Taqa and KEC bind ties
Posted: 22 October 2007
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Abu Dhabi National Energy Company (Taqa), 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 also set to reinforce its position as a global energy company.
A steering committee has been created to manage the relationship involving top officers from both companies, includes Peter Barker-Homek, Chief Executive Officer of Taqa and KEC Deputy Chairman and Managing Director, Sarah Akbar.
“Both Taqa and KEC have strong track records and together we will be able to maximise the opportunities that this fast growing and exciting region has to offer. T he 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.”
The agreement does not include any capital commitments at this stage. |
