OSLO, Dec 22 (Reuters) - The Norwegian Supreme Court will hear an appeal from the owners of Gassled, Norway's gas infrastructure network, in a case involving the government's decision to cut pipeline tariffs, Njord Gas Infrastructure said on Friday.
In June 2017, a Norwegian appeals court ruled against the owners in a lawsuit that argued the cut in tariffs was unlawful and would cost them a combined 15 billion Norwegian crowns ($1.80 billion) in lost earnings through 2028. case against the government is pursued by four investment companies, Njord Gas Infrastructure, Solveig Gas, Silex Gas and Infragas, which hold a combined 43.9 percent in Gassled.
"The timing for when the appeal will be heard by the Supreme Court has not yet been determined," Njord Gas said in a statement.
The four firms were originally owned by Allianz ALVG.DE , UBS UBSG.S , the Abu Dhabi Investment Authority, Canada's Public Sector Pension Investment Board, the Canada Pension Plan Investment Board and France's Caisse des Depots.
In October 2017, UBS and Caisse des Depots announced they were selling their stakes, but will still remain in line for any potential proceeds from a decision in favour of the Gassled partners, and will help pay the cost of litigation. of the companies involved have said Norway's unexpected decision to lower gas transportation tariffs would hurt the image of Norway as a country to invest in.
The government cut tariffs shortly after the four investors bought their stakes in Gassled in 2011 and 2012 from ExxonMobil XOM.N , Total TOTF.PA , Statoil STL.OL and Royal Dutch Shell RDSa.L for a total of 32 billion crowns. ($1 = 8.3287 Norwegian crowns)