Taqa, Gazprom export sign MoU to partner on Dutch 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., (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.