Dec 05 2008

TAQA and Gazprom export sign MoU to Partner on Dutch Bergermeer Gas Storage

Abu Dhabi, UAE, The Hague, the Netherlands, 5 December 2008 - The Abu Dhabi National Energy Company PJSC ("TAQA") and Gazprom export ("Gazprom export") today announce signing a Memorandum of Understanding to partner in Europe's largest new gas storage project in the Netherlands: the Bergermeer Gas Storage.

TAQA , for and on behalf of the Bergermeer project consortium, consisting of Energie Beheer Nederland (EBN), Dyas B.V., Petro-Canada, TAQA Energy B.V., (the "Consortium") and Gazprom export, a subsidiary of the world's largest gas company JSC Gazprom, have agreed to pursue a partnership to jointly develop the Bergermeer gas storage facility.

The new gas storage facility will enhance the security of energy supply to Dutch and European consumers and will contribute significantly to the liquidity of the North-West European gas markets. The project is an essential step in the Dutch Government's ambition to realise the North-West European Gas Roundabout in the Netherlands.

TAQA , as the operator of the Bergermeer gas storage project, is currently finalising technical design, permitting and planning processes to start converting the existing depleted Bergermeer gas reservoir into Europe's largest new seasonal gas storage facility. Construction of the Bergermeer gas storage is expected to start in Q2 2009 with commercial operations expected to start in Q2 2013. Once commercially operational, the majority of the capacity of the facility will be made available for third party access.

Gazprom will contribute its 60 years of experience in constructing and designing gas storage projects, and will deliver cushion gas for injection in the summer months over the next four years. Cushion gas is necessary to ensure that the reservoir has the optimal pressure to start commercial storage operations.

Peter Barker-Homek, TAQA 's chief executive officer, says: "We are thrilled to welcome Gazprom into the Bergermeer gas storage project and look forward to Gazprom's valuable contributions. As a diversified global energy company operating across the energy value chain, TAQA is committed to responsibly invest in Europe's energy infrastructure. We are proud to be leading Europe's largest and most innovative new gas storage project which, with the addition of Gazprom, is now one step closer to finalisation."

TAQA and Gazprom export aim to finalise all technical and contractual discussions in the following months to reach a final investment decision on the project by the end of Q1 2009. At the same time TAQA is continuing discussions with other potential partners and cushion gas suppliers in an effort to create a diverse consortium of global energy players to participate in the Bergermeer gas storage project. This consortium of existing and new partners will ensure the success and on-time completion of the Bergermeer gas storage in order to secure Europe's energy supplies for decades to come.

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About Abu Dhabi National Energy Company PJSC ( TAQA )
Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of AED 85 billion (US$ 23.4 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2007 revenue of more than AED 8 billion (US$ 2 billion), TAQA is a flagship corporation for the Government of Abu Dhabi.

TAQA 's strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

TAQA employs approximately 2,800 people from 38 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India. TAQA carries Aa2 and AA- credit ratings from Moody's and S&P respectively.

About TAQA Energy B.V.
In the Netherlands, TAQA acquired BP Netherlands' gas exploration and production assets including onshore, offshore and storage facilities in 2007, located in the Dutch Continental Shelf of the North Sea and in the region of Alkmaar in the North Western part of the Netherlands. TAQA 's assets in the North Sea are operated under the subsidiary TAQA Energy B.V.

The business includes TAQA operated onshore and offshore production assets, the Piek Gas Installation (PGI) facility in Alkmaar, and gas storage facilities at the Bergermeer field in the Netherlands: the Bergermeer Gas Storage.

At present there are approximately 170 people working for TAQA in the Netherlands, located at operational assets and TAQA offices in The Hague, Alkmaar and Amsterdam.

For more information ,please contact:
Geesje van Niejenhuis
Head of Corporate Communications, TAQA Europa B.V.
Tel.: +31 20 7975100
Email: media@taqa.eu

Allan Virtanen
PR Advisor, TAQA Europa B.V.
Tel.: + 31 20 7975100
Email: media@taqa.eu

© Press Release 2008

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