Abu Dhabi's TAQA eyes Turkey investments

State-controlled firm and Turkish energy minister will discuss via joint committee
Abu Dhabi's TAQA eyes Turkey investments
Taqa CEO Carl Sheldon.
By Reuters
Tue 22 May 2012 11:28 AM

State-controlled Abu Dhabi National Energy (TAQA) and the Turkish energy ministry have formed a joint committee to discuss investment opportunities for the oil and gas utility in Turkey, the firm said on Tuesday.

The committee will "discuss the investment opportunities available in the energy sector in Turkey," TAQA said in a statement.

The announcement came after a delegation from TAQA, headed by the firm's chairman Hamad al-Hurr al-Suwaidi, went to Turkey to meet with officials from the energy ministry, including Turkish Energy Minister Taner Yildiz, TAQA said.

Suwaidi, who is also the chairman of Abu Dhabi's Department of Finance, also met with Turkey's Finance Minister Mehmet Simsek, the statement said.

"Developing our international power business in the Middle East and North Africa region is a core to TAQA's growth strategy. We have ambitious plans for growth and consider Turkey to be an attractive market offering a range of investment opportunities," TAQA CEO Carl Sheldon was quoted as saying in the statement.

Earlier this month, TAQA, which is 75 percent owned by the government of Abu Dhabi, said its first-quarter net profit more than tripled to AED534m (US$145m), helped by a gain selling non-core Canadian assets.

TAQA has also said it planned to spend up to US$2.2bn in capital expenditure this year, and will seal a deal on acquiring 50 percent of a power plant in the Kurdish region of Iraq in the second quarter.

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