By Andy Sambidge
UAE's TAQA prepares investment model, study for energy project in southern Turkey
Abu Dhabi National Energy Company, also known as TAQA, said on Tuesday it has completed a feasibility study and prepared an investment model for a major power project in southern Turkey in co-operation with Electricity Generation Co Inc.
Turkish and Abu Dhabi government officials have signed a "joint declaration" in which they expressed their strong support for the project in the Elbistan region which will see the development of mines and new power plants.
The declaration was signed on behalf of the two governments by Taner Yildiz, Turkey's Minister for Energy and Natural Resources, and Hamad Al-Hurr Al-Suwaidi, chairman of the Department of Finance of Abu Dhabi and chairman of TAQA.
Carl Sheldon, CEO of TAQA, said: "Turkey is a new and exciting market for TAQA which fits well with our strategy to expand in the Middle East, North Africa and Europe.
"Turkey has great growth dynamics and is keen to attract foreign direct investment to develop its indigenous energy resources.
"As a full-scale energy company, TAQA is able to offer Turkey a durable partner to develop sizeable long-term energy projects of national importance."
The development of Turkey's indigenous lignite resources is a priority because it enables the nation to reduce its dependence on imported natural gas.
Lignite's role in power generation is set to expand alongside rapid growth expected in electricity demand. Approximately 40 percent of Turkey's lignite is located in the Elbistan basin.
The joint declaration follows meetings held between top ranking UAE and Turkish officials in February and a subsequent agreement to explore energy investment opportunities in Turkey, announced in May.