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Abu Dhabi: The Abu Dhabi National Energy Company (Taqa) plans to complete four transactions totalling $5 billion in 2008 in a bid to expand its investment portfolio, the company's chief executive officer said yesterday.
"We have adequate financial resources to deliver on those transactions. If there need be, we will tap the debt and bond markets to fund our acquisitions," Peter Barker-Homek told reporters here.
He said for some of the proposed transactions Taqa is in an advanced stage of negotiations, but declined to be more specific, citing confidentiality.
New deals
Barker-Homek said Taqa is likely to announce a power deal in North America, a 50:50 joint venture with a major US-based utility during the third quarter. He also said the company is jointly scouring opportunities in oil and natural gas exploration and production, renewables and power generation in the Middle East, North America and Europe with Spain's multi-utility company Iberdrola.
Barker-Homek said Taqa has 550 million barrels oil equivalent of proven and probable reserves. He said given the current market conditions, the average price for Taqa's oil would be well "over $100 a barrel."
"We reported a 525 per cent earnings growth year-on-year in the first quarter mainly due to high international oil prices," said Barker-Homek. Taqa's net borrowings stand at $11 billion, while its net worth is $21 billion.
"We are targeting a 25 per cent year on year growth to become a $60 billion company by assets by 2012," said Barker-Homek.
Barker-Homek said Taqa has bid to set up two power generating facilities in Saudi Arabia that would cumulatively generate 5,000 megawatts of electricity using dual fuels - gas or diesel.
The company is also looking at Yemen, Oman and Kuwait for power and upstream opportunities.
He said Taqa is in talks with India's Tata Group to set up conventional and renewable power generation facilities in India.
He said Taqa is looking at a portfolio of investments which is 40 per cent upstream, 40 per cent downstream and 20 per cent midstream.
Barker-Homek said that going into the future, the company is interested in getting into power generation projects that use clean coal technologies and in the liquefied natural gas business.
Initiative: Recycling units open
The Abu Dhabi National Energy Company (Taqa) has opened the fourth of its ten proposed recycling centres in the UAE, in partnership with Emirates Environmental Group (EEG).
"Taqa's leadership in the education of environmental issues has resulted in our support of the creation of ten recycling sites at schools, colleges and universities across the emirates," said PeterBarker-Homek, chief executive officer of Taqa.
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