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TAQA to sell Dutch pipeline stake in a USD240 m deal

11 Nov 2013

(MENAFN) Abu Dhabi National Energy Company (TAQA) is selling its 40 percent stake in a Dutch natural gas pipeline to a Danish pension fund for USD240 million as the investment no longer meets its growth strategy in the country, according to The Peninsula Qatar.

The head of oil & gas operations said TAQA’s strategy was to increase its portfolio’s value and it would focus on USD1billion storage project, Bergermeer, in which it has a 60-percent stake. It also owns and operates a gas storage facility in Alkmaar in the Netherlands.

NGT, consists of about 470km of offshore pipeline with daily gas capacity of about 42 million cubic meters, TAQA said. In 2012, TAQA bought a number of BP’s North Sea assets for more than USD1.3 billion.

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