TAQA chief steps down due to firm's future direction

The outgoing chief executive of Abu National Energy Co said on Saturday he decided to step down after his vision for the state-backed oil producer diverged from that of its board.

Peter Barker-Homek told Reuters the departure from the firm, known as TAQA , was his decision and he would be taking up a new position within the oil and gas sector.

"I had a discussion with my board at TAQA," he said. "We discussed the future direction of the firm, my future direction I'd like to take it and we decided that it would be best for me to step down at this time. It was my choice."

Barker-Homek, who joined the firm in 2006, declined to offer more details. He will be replaced by Carl Sheldon, TAQA's general counsel and deputy general manager.

TAQA is 75 percent owned by the government of Abu Dhabi and is one of the vehicles the emirate uses to invest oil money.

The company took control of operations of the North Sea Brent crude system in August and has been on an acquisition spree, buying assets worth more than $2bn in the North Sea over the last three years amid an aggressive expansion scheme.

It has also made acquisitions in Canada.

The oil producer also owns power plants in the UAE capital, Abu Dhabi, and plans to start construction of a 500-megawatt power plant on the outskirts of Iraq's capital Baghdad this year.

Earlier this month, Barker-Homek said TAQA could spend $1bn before the end of 2009 on more purchases.

Currently, TAQA's investments are heavily weighted towards the upstream and the company is aiming for balanced growth with 40 percent in upstream, 40 percent downstream and 20 percent in the midstream, he said at the time.

Barker-Homek has said he would be "disappointed" if TAQA were not a $40bn asset company by 2012.

TAQA's profits have been hit this year by the decline in oil prices since last year's record $147 a barrel, with its second quarter results dropping 71 percent.

But it forecasts strong third quarter growth in 2009, close to levels seen during the same period last year, Barker-Homek said in an interview last week.

Abu Dhabi holds most of the oil reserves and wealth in the UAE, the world's third largest oil exporter. (Reuters)

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