Abu Dhabi National Energy Company announced that its wholly owned subsidiary, TAQA Energy BV has completed its EUR 285 million acquisition of 100% of the share capital of DSM Energie Holding BV from Netherlands based Life Sciences and Materials Sciences company Royal DSM NV
The sale includes non operated interests in the pipeline company Noordgas transport BV, 3 other pipelines and 20 producing oil and gas fields in the Dutch North Sea. The assets will strengthen TAQA’s midstream position in Europe and provide additional daily production of approximately 5,000 barrels of oil equivalent of which 85% is natural gas. The enterprise value of the transaction as of 1 January 2009 is EUR 285 million. Most of the value is assigned to interests in the midstream assets.
Mr Paul van Gelder MD of TAQA Energy stated that "Increasing our midstream operations, alongside our European footprint is a key objective for TAQA’s development into a global energy company. This acquisition meets both of these criteria. Not only does it bring a new family of attractive assets but it also provides TAQA Energy with excellent commercial opportunities and access to key relationships that will help develop our position as a pan European midstream player."
