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.For all the latest GCC news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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