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Fri 28 Oct 2011 10:48 AM

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Abu Dhabi's Taqa names Sheldon as new CEO

Former general manager Carl Sheldon promoted to lead Abu Dhabi National Energy Co

Abu Dhabi's Taqa names Sheldon as new CEO
Taqas new CEO Carl Sheldon

The Abu Dhabi National Energy Company, also known as Taqa, has promoted general manager Carl Sheldon to make him the new CEO.

Sheldon succeeds Abdulla Saif Al Nuaimi, who stepped down as CEO in July to focus on his role as director general of Abu Dhabi Water and Electricity Authority (ADWEA), the company said in a statement.

Hamad Al Hurr Al Suwaidi, chairman of the Taqa board, said: "Carl has been a vital asset to the business during the past two years as Taqa's general manager.

"Carl will continue to lead the company in the right direction to deliver value to our shareholders. The board is confident in Carl's continued success."

He will remain member of the board of directors of Taqa, the statement said.

In August, Taqa said its second-quarter net profit more than doubled helped by high oil prices and increased production in the UK.

Taqa posted a net profit of AED435m ($118.5m) in the three months to June 30, compared with a net profit of AED171m in the same period last year.

Revenue from oil and gas rose 54 percent to AED3.1bn in the second quarter from AED2.0bn a year earlier, while total revenue for second quarter was AED7.1bn, up 38 percent.

Taqa is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 percent of the water and electricity requirements in Abu Dhabi.

Taqa's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

With operations in Canada, the United Kingdom, the Netherlands and the United States, Taqa's oil and gas business includes exploration and production, gas storage and pipeline transportation.

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