Private equity and venture capital company HitecVision AS plans to turn Solveig Gas Norway AS into an oil and gas company, Reuters reported May 29, citing HitecVision's senior partner Alf Thorkildsen.
Thorkildsen said during an energy conference attended by Reuters that Solveig's Gassled joint venture stake will be the foundation for the oil and gas company. Solveig Gas owns 25.6% of the joint venture.
"We will expand the business. Solveig will be into development and production," Thorkildsen said, adding that HitecVision was looking to buy assets.
On April 1, HitecVision portfolio company HV VII Invest Uniform II AS agreed to acquire 100% the shares of Solveig Gas from Infinity Investments SA, CPP Investment Board European Holdings SARL and Allianz Infrastructure Norway Holdco I SARL for an undisclosed amount.
The transaction's closing is subject to approval by the Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance and the Norwegian Competition Authority and has an effective date of Jan. 1.