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Dutch govt to pay Shell, Exxon $8.28 billion for filling Norg gas storage

Reuters

Dutch govt to pay Shell, Exxon $8.28 billion for filling Norg gas storage

AMSTERDAM, April 1 (Reuters) – The Dutch government on Friday said it expected to compensate NAM, a joint venture between Shell RDSa.L and Exxon XOM.N, around 7.5 billion euros ($8.3 billion) for filling the Norg gas facility the past three years, with most of the costs coming this year due to the current high price of gas.

In a statement, the Economic Affairs Ministry cited “the current historic high gas prices” and the exact amount would be determined at the end of the gas year, which runs through to Sept. 30. In all NAM will have purchased 8.8 billion cubic metres (bcm) of gas on the open market to fill the facility over the past three years.

($1 = 0.9058 euros)

(Reporting by Toby Sterling; editing by David Evans)

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