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Tue 12 Nov 2013 12:17 PM

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Abu Dhabi's TAQA to book $40m gain from pipeline sale

TAQA sold its 40% stake in Noordgastransport BV to pension fund PensionDanmark A/Searlier

Abu Dhabi's TAQA to book $40m gain from pipeline sale
(Photo for illustrative purposes only)

Abu Dhabi National Energy Co (TAQA) will book a gain of $40 million from the sale of a stake in a Dutch natural gas pipeline to a Danish pension fund, it said on Tuesday.

TAQA sold its 40-percent stake in Noordgastransport BV (NGT) to pension fund PensionDanmark A/Searlier this week for $240 million, saying the investment no longer meets its growth strategy in the country.

The gain will be booked in TAQA's full-year results, it said in the bourse statement.

NGT consists of about 470 kilometres (295 miles) of offshore pipeline with a daily gas capacity of around 42 million cubic metres. TAQA bought the stake in the pipleline, operated by GDF Suez, from Royal DSM in 2009.