Tuesday 29 September 2009

Dutch gas partners seek out of UAE deal

Dutch oil and gas company Dyas and Canada's largest energy firm PetroCanada are looking to sell their stakes in one of Europe's largest gas storage projects, three people familiar with the matter said.

The two companies want to exit the scheme, located in Bergemeer north of Amsterdam, because of disagreements with partner Abu Dhabi National Energy Company over how to take the project forward, one banking source said.

"TAQA would be the obvious buyer of their stakes, as they can develop the project from here," the source said. Pre-emption rights in such cases are often part of Dutch oil and gas agreements.

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