GasTerra’s phasing-out period extended until 31 December 2026

Press release

Groningen, 26 June 2023

Due to the decision to terminate Groningen production, gas trading company GasTerra announced in 2020 that it would be winding down within the next few years. At that time the company anticipated that it would have ceased operations completely by 31 December 2024. Although many business processes are being phased out according to plan, GasTerra needs more time to wind down its operations completely. The company’s end date has therefore been amended and is now set to be 31 December 2026.

The phasing-out plan established in 2020 set out a framework for discontinuing GasTerra’s business activities on 31 December 2024. Meanwhile, GasTerra’s sales and purchasing portfolio has been significantly reduced and other activities are also being phased out according to the schedule. The organisation’s size shrunk by more than 30 percent as a result. It has since emerged, partly as a result of recent market developments, that the scope and nature of some of the remaining obligations are such that an extension to the deadline is needed for the company to conclude its activities with the care required.

Also during the additional phase-out years, GasTerra will not enter into or extend any sales or purchasing contracts or develop any new activities, unless these are necessary for balancing the gas portfolio. Cabinet’s aim is to end Groningen production in 2023 or by 2024 at the latest. There is no connection between this decision and GasTerra’s extended phase-out. Furthermore, GasTerra’s shareholder structure will remain unchanged and its financial robustness will not be affected during the extended phase-out.

As far as employees are concerned, the redundancy programme agreed with the trade union in 2019 has been adapted in line with this extension.

GasTerra CEO Annie Krist explains why the end date has been amended: “We want to complete GasTerra’s phase-out carefully while remaining aware of the interests of its stakeholders. This will take more time than anticipated in 2020.”

More information about the phasing-out of GasTerra is available on the page with frequently asked questions or please contact GasTerra’s spokesperson, Anita Loonstra: T. + 31 6 83 52 66 50; E. anita.loonstra@gasterra.nl