Taqa, Gazprom say ‘yes’ to Dutch gas storage project

Thursday saw Abu Dhabi National Energy Company Taqa specifying that it has given a 'yes' to the creation of a gas storage project in the Netherlands jointly with Russia's Gazprom.

The recent development has come to scene following a memorandum of understanding that was signed between the companies in December last year. Taqa said that the construction of the facility is expected to begin in 2010, and it should start operating by 2013.

Gazprom will give support gas for the project, which is mandatory to make sure that the reservoir has best pressure to begin storage activities, in exchange for working capacity and a participating interest in the operator of the facility.

Taqa said in a statement: "The agreement is conditional upon a final investment decision for the project, which is expected to be reached in coming months."

Taqa is working with developers Dyas, Energie Beheer Nederland and Petro-Canada on the Bergermeer project.