Solid government ownership and support
As a diversified global energy company, TAQA has formed close and positive relationships with a number of governments and government agencies around the world. As a majority government-owned entity, TAQA enjoys support from the Abu Dhabi government.
TAQA is unquestionably an ambassador for Abu Dhabi and the UAE, from exploration and production in the frozen north of Canada; to power production in Ghana, and from drilling offshore in the European North Sea; to exploring for oil and gas in Iraq.
Relationship with the Abu Dhabi government
TAQA's roots lie in an initiative launched by the Abu Dhabi government in 1998 to privatise the Emirate's water and electricity sector. The establishment of Abu Dhabi Water and Electricity Authority (ADWEA) led to the creation of Abu Dhabi National Energy Company ‘TAQA’ in June 2005.
In August 2005 the company's shares were listed on the Abu Dhabi Securities Exchange (ADX) under the symbol TAQA. Through its various shareholdings, the government of Abu Dhabi retains a 74.4 per cent stake in the company. It has repeatedly stated its support and backing for a limited number of wholly and partly state-owned enterprises – including TAQA.
Working with governments around the world
Any energy company seeking to conduct business in a new country will find itself dealing with government departments and agencies. As a government backed entity, TAQA has built close ties and major long-term agreements with other governments around the world, frequently working alongside them as they make plans to meet their current and future energy requirements.
TAQA's energy investments have various long-term agreements and licences with government-controlled entities in the jurisdictions in which they operate. These relate not just to on-going operations but also to a number of significant projects such as the addition of extra generation capacity or the switch to more efficient fuels.