ABU DHABI, United Arab Emirates, Nov. 11 (UPI) -- The chief executive officer at Abu Dhabi National Energy Co. said investment in a 292-mile natural gas pipeline in the Netherlands no longer made sense.
"We decided that the investment in the Noordgastransport pipeline no longer fitted with our growth strategy in the Netherlands," David Cook, the executive officer of the company known also as Taqa, said in a statement Sunday.
Taqa sold its stake 40 percent stake in the pipeline, acquired from Dutch multinational materials company Royal DSM in 2009, to Danish pension fund PensionDanmark A/S.
The pipeline has the capacity to carry approximately 1.48 billion cubic feet of natural gas per day. Taqa said it expects to close the deal by the end of the year but did not disclose the terms of the divestment.
Taqa is the largest Emirati company investing in the Netherlands. Cook said the company would continue to focus on gas storage facilities in the country. Its Bergermeer facility in the country will be the largest of its kind in Europe when it reaches full capacity in 2015. It's designed to hold 144 billion cubic feet of natural gas.
