Energy switch

DSM, the Netherlands-based materials sciences company, is to sell its DSM Energy arm to the TAQA Abu Dhabi National Energy Company for €285m.


Netherlands-based DSM is to sell its DSM Energy arm to the TAQA Abu Dhabi National Energy Company for €285m (£245m).


In September 2007, DSM announced that as a result of its shift towards life and materials sciences, a number of its businesses in other fields would be divested.


DSM Energy has a share in 20 producing oil and gas fields on the Dutch Continental Shelf. Total production in 2008 was the equivalent to 1.8m barrels of oil.


DSM also owns interests in pipelines, including a 40 per cent stake in Noordgastransport, which transports gas from gas fields in the North Sea to a processing plant in Uithuizen in the north of the Netherlands.


This isn’t the first of such acquisitions for TAQA. In 2007, the company acquired BP Netherlands’ gas exploration and production assets, including onshore, offshore and storage facilities.


This week also saw DSM sell off its urea-licensing subsidiary Stamicarbon to Maire Tecnimont for €38m (£33m).