Statoil ADRs Off 3%; Company Looking to Sell Gassled Stake to Free Up Capital
ADRs of Statoil ASA (STO) are down as Bloomberg reports that the oil producer--the largest in Norway--is looking at selling a portion of its 28.5% stake in Norwegian gas-pipeline network Gassled to free up capital.
Already, Exxon Mobil (XOM) agreed last year to sell its 9.43% stake in the network to Njord Gas Infrastructure.
Statoil ADRs are down 3.1%, or $0.90, to $27.96.
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