Taqa to start work on Dutch gas project

Abu Dhabi National Energy Co. (Taqa) will begin work on the delayed Dutch Bergermeer gas project in July after winning approval from the country's highest administrative court to start operations, it said on Wednesday. The joint venture project with EBN, an independent company with the Dutch State as its sole shareholder, was suspended due to environmental concerns, with the administrative court asking for additional tests to be done. "The decision of the Council of State is the final stage of a transparent and meticulous process in which environmental concerns have been of the absolute highest priority," Taqa said. Taqa, which is 75-per cent owned by the government of Abu Dhabi, said ten of the eleven competent authorities had earlier approved the project, including the national parliament. "Taqa will shortly commence preparatory work. Work on the well site will start after the meadow birds breeding season (in July)," the company said. Taqa and EBN will invest more than 800 million euros ($1.06 billion)in the drilling of 14 new wells, the construction of the gas treatment installation in Alkmaar and the intervening pipelines. With a working volume of 4.1 billion cubic metres (the average annual gas consumption of 2.5 million households in the Netherlands), the Bergermeer facility will be the largest accessible gas storage facility in Europe. It is a key part of Netherlands' ambition to become a gas hub once it stops exporting gas in 2025. In December, Taqa said it secured three energy firms as launch customers for the Bergermeer facility. Taqa, which owns assets in Canada and Europe, sold a 650 million ringgit ($215 million) denominated Islamic bond or sukuk in February as part of plans to diversify its funding sources.