TAQA, the international energy company from Abu Dhabi, has reached an agreement with PensionDanmark A/S, the Danish pension fund, to sell its stake in the Noordgastransport B.V. (NGT) natural gas pipeline in the Netherlands.
NGT consists of approximately 470 kilometres of offshore pipeline with a daily gas capacity of around 42 million m3. TAQA acquired its 40% stake in the pipeline, which is operated by GDF Suez E&P, in 2009 from Royal DSM N.V.
David Cook, TAQA’s Executive Officer and Head of Oil & Gas, said: “We decided that the investment in the Noordgastransport pipeline no longer fitted with our growth strategy in the Netherlands, which is focused on maximising the value of our portfolio and delivering Gas Storage Bergermeer.”
TAQA is the largest UAE investor in the Netherlands. Its activities include gas storage as well as the exploration and production of oil and gas. TAQA owns and operates a gas storage facility in Alkmaar and is developing Gas Storage Bergermeer, which will be the largest open-access gas storage facility in Europe when it reaches full capacity in 2015.
The NGT transaction is expected to close by year-end 2013, subject to regulatory approvals. Scotiabank acted as sole financial adviser to TAQA in respect of the sale.
Press Release, November 15, 2013