Abu Dhabi’s TAQA wins customers for Euro venture

Abu Dhabi National Energy Co (TAQA) said on Monday it has secured three European energy firms as launch customers for its massive Bergermeer gas storage facility in the Netherlands in deals worth up to $1bn.

Statoil ASA, Vattenfall Energy Trading Netherlands and a third European energy company agreed with TAQA to lease a total of more than 90 percent of the 1 billion cubic metres (bcm) of annual storage capacity made available, TAQA said in a statement.

It declined to name the third company but a source familiar with the matter told Reuters that it is a northwest European energy producer, one of Europe’s largest.

“The vast market demand for our storage capacity is proof of northwest Europe’s need for the seasonal flexibility offered by this project. Bergermeer is coming to market at the right time and will be a game changer,” Carl Sheldon, chief executive of TAQA said in the statement.


Article by Links Group on Dec 20th 2011