Abu Dhabi National Energy Company, or Taqa, is to become the majority holder in a project to create a major natural gas storage facility and trading hub in the Netherlands by buying out two of its partners.
The government-owned company said the deal with the Dutch company Dyas and a unit of Canada's Suncor Energy would boost its holding in the Bergermeer gas project to 60 per cent from 36 per cent.
Taqa declined to disclose financial terms of the transaction, which is subject to approval from the Dutch government.
"We are proud to lead the development of this key European infrastructure project," Abdulla al Nuaimi, the company's chief executive, said yesterday. "As a long-term investor, increasing our stake in the flagship Bergermeer project reflects our confidence in and commitment to gas storage in the Netherlands."
The company said the project was proceeding on schedule.
On completion in 2013, Bergermeer would be Europe's third-largest common-access gas storage facility, with an initial working volume of 4.1 billion cubic metres, Taqa said. The facility would "significantly enhance the security of energy supply to Dutch and European consumers" and contribute to gas-market liquidity.
"Consequently, the project is an essential component of the Dutch government's ambition to realise the gas roundabout of north-west Europe in the Netherlands," Taqa said.
The Dutch state-owned oil and gas company EBNholds a 40 per cent interest in the Bergermeer project. Taqa and EBN plan to spend ?800 million (Dh3.72 billion) on designing and building the facility.
Russia's Gazprom is also involved. It has agreed to provide "cushion gas", which remains permanently in storage to maintain pressure, in return for an undisclosed amount of commercial storage capacity at Bergermeer and a stake in the finished project.
The project's progress has not been free of problems. Some local residents fear that re-injecting gas into the depleted Bergermeer gasfield for storage might trigger earth tremors. A study by the Massachusetts Institute of Technology has confirmed the possibility.
Taqa said the local community's concerns had been addressed and that independent research found gas storage did not increase the risk of earth tremors.
Last September, Reuters said Dyas and Suncor wanted to withdraw from the project over a disagreement with Taqa. Dyas denied the partners were at odds. In November, they signed a final investment agreement, even though costs had escalated from an earlier estimate of ?600m.
Officials of Dyas and Suncor were not immediately available yesterday for comment. Taqa said the Reuters report was "based on speculation".
Suncor, one of Canada's biggest oil sands companies, is selling non-core assets after merging with its former rival Petro-Canada. This year it sold a package of Canadian gas assets to Taqa. The company inherited its 12 per cent Bergermeer stake from Petro-Canada.
tcarlisle@thenational.ae
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Sholto Byrnes on Myanmar politics
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
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MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Killing of Qassem Suleimani
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