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TAQA becomes majority owner of Bergermeer

by Florian Neuhof on Aug 26, 2010

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TAQA is investing in gas storage in Europe.

The Abu Dhabi National Energy Company (TAQA), has acquired a 24 percent stake in the Bergermeer Gas Storage project in the Netherlands from energy firms Dyas B.V. and Petro-Canada Netherlands B.V. The purchase takes TAQA’s share in the gas storage facility to 60 percent, the company said in a statement.

The value of the transaction has not been disclosed. Dutch state-backed firm EBN holds the remaining 40 percent.

Upon completion Bergermeer will be Europe’s third largest gas storage facility, with an initial capacity of 4.1 billion cubic meters.

TAQA is an investment company that is 51 percent owned by the Abu Dhabi Water and Electricity Authority (Adwea), with the remainder of the shares listed on the Abu Dhabi Stock Exchange. The company has portfolio spanning across the international energy sector

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