Partners wish to sell stake in gas storage project

Dutch oil and gas company Dyas and Canada’s largest energy firm PetroCanada, are looking to sell their stakes in one of Europe’s largest gas storage projects. The two companies want to exit the scheme, located in Bergemeer north of Amsterdam, because of disagreements with partner Abu Dhabi National Energy Co. (TAQA) over how to take the project forward. TAQA, which is to operate the facility, has a 36% stake in the project, while Dyas and Petro-Canada each have 12%. Dutch state energy project developer Energie Beheer Nederland has a 40% interest. With a planned working volume of 4.1 billion cum, the gas storage facility is of major strategic and commercial value for both the Netherlands and its operators. Still, there is not a consensus within the consortium about the scope of the project, even as a final investment decision is expected soon. The project is still at permitting stage and could be commercially operational as early as 2013 if construction starts in 2010.
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