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Tue 28 Jun 2011 11:31 AM

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Abu Dhabi's TAQA says CEO Al Nuaimi to step down

News marks second high-profile departure from an Abu Dhabi state firm this week

Abu Dhabi's TAQA says CEO Al Nuaimi to step down
Taqa, Abu Dhabis energy company, is 51% owned by Abu Dhabi Water and Electricity Authority

The chief executive of Abu Dhabi National Energy Co (TAQA) will step down to focus on his role at the emirate's water and electricity utility, the state-controlled firm said on Tuesday.

Abdulla Saif al Nuaimi's departure is effective July 1.

It is the second high profile departure from a major Abu Dhabi entity this week after Abu Dhabi National Oil Company's long-standing chief executive resigned and was replaced by his deputy.

TAQA said in a statement that Carl Sheldon, its general manager and a recent board appointee, will lead the company and oversee its global operations.

Nuaimi, who is a director general of Abu Dhabi Water & Electricity Authority (ADWEA), will remain vice-chairman of TAQA's board.

Last month, TAQA, which is 75-percent owned by the Abu Dhabi government, named Stephen Kersley as its new chief financial officer, replacing Doug Fraser.

TAQA plans to invest $2bn per annum in the short-term in capital investment excluding acquisitions

The company was hit by a lawsuit in September, after its former chief executive sued in a US court, alleging he was forced out for trying to stop "kickbacks, bribery, accounting fraud and corruption" at the energy firm.

TAQA, which has concentrated on building up assets in mature offshore fields that other, bigger oil companies have discarded, has bought a series of North Sea oil interests in recent years.

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