Taqa shares gain on Dutch Gas project majority

25 August 2010

The Abu Dhabi stock market index ADX General dipped 0.28% at 2,495.80 points. UAE heavyweights Aldar Properties (off 0.90% at Dhs2.20) and Etisalat (down half a percent at Dhs10.00) weighed on the sentiment. Shares of Abu Dhabi National Energy Co. (up 0.84% at Dhs1.19) gained against the trend. The UAE's largest oil and gas firm, dubbed Taqa, announced today that it has signed an agreement for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B. and Petro-Canada Netherlands to Taqa. In case the government in The Hague approves, Taqa's equity in the project will in increase from 36% to 60%.

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