Vestprosess DA in Norway
AIP has acquired 8% participating interest in Vestprosess DA from A/S Norske Shell, through our subsidiary North Sea Infrastructure (NSI). NSI is AIP’s dedicated investment platform based in Norway focused on building a diversified portfolio of midstream gas assets related to the Norwegian Continental Shelf.
Vestprosess DA is a natural gas liquids (NGLs) processing facility in Norway located at the Mongstad processing plant. The transaction was signed in October 2019 and closed on 16 January 2020 following approval from the other shareholders (Equinor, Petoro etc.) and the Norwegian Authorities.
In addition, North Sea Infrastructure entered into a purchase agreement with Total E&P Norge AS on 27 January to acquire its 5% participating interest in Vestprosess. The transaction is expected to close in March 2020, following approval by Norwegian Authorities, and will bring the NSI ownership to 13% in Vestprosess DA.
About North Sea Infrastructure
North Sea Infrastructure was set up by AIP in December 2017 together with an experienced management team from the oil & gas industry as a dedicated investment platform with the ambition to develop a portfolio of long-life midstream assets related to the Norwegian Continental Shelf. NSI already holds a 13.7% interest in the Nyhamna JV gas processing plant.
For more information about North Sea Infrastructure A/S and the transaction, please click here.