Taqa and NPC sign joint venture
Posted: 30 October 2007
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Abu Dhabi National Energy Company (Taqa), has signed an agreement to cooperate on joint developments with National Power Company (NPC), an affiliate of the Al-Zamil and El-Seif Groups, regional investment groups based in the Kingdom of Saudi Arabia.
Both companies aim, through the joint venture, to make significant investments in the Saudi Arabian regional power and water sectors, plus potentially the industrial sector.
A steering committee has been appointed by NPC’s senior management and Taqa’s Dan Dexter, GVP Global Power Operation & Maintenance, to manage the relationship.
The committee consists of Fareed Al-Yagout, President, National Power Company; Humphrey Douglas, MD of Taqa Europa BV; and Ahmed Mohammed Al Suwaidi, Senior Associate, Taqa.
“We are certain that today’s announcement marks the beginning of a strong collaboration, given our mutual understanding of the energy assets which are critical to regional growth. The two companies have a long track record of successful energy projects in the GCC and beyond, and we are already in the process of screening and evaluating specific opportunities,” said Peter Barker-Homek, Chief Executive Officer of Taqa.
The agreement does not include any capital commitments at this stage but parties are exploring opportunities for a wider collaboration, including within complementary industrial sectors in the region. |
