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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