TAQA increases equity in flagship Bergermeer Gas Storage project 25/08/2010, Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA), a company listed on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today the signing of agreements for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. to TAQA for an undisclosed amount.
The transfer is subject to the approval of the Netherlands Ministry of Economic Affairs. Upon completion of the transfer, the increase in equity will take TAQA's ownership of the project from 36% to 60%.
TAQA CEO H.E. 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 Gas Storage project is currently being developed according to schedule. Upon completion, the Bergermeer Gas Storage will be Europe’s largest third party access gas storage facility with an initial working volume of 4.1 billion cubic metres. The storage will significantly enhance the security of energy supply to Dutch and European consumers and contribute to the liquidity of the North-West European gas markets. Consequently, the project is an essential component of the Dutch Government’s ambition to realise the ‘gas roundabout of North-West Europe’ in the Netherlands.
Dutch State participant EBN holds a 40% stake in the project and is planning, together with TAQA, to invest EUR 800 million in the construction and design of the gas storage facility. Gazprom, the world’s largest gas company, is a partner in the project and will provide cushion gas for injection into the Bergermeer reservoir.
ENDS
CONTACT TAQA:
TAQA Media Relations
Sucharita Sethi
Group Vice President – Corporate Communications
+ 31 65 46 90 303
sucharita.sethi@taqaglobal.com
Allan Virtanen
Group Corporate Communications Advisor
+ 31 64 61 47 448
allan.virtanen@taqaglobal.com
Reem Al Midwahi
Public Relations & Corporate Communications Manager
+ 971 50 812 6378
reem.almidwahi@taqaglobal.com
TAQA Investor Relations
Tanis Thacker
Head of Investor Relations
+971 2 691 4933
tanis.thacker@taqaglobal.com
Mohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqaglobal.com
NOTES TO EDITORS
About TAQA
TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce more than 132,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.
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