26 October 2007 – The Abu Dhabi National Energy Company (Taqa) has signed an agreement to co-operate on joint development projects with National Power Company (NPC), an affiliate of the Al Zamil and Al Seif Groups, regional investment groups based in Saudi Arabia.
The objective of the joint venture is to make significant investments in the Saudi Arabian regional power and water sectors, plus potentially the industrial sector. The agreement will also enable Taqa to increase its portfolio of energy assets and reinforce its position as a global energy firm.
Peter Barker-Homek, Taqa chief executive, said: “We are certain that the 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 Gulf and beyond, and we are already in the process of screening and evaluating specific opportunities.”
Dr Abdul Rahman Al Zamil, chairman of NPC, said: “The economic growth that the region is experiencing has to be underpinned by a robust portfolio of power and water desalination operations. Our combined experience within the region, and globally, provides us with unparalleled operational insight that can be rapidly brought to bear.”
The agreement does not include any capital commitments at this stage but the parties are exploring opportunities for a wider collaboration, including within complementary industrial sectors in the region.