Lundin sells Nogat stake

A worker checks steel pipes at an oil field preparing for oil and gas exploitation in Yilong, Sichuan province December 10, 2008. China's crude oil imports in November hit their lowest this year as the country's giant refiners reined in buying due to brimming storage and weakening demand amid a spreading global economic recession. Picture taken December 10, 2008. REUTERS/Stringer (CHINA). CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA.

STRINGER SHANGHAI

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Anthea Pitt

 23 June 2009 07:52 GMT

Sweden's Lundin Petroleum is set to sell its 1.8% stake in the Netherlands' Northern Offshore Gas Trasport (Nogat) pipeline and onshore processing plant to Venture Production in a €9 million ($12.4 million) cash deal.



In a statement, Lundin said completion of the sale is subject to the waiver of partner pre-emption rights. Completion is expected in the third quarter.

The Nogat pipeline is operated by French player GDFSuez. The pipeline connects fields on the Dutch continental shelf with an onshore gas plant and terminal at Den Helder. The system is operational since 1992.

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