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The Abu Dhabi National Energy Co (Taqa) has said that it is to invest around US$1.2 billion with joint venture partner Gazprom to develop a gas storage facility in the Netherlands.
Reuters reported that the facility will be located north of Amsterdam and work is expected to start in 2010 with commercial operations beginning in 2013.
“This is a substantial milestone and represents Taqa’s commitment to this flagship project,” Paul van Gelder, managing director of Taqa in the Netherlands is reported by Reuters as saying.
Taqa aims to store around 4 billion cubic metres (bcm) of gas at the facility with an additional 4.6 bcm of cushion gas being used for pressure control.
Gazprom have agreed to supply the cushion gas in return for an interest in the operations of the project.
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