Senior executives at the Abu Dhabi National Energy Company PJSC (ADSM:TAQA) have today launched a comprehensive overhaul of the organizational design and internal management processes at the USD 14b Abu Dhabi-headquartered energy company. TAQA has retained one of the world's leading management consulting firms, McKinsey & Company, as a strategic advisor to this effort.
The decision was taken in a move to accelerate the already fast pace of internal development at TAQA, and to ensure that the company achieves “blue-chip” status.
TAQA’s CEO Peter Barker-Homek said: “TAQA aspires to be a ‘blue-chip’ company by market capitalization, but also in its operating procedures and employee behavior. We will commit ourselves to continuous improvement, to compete on equal footing with the biggest and best companies in our industry."
The broad sweeping effort will seek to improve organizational design, performance management systems, internal coordination, and communication. “TAQA intends to become a best in class operating company in our industry segments of oil and gas E&P, pipelines, gas storage, LNG regas and power generation. We aspire to be a company with a rich and empowering performance culture that will harmonized within the organization as we grow our firm,” said Barker-Homek.
TAQA carries an Aa3 and A+ credit rating and was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.
Photo caption: Abu Dhabi National Energy Company PJSC (TAQA) Chief Executive Officer Peter Barker Homek.
About Abu Dhabi National Energy Company PJSC (TAQA)
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with investment capabilities in power generation, CHP, desalination, renewables, upstream oil/gas, pipelines, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. At year end 2006 TAQA had in excess of AED 51bn in assets and generated AED 4.8bn revenue. The company currently has in excess of 10,000 MW (gross) of installed generation, upstream oil/gas production, gas processing, pipelines and natural gas storage. TAQA operates from its offices in Abu Dhabi, The Hague, Ann Arbor, Aberdeen and Amsterdam with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, and the United States.
