Abu Dhabi energy firm TAQA raises stake in Dutch gas storage project to 60 per cent
27 Aug 2010
Abu Dhabi National Energy Company PJSC (TAQA) said yesterday that it has agreed to acquire additional 24-per cent equity stake in Netherland's Bergermeer gas storage project previously held by energy firms Dyas BV and Petro-Canada Netherlands BV for an undisclosed sum.
On completion of the deal, TAQA will own a majority 60-per cent stake in Europe's largest gas storage project from its current 36 per cent.
Netherland's state-owned oil and gas entity Energie Beheer Nederland (EBN) holds 40-per cent equity stake in the €800 million ($1 billion) venture for the design and construction of the gas storage facility.
TAQA CEO Abdulla Saif Al-Nuaimi said, "We are proud to lead the development of this key European infrastructure project. As a long term investor, increasing our stake in the flagship Bergermeer project reflects our confidence in and commitment to gas storage in the Netherlands."
The Bergermeer project, which is in its construction phase, is a planned underground natural gas storage located in the Alkmaar region north of the capital Amsterdam.
It will have an initial working volume of 4.1 billion cubic metres (bcm) and volume of cushion gas would be 4.6 bcm. The facility will include 14 new wells to a depth of 3km, a 35-km pipeline and a gas treatment facility.
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