The Bergermeer Gas Storage Consortium will invest EUR 800 million in the construction and design of the gas storage facility between 2009 and 2013. Gazprom export (a subsidiary of the world’s largest gas company JSC Gazprom) will provide a certain amount of cushion gas for injection into the Bergermeer reservoir and will receive working capacity and a participating interest in the technical operatorship of the facility.

As operator of the project, TAQA has completed a thorough environmental and safety assessment and expects to receive all necessary permits in 2010. Construction of the Bergermeer Gas Storage facility will start after the necessary permits have been granted allowing commercial operations to commence in 2013.

Paul van Gelder, Managing Director of TAQA in the Netherlands said: “I am delighted with this final investment decision by the BGS Consortium and Gazprom export. This is a substantial milestone and represents TAQA’s commitment to this flagship project. The transfer of high-end technological knowledge and skills from this programme will provide the Netherlands, and particularly the Alkmaar region, with substantial employment and career development opportunities.”

Jan Dirk Bokhoven, Chairman of the Executive Board of EBN said: “Our approval of the project is based on sound business principles and marks an important step for EBN towards extending its range of activities for the future. In addition, the project is expected to make a valuable contribution towards the ambition of our shareholder, the Dutch State, to realise the ‘gas roundabout of North-West Europe’ in The Netherlands.”

Alexander Medvedev, General Director of Gazprom export, and Deputy CEO of JSC Gazprom said: “The Bergermeer Gas Storage is a large-scale endeavour. Being linked to gas transit systems very close to major trading platforms it can cover demand in peak moments and conclude deals on the spot market. We at Gazprom export value the opportunity to propel this project in collaboration with solid and respectable partners. We firmly believe that Bergermeer UGS has all the makings of a true success story.”

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