Abu Dhabi to develop projects in subcontinent
Posted: 31 March 2008
 Send this article
 Print this article
Abu Dhabi National Energy Company (Taqa), has signed a Letter of Intent (LoI) with Oasis International Power (Oasis), an Abu Dhabi-based power company, to develop power generation and water projects in Pakistan, India and Bangladesh.
Any joint venture between Taqa and Oasis will be managed on a project by project basis according to the requirements and specifics of each project, the company said in a statement. It does not include any capital commitments at this stage.
“The combined strengths of Taqa and Oasis will make a winning partnership. We both recognise the huge potential in the power generation and water market in and around the Asian sub-continent,” said Peter Barker-Homek, chief executive officer of Taqa.
“The combination of industrialisation and population growth has resulted in an increase in demand for reliable sources of energy. We are confident that the expertise we have gained within our domestic market will help us realise this potential.”
The two companies have already identified a number of projects they see with potential, Oasis director Salem al-Neyadi said in the statement.
Taqa is 75% owned by the Abu Dhabi government, which controls over 90% of the oil reserves in the UAE. |
