Corporate activity during the period
During 2007, TAQA made strategic acquisitions that have transformed it into a global energy company comprised of quality energy assets. Today, TAQA operates in 9 countries, and employs 2,300 people who come from 38 different nations. TAQA prides itself on being a meritocracy and being the first company from the GCC to join the Combat Climate Change movement.
2007 was an eventful year for TAQA. In January, the company announced its agreement to purchase Talisman's Brae assets. This purchase was completed on 31 December. On 31 January TAQA completed its acquisition of BP Netherlands’ gas exploration and production (E&P) assets. Both deals position TAQA at the heart of the North Sea Oil basin.
At the AGM in April 2007, TAQA declared a dividend of AED 207.5 million to its shareholders.
During the second quarter, the company completed its acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy as well as the acquisition of ownership interests held by ABB in Morocco and India, providing TAQA with a portfolio of quality assets in Morocco, Saudi Arabia, Ghana, UAE and India for an aggregate consideration of US$1.4 billion.
The third quarter of 2007 marked the beginning of TAQA's entry into Canada. In August, TAQA acquired from Pogo 100 per cent of Northrock Resources Ltd. (NRL), a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin for a total purchase price of US$2 billion. This company has subsequently been renamed as TAQA North Limited.
Also that month, TAQA announced a US$540 million acquisition of Pioneer Canada, an oil and gas exploration and production company with operations in the Western Canadian Sedimentary Basin. The transaction completed in November 2007.
In September, TAQA through TAQA North announced the acquisition of PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty trust. The total consideration paid for the transaction was approximately Cdn.$5 billion. The transaction was completed on 16 January 2008.
In October, the company signed a Letter of Intent with 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.
In November, TAQA completed the sale of 40% of Emirates CMS Power Company, acquired from CMS, to Marubeni Corporation.
During 2007 TAQA raised US$2 billion in a two-part bond sale. The programme was upgraded by Moody's Investors Service during 2007 and is now rated Aa2, its third-highest level of investment grade, and is rated as AA- by Standard & Poor's, with a stable outlook.
