The Abu Dhabi National Energy Company PJSC (TAQA) held its Annual General Meeting today in Abu Dhabi to update stakeholders on the rapidly expanding company’s progress in 2006.
The Annual General Meeting was hosted by TAQA Chairman His Excellency Hamad Al-Hurr Al-Suwaidi, with the Board of Directors and CEO in attendance.
“Reflecting on our achievements in 2006, it is clear that TAQA has delivered,” said Chairman His Execellency Hamad Al-Hurr Al-Suwaidi. “In the first year as a public joint stock company TAQA has taken significant steps towards investment in active businesses ‘from well head to wall socket’.”
In addition to TAQA’s current role of providing over 85% of the Emirate of Abu Dhabi’s power and water desalination needs, in 2006 the company took steps towards achieving its vision of become a global diversified energy company through an agreement to acquire BP’s exploration and production assets in the Netherlands, and by signing a Memorandum of Understanding with India’s Infrastructure Leasing & Financial Services Company.
TAQA appointed Ernst & Young to audit their financial results using the stringent International Financial Reporting Standards (IRFS), an internationally recognised and accredited audit method employed by companies in the European Union and Australia, amongst others.
“2006 was a year of extraordinary growth at TAQA and we ended the year with a very different company to that with which we started the year,” said CEO Peter Barker Homek. “Our portfolio of assets has been considerably expanded and significantly diversified, our balance sheet is better structured, and our ambitions continue to grow in line with minding the businesses that we currently operate.”
The Abu Dhabi National Energy Company PJSC (TAQA) carries an Aa3 and A+ credit rating and was recently presented Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.
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, refining/retail, 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 3.4bn 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, London and Amsterdam with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, Australia, and the United States.
