Abu Dhabi National Energy Company, or Taqa, is to become the majority holder in a project to create a major natural gas storage facility and trading hub in the Netherlands by buying out two of its partners.
The government-owned company said the deal with the Dutch company Dyas and a unit of Canada's Suncor Energy would boost its holding in the Bergermeer gas project to 60 per cent from 36 per cent.
Taqa declined to disclose financial terms of the transaction, which is subject to approval from the Dutch government.
"We are proud to lead the development of this key European infrastructure project," Abdulla al Nuaimi, the company's chief executive, said yesterday. "As a long-term investor, increasing our stake in the flagship Bergermeer project reflects our confidence in and commitment to gas storage in the Netherlands."
The company said the project was proceeding on schedule.
On completion in 2013, Bergermeer would be Europe's third-largest common-access gas storage facility, with an initial working volume of 4.1 billion cubic metres, Taqa said. The facility would "significantly enhance the security of energy supply to Dutch and European consumers" and contribute to gas-market liquidity.
"Consequently, the project is an essential component of the Dutch government's ambition to realise the gas roundabout of north-west Europe in the Netherlands," Taqa said.
The Dutch state-owned oil and gas company EBNholds a 40 per cent interest in the Bergermeer project. Taqa and EBN plan to spend ?800 million (Dh3.72 billion) on designing and building the facility.
Russia's Gazprom is also involved. It has agreed to provide "cushion gas", which remains permanently in storage to maintain pressure, in return for an undisclosed amount of commercial storage capacity at Bergermeer and a stake in the finished project.
The project's progress has not been free of problems. Some local residents fear that re-injecting gas into the depleted Bergermeer gasfield for storage might trigger earth tremors. A study by the Massachusetts Institute of Technology has confirmed the possibility.
Taqa said the local community's concerns had been addressed and that independent research found gas storage did not increase the risk of earth tremors.
Last September, Reuters said Dyas and Suncor wanted to withdraw from the project over a disagreement with Taqa. Dyas denied the partners were at odds. In November, they signed a final investment agreement, even though costs had escalated from an earlier estimate of ?600m.
Officials of Dyas and Suncor were not immediately available yesterday for comment. Taqa said the Reuters report was "based on speculation".
Suncor, one of Canada's biggest oil sands companies, is selling non-core assets after merging with its former rival Petro-Canada. This year it sold a package of Canadian gas assets to Taqa. The company inherited its 12 per cent Bergermeer stake from Petro-Canada.
tcarlisle@thenational.ae
Mohammed bin Zayed Majlis
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Company%20Profile
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Teams
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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Queen
Nicki Minaj
(Young Money/Cash Money)
NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey