Abu Dhabi: Abu Dhabi National Energy Company (Taqa) said Tuesday all required statutory approvals and permits to construct and operate the Bergermeer gas storage facility in the Netherlands have been signed by the Minister of Economic Affairs, Agriculture and Innovation, Minister of Infrastructure and Environment and other authorities.
In a statement, Taqa said, "The statutory notices have been published in local newspapers today and will be published in the State Gazette on 19 May".
Bergermeer gas storage operations will start in 2013 with full commercial operations in 2014. Bergermeer gas storage will provide the northwest European gas market with 4.1 billion cubic metres of seasonal storage, thereby almost doubling the Netherlands' total storage capacity, Taqa said.
"Gas storage facilities can streamline a commodity delivery system through a hub and spoke distribution system, which can help store huge amounts of gas, cut the costs of transportation. It also enables smother hedging and futures marketing of gas," Dalton Garis, Associate Professor of Economics and Petroleum Market Behaviour at Abu Dhabi's Petroleum Institute told Gulf News.
Taqa's shares fell 3.73 per cent yesterday on the Abu Dhabi's Securities Exchange, closing at Dh1.29.
"With the open access Bergermeer gas storage facility, we are creating the pivot for the success of the northwest European gas hub in the Netherlands. Sufficient natural gas storage capacity guarantees security of supply and ensures the flexibility required for a properly functioning market," said Jan Willem van Hoogstraten, Managing Director Taqa Energy B.V.
