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Taqa sells Dutch pipeline stake for $240m

Dubai, November 10, 2013

Abu Dhabi National Energy Co (Taqa) has agreed to sell its 40 per cent stake in a Dutch natural gas pipeline to a Danish pension fund for $240 million, the state-owned Gulf firm said in a statement on Sunday.

The sale of the stake in Noordgastransport (NGT) to pension fund PensionDanmark A/S is expected to close by 2013, Taqa said.

David Cook, executive officer and head of oil and 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.”

NGT consists of about 470 km (295 miles) of offshore pipeline with a daily gas capacity of around 42 million cu m, the statement said. Taqa bought the stake in the pipleline, operated by GDF Suez, from Royal DSM in 2009. - Reuters and TradeArabia News Service

Tags: abu dhabi | Taqa | Stake | Dutch | sell |

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