Taqa deal with PwC for treasury management
Abu Dhabi, November 14, 2007
The Abu Dhabi National Energy Company (Taqa) has appointed PricewaterhouseCoopers to assist with the design and implementation of a centralised global treasury management function.
The appointment is part of Taqa’s global growth and integration strategy and reaffirms the company’s commitment to becoming a global blue chip energy player.
Eva Janssens, Taqa’s head of treasury and corporate finance, will work closely with PricewaterhouseCoopers’ London and Brussels based team to develop a best-in-class function, with an initial focus on creating a centralized cash management system.
“A streamlined global treasury management function will bring many benefits to our business, including improved access to liquidity, which is key to a rapidly growing organization like Taqa,” explained Janssens.
The project team will first perform an assessment of Taqa’s existing operations, before designing a banking and treasury platform to support the Taqa growth strategy. Once implemented, the platform will improve the efficiency of financial operations, provide greater transparency of risks and provide consistent control standards. The roll-out of standardized processes will simplify and accelerate the financial integration of new assets as Taqa continues to fulfill its growth plans.
PricewaterhouseCoopers was selected after demonstrating an in-depth knowledge of best-in-class treasury processes and systems and adopting a proactive approach to the task. “Taqa will continue to acquire assets globally. An efficient global treasury function is critical in ensuring that these assets are properly integrated and managed. With this in mind, we were looking for a partner that would understand our needs and have the scope and expertise to manage a project of this magnitude,” added Janssens.
The PricewaterhouseCoopers team will be headed by David Stebbings, director, PricewaterhouseCoopers. “This is a very challenging and exciting project for us. We are pleased to be given the chance to play such an important role in the development of TAQA as one of the world’s fastest growing energy companies,” he commented.
The global treasury function is expected to be fully implemented by late 2008. –TradeArabia News Service