Abu Dhabi National Energy Company PJSC (TAQA), today announced that it has signed a Letter of Intent (LoI) with Oasis International Power LLC (Oasis), an Abu Dhabi based power company, in respect of the development of power generation and water projects in and around the Asian sub-continent.

Any joint venture between TAQA and Oasis will be managed on a project by project basis according to the requirements and specifics of each project.

It is worth noting that the LoI does not include any capital commitments at this stage.

Commenting on the announcement, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “The combined strengths of TAQA and Oasis will make a winning partnership.  We both recognize the huge potential in the power generation and water market in and around the Asian sub-continent.  The combination of industrialization and population growth has resulted in an increase in demand for reliable sources of energy.  We are confident that the expertise we have gained within our domestic market will help us realize this potential.”

Mr. Salem Al Neyadi, Director and Board Member of Oasis, said: “We have both identified a number of projects that show great potential.  It is too early to disclose detail, but this letter of intent outlines our commitment to developing these projects with TAQA, drawing on our combined expertise.  I look forward to a long and fruitful working relationship.”

© 2008 Al Bawaba (www.albawaba.com)