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FINANCIAL NEWS
UAE’s Taqa resumes plans to build USD1b gas storage facility
10 Aug 2011
(MENAFN) Abu Dhabi National Energy’s (Taqa) spokesman for Netherlands’ operations, Allan Virtanen, said that in spite of orders from a Dutch council to suspend constructing a USD1 billion underground gas storage facility due to safety issues, the energy investment firm would carry on its plans to build the project, reported The National.
Virtanen added that the original completion date of the Bergermeer project, Europe’s biggest underground storage facility, was in 2013, nevertheless, due to the council’s decision, it would be delayed at least a year.
He also said that the firm would resume constructing pipelines and gas processing plants, since these operations were not covered in the council’s order, whereas Gazprom, Taqa’s Russian partner, would carry on pumping gas into the storage reservoir in order to keep pressure.
It is worth noting that the project will put more than 4 billion cubic meters of natural gas into an underground reservoir.
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