Stopping gas extraction in Groningen also means that gas trading company GasTerra will be phased out, with 165 jobs set to disappear
A large proportion of these employees are based at the head office in the center of Groningen. Minister Eric Wiebes of the department for Economic Affairs and the Environment, says in a letter to Parliament that there will be a social plan drawn-up for the employees.
The management of GasTerra must also draw up a plan for the phasing out of the company. It is not yet clear when the company will close completely.
Last year, GasTerra generated a turnover of 11.2 billion euros with the gas trade. Half of the company is owned by the government, with the other half of the shares being held by Shell and ExxonMobil.
GasTerra itself was created in 2005 when new competition laws meant that the gas extracting and transport arms of the GasUnie had to be split off from eachother. The infrastructure and transporting company kept its original name (GasUnie).
In contrast to the wholesaling company GasTerra, the remaining GasUnie (which owns almost all Dutch gas transportation pipes, and several international pipelines) was taken into state ownership. One of the most famous GasTerra properties is the massive office complex, one of the tallest buildings in the city, which lays next to the Stadspark.