UAE's TAQA completes €285m purchase of Dutch DSM Energy

01 October 2009 09:50  [Source: ICIS news]

SINGAPORE (ICIS news)--The Abu Dhabi National Energy Co PJSC (TAQA) has completed the €285m ($419m) acquisition of Dutch energy firm DSM Energie Holding BV (DSM Energy), TAQA  said on Thursday.

TAQA of the United Arab Emirates, through its wholly owned subsidiary TAQA Energy, bought 100% of the Dutch energy firm from Netherlands-based speciality chemicals producer Royal DSM NV.

Included in the purchase were DSM’s 40% stake in the pipeline company Noordgastransport BV (NGT) and interests in three other pipelines and 20 producing oil and gas fields in the Dutch North Sea, TAQA said in a statement.

"Increasing our midstream operations, alongside our European footprint, is a key objective for TAQA’s development into a global energy company,” said Paul van Gelder, managing director at TAQA Energy.

The acquisition provides TAQA Energy with additional production of about 5,000 bbl of oil equivalent per day, of which 85% is natural gas, said TAQA.

In a separate announcement, DSM said it expected its third-quarter profit to reflect divestment gains of €270-275m from the sale of DSM Energy.

($1 = €0.68)

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By: Pearl Bantillo
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