Taqa targets $20m saving with HQ restructure
Abu Dhabi, December 12, 2013
Abu Dhabi National Energy Company (Taqa), an international energy and water company, aims to reduce general and administrative costs by more than $20 million in 2014 with a reorganisation at its headquarters.
“The corporate centre has grown over recent years to enable us to manage Taqa’s businesses across 11 countries effectively,” said Carl Sheldon, chief executive officer.
“Our commitment to pursuing excellence means we constantly review our cost base and monitor performance to ensure we deliver efficiently on our vision.”
As part of the reorganisation, the headquarters workforce will fall by 16 per cent, reducing the headcount in the corporate centre to 189.
In eight years since it was founded through the privatisation of Abu Dhabi’s power and water fleet, Taqa has evolved into an operator of large-scale energy infrastructure in 11 countries including Ghana, India, Iraq, Morocco, the Netherlands, North America and the UK.
In Abu Dhabi, the company has built up a world-class pool of talent of UAE national and expatriate professionals at its corporate centre in Sowwah Square, Maryah Island.
“As we become a more cohesive international group with greater capacity in Abu Dhabi, we are able to increase efficiency by leveraging our integrated global teams,” Sheldon added.
Earlier this year, Taqa announced two phases of reorganisation in the North American oil & gas business. This delivered improved performance from a simpler structure and $28 million in annual general and administrative savings.
Taqa also continues to optimise its portfolio to focus on core activities where it has a competitive advantage. The company agreed to sell its stake in the Dutch pipeline business, NGT, in November for $240 million and is in the process of raising $181 million through the sale of 15 per cent of its Moroccan power business in a stock market listing.
“We will continue to reshape the portfolio and manage our exposure to ensure we have the right balance of international assets and quality of earnings. We will concentrate on those businesses where we have a distinctive advantage and that deliver most effectively on the vision of Abu Dhabi and the UAE,” Sheldon said. – TradeArabia News Service