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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 BV (NGT) natural gas pipeline in the Netherlands.

NGT consists of approximately 470 km of offshore pipeline with a daily gas capacity of around 42 million m3. Taqa acquired its 40 per cent stake in the pipeline, which is operated by GDF Suez E&P, in 2009 from Royal DSM NV.

David Cook, Taqa’s 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 developing 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.

Taqa has reported it returned to profit in the third quarter after posting a loss in the same period last year.

Net income was Dh146 million ($39.8 million), compared with a year-ago loss of Dh288 million, the company said in a statement to the Abu Dhabi stock exchange.