Group of Investors Appeals Court’s Ruling on Norwegian Government’s Gassled Decision

A group of investors decided to appeal the judgement announced by Oslo City Court in September, which stated that Norway was not to be held liable for the damages lamented by the group of investors as a consequence of the government’s decision to cut fees on the 8,000-km Gassled gas pipeline network. 

‘The Company has decided to appeal the Oslo City Court’s judgement and will issue an appeal to this effect’ reads a note released by Njord Gas Infrastructure on Friday. Also the other international investors are appealing.  

Solveig Gas (24.8%), Silex Gas (6.1%) and Infragas (5%), Njord Gas (8%) holds a significant stake in the pipeline. The majority is still controlled by the Norwegian state (45.8%) through its licensee Petoro.  

Solveig Gas is controlled by Canada Pension Plan Investment Board (40%), Abu Dhabi Investment Authority (30%), and Allianz Capital Partners (30%); Silex Gas is a subsidiary Allianz Capital Partners, Infragas is owned by Canada’s Pension Investment Board.

According to the international investors, Oslo’s U-turn would cost them 15 billion crowns (in lost earnings over the next 13 years. 

‘The ministry is to blame for this, but following an overall assessment the court concludes that the actions of the ministry's leadership can't be regarded as qualifying negligence - which according to the law is a condition for triggering liability’ said the ruling in September.