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TAQA Increases Equity in Flagship Bergermeer Gas Storage Project

Aker Solutions Abu Dhabi National Energy Company PJSC (TAQA), a company listed on the Abu Dhabi Securities Exchange, announced today the signing of agreements for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. to TAQA for an undisclosed amount.

The transfer is subject to the approval of the Netherlands Ministry of Economic Affairs. Upon completion of the transfer, the increase in equity will take TAQA's ownership of the project from 36% to 60%.

TAQA CEO H.E. Abdulla Saif Al-Nuaimi said:

"We are proud to lead the development of this key European infrastructure project. As a long term investor, increasing our stake in the flagship Bergermeer project reflects our confidence in and commitment to gas storage in the Netherlands."

The Bergermeer Gas Storage project is currently being developed according to schedule. Upon completion, the Bergermeer Gas Storage will be Europe's largest third party access gas storage facility with an initial working volume of 4.1 billion cubic metres. The storage will significantly enhance the security of energy supply to Dutch and European consumers and contribute to the liquidity of the North-West European gas markets. Consequently, the project is an essential component of the Dutch Government's ambition to realise the 'gas roundabout of North-West Europe' in the Netherlands.

Dutch State participant EBN holds a 40% stake in the project and is planning, together with TAQA, to invest EUR 800 million in the construction and design of the gas storage facility. Gazprom, the world's largest gas company, is a partner in the project and will provide cushion gas for injection into the Bergermeer reservoir.

TAQA (ADX: TAQA), was founded in 2005 and has a workforce of 2,800 drawn from 41 nationalities working in thirteen markets across the world, from India to Canada and Abu Dhabi to the United Kingdom. The business is spread across the global energy sector and consider themselves as a company that is fully integrated with operations from wellhead to wall socket. Today, the company has interests in power generation, combined heat and water, desalination, upstream oil & gas, pipelines, services and structured finance. TAQA are 51% owned by Abu Dhabi Water and Electricity Authority (ADWEA) which is a government authority. TAQA are incorporated as a Public Joint Stock Company and are listed on the Abu Dhabi stock exchange with a combined total of over AED86 billion (US$23.4 billion) in assets and revenues in excess of AED16.8 billion (US$4.57billion) annually.

Published 25/08/2010

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