(The following press release from Abu Dhabi National Energy Co., or Taqa,
was received by e-mail. The sender verified the statement.)
Gas Storage Bergermeer develops service for working gas as collateral
11 March 2013, The Hague, The Netherlands – Abu Dhabi National Energy Company
PJSC (TAQA) is pleased to announce it has executed Letters of Intent with
Rabobank, ABN AMRO, Citi and BNP Paribas as the first banks to work together to
develop a service whereby customers of Gas Storage Bergermeer can use their
stored working gas as collateral for financing.
By signing the Letters of Intent the banks and TAQA made an important step in
developing a framework allowing customers to make effective use of the value of
their gas in store. Gas injected in the summer would be used as collateral for
financing or would be the subject of repo arrangements until the gas is
withdrawn in winter, improving the working capital position of customers. By
having these industry leading banks on board, TAQA facilitates customer needs
whilst allowing customers to work with the bank of their preference.
The final framework for this finance service is scheduled by end of 2013.
Adri Pols, Commercial Manager Gas Storage Bergermeer: “Gas Storage Bergermeer
continuously searches for solutions to provide our customers maximum
flexibility. Customers can already select their ideal contract tenor and
pricing mechanism for primary capacity. And all available interruptible
capacity will be sold daily. Customers can also trade their capacity on the
secondary trading platform hosted by ENDEX. By developing this financing
structure we will offer yet another benefit to current and future customers”.
With full commercial capacity available in 2015 Gas Storage Bergermeer will be
the largest open access gas storage facility in Europe, providing 46TWh of
Gas Storage Bergermeer
The construction of Gas Storage Bergermeer began in June 2012. Commercial
storage operations will start in 2014 with full capacity available in 2015.
Once completed, Gas Storage Bergermeer will play an important role in securing
the Netherlands’ gas supply and the country’s ambition to become the gas hub
for Northwest Europe. In total, the facility will provide a working volume of
46 TWh (4.1 bcm), almost doubling the seasonal gas storage capacity in the
TAQA Gas Storage, a 100% subsidiary of TAQA Energy, is the contracting party
for all Gas Storage Bergermeer commercial operations. In the Open Season 2011
and 2012, TAQA Gas Storage contracted, amongst others, Statoil, Vattenfall and
EDF as long term primary capacity holders. 33 TWh of the 46 TWh has now been
contracted to various parties on a long term basis.
TAQA has a 60% stake in Gas Storage Bergermeer. EBN B.V., a key player in the
Dutch oil and gas sector with the Dutch State as its sole shareholder, holds a
40% stake in Gas Storage Bergermeer. Together, TAQA and EBN are investing € 800
million in the design and construction of the gas storage facility. As part of
the realization of this project, an agreement was made with Gazprom in 2009 to
deliver cushion gas to pressurize the reservoir while receiving storage
capacity in return.
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