Taqa eyes opportunities in Turkey
Abu Dhabi, May 22, 2012
A delegation from Abu Dhabi National Energy Company (Taqa) recently visited Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and identify investment opportunities in Turkey’s energy sector.
The Taqa delegation was led by Hamad Al-Hurr Al-Suwaidi, chairman of the board and chairman of the Abu Dhabi Department of Finance.
Also present were the UAE’s ambassador to Turkey Khalid Khalifa Al Mualla; vice-chairman of Taqa’s board Abdulla Saif Al-Nuaimi; CEO Carl Sheldon; and executive officer, Power & Water, Frank Perez.
The programme for the visit included meetings between the Taqa delegation and representatives from the Turkish Energy Ministry, led by the Turkish Energy Minister Taner Yildiz.
Both parties have agreed to form a joint committee to discuss the investment opportunities available in the energy sector in Turkey.
During the visit a meeting also took place between Al-Suwaidi and Turkey’s Minister of Finance, Mehmet Simsek.
“This visit has further strengthened the relationship between Turkey and Abu Dhabi, and has been a successful follow-up to the official visit made in March by HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces,” Al-Suwaidi said.
Earlier this month, Taqa, which is 75 per cent owned by the government of Abu Dhabi, said its first-quarter net profit more than tripled to Dh534 million ($145 million), helped by a gain selling non-core Canadian assets.
The company has also said it planned to spend up to $2.2 billion in capital expenditure this year, and will seal a deal on acquiring 50 per cent of a power plant in the Kurdish region of Iraq in the second quarter.
“Developing our international power business in the Mena region is core to Taqa’s growth strategy. We have ambitious plans for growth and consider Turkey to be an attractive market offering a range of investment opportunities,” Sheldon concluded. – TradeArabia News Service
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