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FINANCIAL NEWS
Abu Dhabi’s TAQA secures 3 customers for gas storage facility
21 Dec 2011
(MENAFN) Three European firms agreed to lease storage spaces at Abu Dhabi National Energy Co’s massive Bergermeer gas storage facility in Netherlands for a total USD1 billion, Reuters reported.
The company, known as TAQA, said that Statoil ASA, Vattenfall Energy Trading Netherlands and a third European energy company will lease a total of more than 90 percent of the 1 billion cubic metres of annual storage capacity made available.
The three customers secured both fixed price and indexed price long-term contracts with durations between 4 and 10 years as of April 2015, TAQA added.
The storage facility is 60 percent owned to TAQA, while EBN BV, an independent Dutch State company, holds a 40 percent stake in the project.
The storage facility has a full capacity of 4.1 billion cubic meters, and is supported with the soon-to-be-completed liquefied natural gas terminal in Rotterdam.
The project forms a strategic part of Netherlands’ plan to become a European hub for natural gas.
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