Banks To Accept Gas In $1B TAQA Storage Plant As Collateral

Law360, New York (March 11, 2013, 2:36 PM EDT) -- State-owned Abu Dhabi National Energy Co. has signed a letter of intent with four European banks to use gas from its $1 billion gas storage development in the Netherlands as collateral for financial transactions, the company said in a statement Monday.

The holding company for the United Arab Emirates-backed oil company, known as TAQA, said two prominent Dutch banks, ABN Amro Bank NV and Rabobank NV, have signed a letter of intent to use the gas as collateral. The other lenders in the agreement are France's...
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