Abu Dhabi National Energy Co (TAQA), an energy holding company based in Abu Dhabi, has confirmed that it has signed an agreement to work together on a new gas storage facility in the Netherlands with Gazprom, Russia's largest gas producer and gas distribution company.
The agreement was signed following the Memorandum of Understanding, which was adopted in December last year. In accordance with the agreement, Gazprom will provide the buffer gas for the project, which is necessary to create optimal pressure in the storage before it starts functioning. In exchange, Gazprom will receive a certain storage capacity and a share in the project’s capital. "The agreement is contingent until a final decision on investment in the project is made, which will be made in the next few months," the TAQA official statement said.
TAQA is currently working on a Bergermeer project with companies such as Dyas, Energie Beheer Nederland and Petro-Canada. The aim of the project is to use an empty gas reservoir located in the north of Amsterdam, with a working volume of 4 billion cubic meters and having 4.6 billion cubic meters of buffer gas designed to control pressure. The construction of a new gas storage facility should begin in 2010 and will be completed in 2013.
