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Monday, December 29, 2008

Taqa, Gazprom sign gas deal

December 23, 2008 - Emirates Business 24 - Russia's Gazprom has signed an agreement to supply gas to a massive underground storage facility being developed in the Netherlands by the Abu Dhabi National Energy Company (Taqa). Gazprom will deliver what is known as cushion gas, which will provide the level of pressurisation needed to enable the centre to start commercial storage activities. Taqa is transforming a depleted gas reservoir at Bergermeer into Europe's largest storage facility and has established a consortium to help run the project. The cushion gas agreement was signed by its Taqa Energy subsidiary and Gazprom Export, which has joined the consortium. "It is one of our most exciting projects – an underground gas facility that stores gas during the summer and delivers supplies in the winter, avoiding any disruption," Taqa CEO Peter Barker-Homek told Emirates Business. "Gas will be shifted to the rest of Europe from this storage facility." He said construction work had started and the facility would be fully operational by 2012, and further partners and gas suppliers were expected to join the project. The other existing consortium partners are Energie Beheer Nederland, Dyas BV and Petro-Canada. Gazprom will supply cushion gas for injection over four summers to ensure the facility has the optimal pressure to begin operations. Barker-Homek declined to reveal the value of the Gazprom deal. Taqa's other Dutch projects include a carbon sequestration operation at the port of Rotterdam.

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