Home / TAQA completes $415m purchase of DSM Energie

TAQA completes $415m purchase of DSM Energie

by Kevin Baxter on Oct 1, 2009

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The Abu Dhabi National Energy Company (TAQA) has announced that it has completed its acquisition of the Netherlands-based DSM Energie Holding, paying US$415 million for the company.

The deal will see the TAQA subsidiary TAQA Energy acquire 100% of the shares of DSM and includes non-operated interests in the pipeline company Noordgastransport, three other pipelines and 20 producing oil and gas fields in the Dutch North Sea.

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

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“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," he added.

The assets will provide TAQA Energy with additional daily production of approximately 5,000 barrels of oil equivalent (boe) of which 85% is natural gas.

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