With the aim of increasing its portfolio of assets and reinforcing its position as a global energy company, the Abu Dhabi National Energy Company PJSC (TAQA), announced today that it has signed a Letter of Intent with the Kuwait Energy Company (KEC), a Kuwait-based oil exploration and production company, in respect of opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran.
Both companies aim, through the LOI, to build a portfolio of assets focused on mature producing, development and exploration assets.
It is worth noting that the LOI does not include any capital commitments at this stage.
A Steering Committee has been created to manage the relationship, consisting of:
Peter Barker-Homek, Chief Executive Officer, TAQA
William Reynolds, Chief Financial Officer, TAQA
Abdulla Khunji, Chief of Staff, TAQA
Sarah Akbar, Deputy Chairman & Managing Director, KEC
Roger Phillips, Chief Financial Officer
Harry Saul, Vice-President Acquisition & Divestures
Commenting on the announcement, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “Both TAQA and KEC have strong track records and together we will be able to maximize the opportunities that this fast growing and exciting region has to offer. The region’s markets represent significant resource potential and we are confident that our combined presence in the region will provide us with market access which many other operators just do not have.”
Sarah Akbar, Deputy Chairman & Managing Director of KEC, said: “We have been in talks with TAQA for over a year and feel that this agreement allows us to build a strong, performing portfolio of E&P assets. A number of target projects have been identified and the first results of this agreement are expected in the first half of 2008.”
