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TAQA announces first oil from Cladhan field 29 Dec 2015
TAQA today announced first oil from the new Cladhan field development in the UK North Sea.

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Aberdeen, UK – Abu Dhabi National Energy Company PJSC (TAQA), today announced first oil from the new Cladhan field development in the UK North Sea. The field is developed as a subsea tie-back to the TAQA-operated Tern Alpha platform.   

Peter Jones, TAQA’s UK managing director, said: “Cladhan is the third field developed by TAQA and the largest to date. First oil therefore represents a significant milestone. Developing Cladhan as a tie-back to Tern underlines our commitment to invest in infrastructure and to maximise economic recovery in the North Sea.” 

The Cladhan field is located in the northern North Sea, approximately 100 kilometres north east of the Shetland Islands in a water depth of approximately 150 metres.

The field lies 17.5 kilometres southwest of the Tern platform and straddles UKCS blocks 210/29a and 210/30a. The development consists of two producer wells (P1 and P2) and one injection well (W1).   

TAQA is operator of Cladhan, with a 64.5% interest. Its co-venturers Sterling Resources (UK) Ltd and MOL Group hold a 2% and 33.5% interest respectively. 

In the UK, TAQA operates five platforms which produce from 13 fields spread across the Northern North Sea and the Central North Sea. TAQA is also the operator of the Brent Pipeline.  

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TAQA Q3 2015 Financial Results 11 Nov 2015

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA” or the “Company”) today announced its financial results and operating update for the first nine months of 2015.

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First nine months 2015 in brief:

  • Revenues and income continue to be significantly impacted by drop in commodity prices
  • Transformation Program delivered AED 1.1 billion savings; oil and gas headcount reduced by 25%
  • Liquidity position remains strong at AED 12.2 billion
  • Power and water operations deliver record output
  • Refinancing of $3.1 billion of revolving credit facilities completed at improved terms
  • Moody’s and S&P reaffirmed TAQA’s credit rating at A3 and A respectively
  • Major projects in Netherlands, Ghana and India completed

Edward LaFehr, Chief Operating Officer:

"During the first three quarters, we have continued to position TAQA to withstand the current low commodity price environment. Consistent with our commitments, we continue to drive cost transformation which has saved AED 1.1 billion and we have reduced capex by 43% in the first nine months.  This, combined with our focus on the safety and reliability of our asset base, positions us well to maintain cash-flow and strong financial liquidity in the current oil price environment. We have an exceptional power generation business and we are working hard to transform the oil and gas portfolio such that we can take advantage as prices recover."

Financial results

The Company posted total revenues of AED 14.7 billion compared to AED 20.7 billion in 2014. EBITDA decreased to AED 7.5 billion compared to AED 11.4 billion in 2014. As a result, the company recorded a net loss of AED 581 million, compared to a profit of AED 620 million during the same period in 2014. The decrease in income mainly relates to the material reduction in realized oil prices. Cash generation from the Company’s power and water operations remained solid.

TAQA has responded to the drop in oil prices by reducing capital spend by 43%, continuing significant cost reductions and increasing efficiencies across its global operations. The Company’s Transformation Program has generated total saving of AED 1.1 billion during the first nine months of 2015. It is ahead of its targeted annual savings of 550 million in 2015, and AED 1.5 billion by the end of 2016. TAQA has reduced its global oil and gas headcount by 25% since July 2014. It has also reduced its Abu Dhabi headquarters headcount by 39%.

TAQA successfully refinanced $3.1 billion revolving credit facility at improved terms in August, thereby reducing funding costs. The result leaves TAQA with cash, cash equivalents and undrawn credit facilities amounting to AED 12.2 billion. Moody’s and Standard & Poor's reaffirmed TAQA’s credit ratings at A3 and A respectively.

Operational

TAQA’s oil and gas production decreased by 9% to 144,900 barrels of oil equivalent per day (boepd), from 158,500 boepd, in the same period last year. The decrease is a result of natural decline, reduced capital investment and third-party pipeline restrictions in Canada, offset by higher production efficiency globally and a successful well intervention program in the UK. The Company has reduced unit operating costs by 40% in the Netherlands and 18% in the UK and North America.

The Company’s power assets generated 61,418 megawatt-hours (MWh) compared to 55,036 MWh in the first 9 Months of 2014. This 11.6% increase was driven by strong performance in the United Arab Emirates and Morocco. Water desalination facilities produced 191,674 million imperial gallons (MIG) in line with 2014 production. Technical availability increased from 91.6% to 93.0% across the global fleet.

Major projects

TAQA has completed three of its six major projects. The 4.1 billion cubic meter Bergermeer gas storage in the Netherlands, the expanded 330 MW Takoradi T2 power plant in Ghana and 100 MW Sorang hydro plant in northern India started production. In the fourth quarter, TAQA will bring on-stream its UK North Sea Cladhan project which will produce an initial 10,000 boepd. In the UAE, the 30 MIGD expansion of its Fujairah water plant is expected to start up before year end.  The first phase of TAQA’s Atrush project in the Kurdistan Region of Iraq is scheduled to produce first oil in 2016 with production expected to reach 30,000 boepd gross.

 

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Analyst conference call

TAQA will host a conference call for analysts in English on Wednesday 11 November 2015 at 16:00 (Abu Dhabi time), to discuss the Company’s first nine months 2015 results. To participate, please visit the Company's website at www.taqaglobal.com. A copy of the presentation will be available for download prior to the call and an audio archive will be available on the Company's website following the call.

About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.

ADNOC, TAQA sign technical cooperation agreement for development of Abu Dhabi hydrocarbon resources 10 Nov 2015

ABU DHABI, United Arab Emirates - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) have signed a technical cooperation agreement aimed at evaluating a number of integrated technologies and solutions related to the development of hydrocarbon resources in Abu Dhabi.

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The signing took place on the sidelines of the eighteenth Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) taking place between 9 - 12 November.

Under the terms of the agreement, the two companies will cooperate in carrying out a number of studies and projects to overcome various challenges related to developing tight gas and tight oil reservoirs.

Yasser Al Mazrouei, ADNOC’s Deputy Director of E&P and Saeed Hamad Al Dhaheri, TAQA’s Executive Vice-President of Business Support signed the agreement in the presence of other senior officials from both companies.

Al Mazrouei said that the signing of the agreement comes in the context of the development of exploration and production operations in the oil and gas sector by employing modern technology and the exchange of experience and knowledge through research development and technology development. He added that ADNOC seeks a permanent basis for cooperation and partnerships for the development of the oil and gas sector.

"The signing of this agreement comes in the context of exploration and production operations in the oil and gas sector by employing modern technologies and exchange of experience and knowledge,” said Yasser Al Mazrouei. “ADNOC always strives to develop new wells containing good hydrocarbon resources through collaboration and creating partnerships. We are delighted to collaborate with TAQA in the area of research and execution of projects aiming at finding solutions for many technical difficulties and challenges facing gas development and production from unconventional resources. This will add more value to the projects and operations of ADNOC, and enhance the position and role of Abu Dhabi in the global oil and gas industry."

"This is a landmark agreement for TAQA and a step forward to achieve further development of its operations,” said Saeed Hamad Al Dhaheri. “We are looking forward to working and cooperating with a large company like ADNOC, to combine our capabilities and capacities, and employing our knowledge and resources to identify areas of mutual cooperation that will assist in the continued progress and growth of Abu Dhabi."

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About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Kurdistan Region of Iraq, Netherlands, United Kingdom and United States.

TAQA: India hydro project starts producing power 7 Nov 2015

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) today announced the commencement of sale of power from the 100 megawatt (MW) run-of-the-river Sorang hydropower project in the Indian state of Himachal Pradesh. At full capacity, it can supply emissions-free electricity to 500,000 homes.
 

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“We are keen to participate in meeting India’s growing energy needs through the completion of this project which provides cost-efficient power and helps develop renewable energy sources,” said His Excellency Saeed Mubarak Al-Hajeri, TAQA Chairman. “Sorang is our third major project to be completed this year, with two other projects set for completion by the end of 2015.”

The Sorang hydropower project is powered by the Sorang Khad river which originates in the Himalayas. It uses run-of-the-river technology to convert the river’s natural water flow to electricity, eliminating the need for a reservoir.

Al-Hajeri added: “I would like to congratulate our team in India for safely completing this very challenging project in difficult terrain. This has been achieved largely thanks to a disciplined approach to project execution as well as the strong partnerships we have built with the local community and government.”

The facility started supplying power to northern India on 31 October 2015. TAQA’s India operations also include a 250 MW lignite power station in the Neyveli region of southern India.

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About TAQA

TAQA is an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. The word TAQA means energy in Arabic.

TAQA strives to run its company safely and sustainably, operating to the highest ethical standards. The company is proud to align its strategy to Abu Dhabi’s Economic Vision 2030, a road map for a sustainable economy with a focus on knowledge-based industry.

TAQA has investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States.

TAQA completes Ghana power plant expansion 20 Oct 2015

TAQA and the Volta River Authority (VRA), a state-owned entity, have successfully started commercial operations at the expanded T2 power plant in Ghana.

ABU DHABI, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and the Volta River Authority (VRA), a state-owned entity, have successfully started commercial operations at the expanded T2 power plant in Ghana.

The 330 megawatt (MW) T2 power plant located in Takoradi is now feeding electricity to the national grid, accounting for around 15% of the country’s total capacity. Power demand in Ghana is growing by 10% annually and the expansion of T2 is an essential component of the Government’s plan to end the frequent power outages that are slowing the country’s growth. 

“We are proud to help restore reliable power to the homes and businesses of Ghanaians for many years to come,” said His Excellency Saeed Mubarak Al-Hajeri, TAQA Chairman. “The investment TAQA has made to ensure the success of this project underlines the major positive impact it will have for people locally and for our shareholders in Abu Dhabi through the additional income from the sale of power.” 

TAQA expanded T2’s capacity by converting it from a simple-cycle to a low-cost high-efficiency combined-cycle generation facility that uses waste heat to generate additional power. The conversion increases the net generating capacity from 220 MW to approximately 330 MW with no increase in fuel consumption or emissions. 

The construction team completed the project without any lost-time injuries, achieving more than 900 injury-free days or 7,600,000 man-hours since construction work started in 2013. 

“The expansion of T2 will improve the efficiency of the electricity generation system and help provide a reliable source of affordable electricity for the people and economy of Ghana,” said Osafo Adjei, Managing Director for TAQA in Ghana. “The success of this project can be gauged by the outstanding cooperation shown by all project stakeholders, especially the VRA, our joint venture partner and off-taker. I wish to congratulate everyone involved for the safe and successful completion and thank them for their continued support in this strategic energy project.” 

T2 is TAQA’s second major project to be completed this year. The Company started full commercial operations at its Bergermeer gas storage facility in the Netherlands in April, and plans to commission its two remaining major power and water projects in India and the Emirate of Fujairah later this year. TAQA expects to start producing oil from its Cladhan field in the North Sea within weeks and at its Atrush project in the Kurdistan region of Iraq in 2016.

TAQA has a 90% interest in the Takoradi T2 plant. All power produced from T2 is sold under a 25-year power purchase agreement with the VRA which owns the remaining 10%.

- ENDS –

About the T2 expansion project

T2 is Ghana's first independent power project (IPP) and the first IPP in Ghana to utilise project financing. 

The project financing for the expansion was provided in 2013 by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions led by FMO, a development bank majority-owned by the Dutch government that supports sustainable private sector growth in emerging markets. 

The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside IFC.

The engineering, procurement and construction contract was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011. 

TAQA H1 2015 Results 13 Aug 2015

ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, (“the Company”) today announced its financial and operating results for the six months ended 30 June 2015. Significant cost reductions and strong operational performance partially mitigated the impact of a circa 50% fall in oil and gas prices.

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“While the current commodity price environment has impacted the whole industry, our results show that we are delivering on our accelerated cost transformation program,” said Edward LaFehr, TAQA Chief Operating Officer. “This combined with our drive to improve safety, reliability and operating performance is helping us offset some of the effects of lower prices on our bottom line.”

Primarily driven by lower price realizations, TAQA’s revenues declined 29% to AED 9.8 billion, while EBITDA decreased 35% to AED 5.2 billion during the six-month period. TAQA recorded a loss of AED 165 million compared to a profit of AED 513 million in the same period last year when oil prices were significantly higher.

During the first six months of 2015, the Company reduced cash costs by AED 758 million, compared to the same period in 2014, already exceeding its 2015 full-year target of AED 550 million.

The Company has reduced its oil and gas headcount by 22% since 1 July last year, and by 32% in its Abu Dhabi headquarters, while maintaining its commitment to increasing Emiratization rates. More than 52% of its senior management positions in Abu Dhabi are now held by UAE nationals, a 100% increase compared to a year ago.

“We are well positioned to achieve our targeted AED 1.5 billion of annual savings by the end of 2016, and now have the organizational structure and momentum to deliver,” said LaFehr.

TAQA reduced its capital expenditure by AED 1.05 billion during the first six months and is on track to deliver on its previously announced AED 2.5 billion, or 40%, reduction from last year.

TAQA started full commercial operations at its Gas Storage Bergermeer project in April, providing 4.1 billion cubic meters of gas storage capacity, enough to supply 2.5 million Dutch households for a year. It has completed construction and is now commissioning three additional projects; the Takoradi 2 power plant in Ghana where it is expanding capacity from 220 to 330 megawatts without increasing fuel consumption or emissions; the 100 megawatt Sorang hydro plant in northern India; and the 30 million imperial gallon per day reverse osmosis water desalination facility at its Fujairah 2 plant in the United Arab Emirates.

TAQA continued to strengthen its safety and operational performance, which translated into higher operating efficiencies. The Company reduced its recordable injury rate, a measure of safety performance, to 0.33 recordable injuries per 200,000 hours, the best in TAQA’s history.

At its power and water plants, it improved technical availability and increased power generation by 15% to 36,935 gigawatt hours, a record for the company’s global fleet.

Despite significantly lower capital expenditure and reducing its oil and gas unit operating costs by 19%, oil and gas production only decreased 5% to 150,000 barrels of oil equivalent per day, compared to the same period last year.

On 12 August, the Company refinanced $3.1 billion of existing revolving credit facilities at improved terms, thereby reducing funding costs.

During the period, Moody’s and Standard & Poor's reaffirmed TAQA’s credit ratings at A3 and A respectively.

Available liquidity stood at AED 13.9 billion at the end of the period, including AED 3.6 billion of cash and cash equivalents.

- ENDS -

TAQA Q1 2015 Results 13 May 2015
ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, today announced first quarter earnings for the period ending 31 March 2015.

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“Today’s results demonstrate the value of our diversified portfolio in a lower oil and gas price environment,” said Edward LaFehr, TAQA Chief Operating Officer. “Continued strong safety and operating performance combined with the significant savings delivered by our cost transformation initiatives are helping to mitigate the effects of the challenging market conditions.”

Total revenues declined 29% to AED 5.1 billion, while EBITDA was down 39% to AED 2.5 billion and net profit decreased 7% to AED 256 million compared to the same period a year ago. The effect of declining revenues and EBITDA on net profit was almost fully offset by the one-off benefit of the UK North Sea tax rate changes which resulted in a credit of AED 553 million.

Available liquidity stood at AED 14.2 billion at the end of the quarter, including AED 3.6 billion of cash. TAQA reduced its debt by AED 195 million during the period.

TAQA produced 157,900 oil-equivalent barrels per day, almost flat compared to 158,300 barrels per day during the first quarter of 2014. This was achieved despite a significant reduction in oil and gas capital expenditure.

Higher technical availability at TAQA’s power plants helped increase production by 18% to 15,898 gigawatt hours from 13,482 gigawatt hours during the first quarter of 2014. Of this, 11,440 gigawatt hours were produced in the United Arab Emirates and 4,458 gigawatt hours internationally. Water desalination volumes increased to 59,430 million imperial gallons from 59,022 million imperial gallons during the first quarter of 2014.

Operating expenses and net general and administrative costs were AED 353 million lower in comparison to the same quarter in 2014. The Company’s cost transformation programme is expected to reduce operating and general and administrative costs by AED 1.5 billion annually by the end of 2016.

As a result of the lower commodity price environment, TAQA is committed to reduce its 2015 full-year capital expenditure to AED 3.8 billion, a reduction of 40% compared to the full-year 2014. During the quarter, the Company reduced capital expenditure to AED 918 million, down 30% from the prior year period.

- ENDS -

Grant Gillon appointed acting CFO 30 Apr 2015
ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has appointed Grant Gillon as acting Chief Financial Officer following the retirement of Ryan Wong.
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Mr Gillon, currently Executive Vice President Portfolio, will take up his new role effective from 1 May 2015.

“Ryan leaves behind a strong finance team fully capable under Grant’s proven leadership skills to continue spearheading our efforts to reduce our capital and total cash costs while improving our balance sheet,” said Edward LaFehr, Chief Operating Officer. “Ryan has been an integral member of the leadership team for the past eight years and I wish him and his family the best in their well-deserved retirement.”

Mr Gillon qualified as a chartered accountant with PricewaterhouseCoopers in London and holds a Bachelor of Engineering degree from Glasgow University.

- ENDS

TAQA reports full year 2014 results 1 Apr 2015

ABU DHABI, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, today announced its financial results for the year ended 31 December 2014.

Driven by a strong performance, TAQA achieved underlying revenues of AED 23.0 billion in 2014, an 8.6% increase over 2013. This resulted in the Company’s highest ever EBITDA of AED 14.5 billion, resulting from record production of 158.9 thousand barrels of oil equivalent per day (mboed) (2013: 142.2 mboed) and 82,723 gigawatt hours (GWh) (2013: 76,712 GWh) of electricity.

A net loss of AED 3.0 billion was recorded due to a post-tax, non-cash impairment of AED 3.3 billion, resulting from the structural change in commodity prices. To respond to the lower commodity price environment and preserve cash, TAQA reduced its capital expenditure for 2014 by 23% compared to 2013 and by another 39% (AED 2.5 billion) for 2015. The Company has also initiated a reduction in total cash costs of AED 1.5 billion over the next two years.

“Despite the challenging price environment, we have delivered outstanding operational performance, achieving record production and cashflows, while enhancing the safety and reliability of our assets. We also successfully delivered two major projects safely, on time and within budget, and made significant progress at our third major project in the Kurdistan Region of Iraq,” said Edward LaFehr, Chief Operating Officer of TAQA. “Our improved operational reliability, combined with the success of our ongoing cost restructuring programme, has helped us to adapt to lower commodity prices and will create a stronger foundation on which to build, when markets recover.”

Key figures

AED (Million) FY 2013 FY 2014 % +/-
Total revenue 25,757 27,325 ▲6.1
Underlying revenues* 21,149 22,988 ▲8.6
Power and water+ 8,961 9,068 1.2
Oil and gas++ 12,188 13,920 14.2
       
Cost of sales (21,170) (23,324) ▲10.2
EBITDA 13,445 14,476 ▲7.7
Net profit pre-impairment after minority interests 180 257 ▲4.3
Net loss after impairment and minority interests (2,519) (3,010) -
Basic earnings per share (AED) (0.42) (0.50) -
Net Debt/EBITDA (times) 5.6 5.0 -
EBITDA/Interest 2.8 3.5 -
Net debt to capital (%) 82 84 -

* Does not include construction and backup fuel revenues, which have compensating expenses in cost of sales
+Includes other operating revenues, ++Includes gas storage and other operating revenues

Financial results

TAQA's revenues and cashflow after investments improved following a year of strong operational performance. Total revenue grew 6.1% year-on-year to AED 27.3 billion, underlying revenue grew 8.6% to AED 23.0 billion, and EBITDA grew by 7.7% to a record AED 14.5 billion.

TAQA reduced net debt by AED 2.7 billion in 2014. This has been achieved by the Company’s strong operating cashflows and non-core asset disposals with a value of AED 836 million.

As at 31 December 2014, TAQA had available liquidity of AED 15.0 billion, including AED 11.5 billion of unused credit facilities and AED 3.5 billion of cash and cash equivalents.

However, the material drop in oil prices during the second half of 2014 had significant implications for the oil and gas industry. The impact of this reduction on the value of TAQA’s assets resulted in a non-cash, post-tax impairment of AED 3.3 billion and a net loss of AED 3.0 billion for the year.

As a consequence of this loss, the Company will not pay a dividend for 2014.

Corporate restructuring and transformation

To improve profitability and increase its focus on safe, reliable and efficient operations, TAQA introduced a new executive team and a simplified organisational structure based on a geographic model. This change eliminated a layer of executive management, improved communications and devolved responsibility directly to regional leaders, providing them with greater accountability and a clearer mandate.

The Company reduced its capital expenditure for 2014 by 13% below budget, to AED 6.4 billion, and AED 2.0 billion less than 2013. As part of the new global transformation programme, TAQA plans to further reduce its 2015 capital expenditure by 39% to AED 3.9 billion compared to its 2014 capital expenditure. It also initiated a AED 1.5 billion reduction in all other costs over the next two years. These measures will help the Company maintain profitability in a low commodity price environment.

Emiratisation

TAQA remains committed to developing UAE nationals through various initiatives and development programmes. These have increased the number of UAE nationals in Abu Dhabi-based senior leadership roles from 18% to 43% over the past year.

Oil and gas

TAQA produced an average of 158.9 mboed in 2014, a record for the Company. This contributed to revenues of AED 13.9 billion, up 14% on 2013, and EBITDA of AED 7.7 billion, demonstrating strong operational cashflow.

In North America, TAQA increased production by 2.6% to 89.5 mboed, while reducing capital expenditure and its unit operating cost by 6%. The Company focused its activities on its core acreage and continued to aggressively apply horizontal well, multi-stage fracking to dramatically improve its capital efficiency.

TAQA’s UK North Sea operations recorded average production levels of 61.4 mboed, a 30% increase over 2013. This was due to the Harding acquisition, successful well intervention work, and top quartile operating efficiency, combined with a tight focus on safety and reliability across the asset base. In addition, TAQA successfully reduced its unit operating cost in the UK North Sea by 16% during the year.

In the Netherlands, TAQA completed its Gas Storage Bergermeer facility and achieved full capacity today, on April 1, 2015. The facility is already fully contracted for the 2015/2016 storage season. Separately, daily production from the Netherlands’ upstream assets averaged 8.0 mboed, introducing first oil from new offshore fields Amstel and Maas.

TAQA completed the drilling of five wells at the Atrush development in the Kurdistan Region of Iraq and is progressing construction of the 30.0 mboed first-phase processing facility and related infrastructure.

Power and Water

TAQA generated record electricity production of 82,722 GWh, reflecting the completion of its power plant expansion in Morocco, combined with strong technical availability of 91.2% across the fleet. This strong operational performance delivered underlying revenues of AED 9.0 billion, a 1.2% increase compared to 2013, resulting in EBITDA of AED 7.0 billion.

Domestic power and water production

The long-standing growth in demand for electricity in Abu Dhabi continued in 2014, with TAQA’s domestic assets generating a total of 58,941 GWh and desalinating a total of 260,100 million imperial gallons (MIG) of water. Technical availability was 91.8%, in line with top international standards.

The expansion of the reverse osmosis water desalination facilities at Fujairah 1, which began in 2013, is now more than 85% complete. The expansion will increase the plant’s water desalination capacity from 100 million imperial gallons per day (MIGD) to 130 MIGD, of which 70 MIGD will be produced using reverse osmosis, making the plant one of the largest reverse osmosis desalination facilities in the Middle East.

International power production

TAQA’s international power portfolio, consisting of assets in Morocco, Ghana, Saudi Arabia, India and the United States, generated a total of 23,723 GWh with a technical availability of 88.2%.

The key development in 2014 was the successful delivery of the 700 MW expansion of the Jorf Lasfar power plant in Morocco. Jorf Lasfar is now the largest coal-fired power plant in the MENA region and generates over 50% of Morocco’s total electricity requirements.

The commissioning of TAQA’s power plant in Takoradi, Ghana is expected in 2015. This will increase its net generating capacity from 220 MW to approximately 330 MW, with no increase in fuel consumption or emissions.

The construction of TAQA’s 100 MW hydro-electric project at Sorang in northern India is progressing well and is expected to be commissioned in the second quarter of 2015.

- ENDS -

TAQA completes Europe’s largest third-party access gas storage facility 31 Mar 2015

THE HAGUE, Netherlands - TAQA, the international energy company from Abu Dhabi, has completed its Gas Storage Bergermeer facility in the Netherlands, now the largest third-party access gas storage in Europe. TAQA will start injecting customers’ gas into the reservoir tomorrow at full capacity in preparation for the winter heating season.

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"The successful launch of Bergermeer is a demonstration of our renewed and strengthened focus on efficiency and operational excellence,” said His Excellency Saeed Al-Hajeri, Chairman of TAQA. “This state-of-the-art facility is the outcome of the strong and long-lasting partnership between the Netherlands, United Arab Emirates and some of the world’s leading gas companies. Our combined efforts will improve the security of energy supplies for the European people for decades to come."

Operated by TAQA, the underground storage facility provides gas suppliers with the flexibility required to match fluctuations in demand and help improve security of gas supply throughout Europe. With a capacity of 46 terawatt hours (4.1 billion cubic metres), enough to supply 2.5 million Dutch households for a year, Gas Storage Bergermeer doubles the Netherlands' seasonal gas storage capacity.

“Gas Storage Bergermeer represents excellence in the development of large energy infrastructure projects and we are proud we delivered our commitment to complete this project safely, on schedule and within budget,” said Edward LaFehr, Chief Operating Officer of TAQA. “As an active member of the local community we look forward to operating our new, world class gas storage facility safely and reliably for the long term.”

A majority of Bergermeer’s capacity is available according to the EU’s third-party access rules set out in its gas directive. The rules help ensure all market participants access ‎to the storage which helps to increase competition and create a more effective integrated European gas market.

The International Energy Agency, the intergovernmental organisation that coordinates national energy security policies, has commended TAQA for the launch, calling it an important milestone for the creation of the integrated European Energy Union. “The EU is the largest energy importer in the world and the growing dependence on a limited number of gas supply sources is leaving the region vulnerable to supply disruptions,” said Maria van der Hoeven, Executive Director of the International Energy Agency who will inaugurate the facility in Alkmaar tomorrow. “The investment in Gas Storage Bergermeer has helped improve resilience and is an important milestone for the creation of the integrated European Energy Union.”

Located near the city of Alkmaar, Gas Storage Bergermeer consists of the depleted Bergermeer gas reservoir, a gas treatment facility and connecting pipeline network. Construction started in 2012 and took more than 3,000,000 work hours to complete. More than 8,300 people worked on the project which started limited commercial operations in April 2014. TAQA has developed the project together with the Netherlands state-owned oil and gas company EBN.

Gas Storage Bergermeer is fully contracted for the 2015/2016 storage season running from 1 April 2015 to 31 March 2016. TAQA will auction capacity for the 2016 storage season in September 2015. The facility’s launching customers include EDF, Gazprom, Statoil and Vattenfall.

TAQA subsidiary celebrates oversubscribed IPO, first day of trading on Casablanca Stock Exchange 24 Dec 2014
Jorf Lasfar Energy Company (JLEC) opened for trading today on the Casablanca Stock Exchange after its initial public offering (IPO) was oversubscribed 6.69 times.

Abu Dhabi, United Arab Emirates – Jorf Lasfar Energy Company (JLEC), TAQA’s Moroccan subsidiary, opened for trading today on the Casablanca Stock Exchange after its initial public offering (IPO) was oversubscribed 6.69 times.

Abdelmajid Iraqui Houssaini, CEO of JLEC was joined by Mohamed Boussaid, Morocco’s Minister of Economy and Finance, and members of the JLEC management team to celebrate the first day of trading by ringing the opening bell in Casablanca.

JLEC, which operates Morocco’s largest power complex, issued a total of 2,234,638 new shares, offered at a price of MAD 447.5 with a nominal value of MAD 100. These shares represent 9.47% of JLEC. Prior to the IPO, 4.74% were secured through private placement by Moroccan institutional investors RMA Watanya, Société Centrale de Réassurance and Mutuelle Centrale Marocaine d’Assurances. TAQA retains 85.79% of JLEC.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “The great demand for JLEC shares reflects the strength of TAQA's power business in Morocco, where we are the market leader and have ambitious plans for growth. The kingdom's energy needs are expected to double in the next seven years and TAQA will continue to be a vital partner in meeting this demand."

Abdelmajid Iraqui Houssaini, Chief Executive Officer of JLEC, said: “Today's listing gives Moroccans the chance to share in the growth of the kingdom's largest power producer. With our new investor base, we are more strongly woven into the fabric of this fast-growing economy.”

TAQA has almost completed a USD 1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts (MW) to 2,056 MW. Two new units are scheduled to be commissioned in 2014. When the expansion is complete, Jorf Lasfar will supply 50% of the Kingdom’s electricity.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States

TAQA reports income of AED 620 million for 9M 2014 12 Nov 2014
ABU DHABI, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, generated net income of 620 million dirhams and reduced its debt by over 3 billion dirhams during the first nine months of 2014.

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TAQA's oil and gas production averaged a new record level of 158.5 thousand barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013. The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW following the expansion of the Jorf Lasfar power station in Morocco.

Greater focus on managing costs and achieving greater business efficiencies resulted in a 9% reduction in general and administrative costs and reduced unit operating costs in our UK and North American businesses.

Higher production levels and increased operational efficiencies supported by higher oil and gas prices raised underlying revenues by 14% to 16,866 million dirhams, and resulted in a record EBITDA of 11,446 million dirhams, up 21% against the same period in 2013.

TAQA's net income after minority interests was 620 million dirhams, up from 80 million dirhams in the first nine months of 2013.

TAQA reduced its debt by over 3 billion dirhams by using excess cash flow and selling non-core assets.

UAE dirhams (Million) unless otherwise stated 9M 2013 9M 2014 % +/-
Total revenue per accounts 18,681 20,708 ▲11
Backup fuel revenue* 2,381 2,865  
Construction revenue* 1,453 977  
Underlying revenues 14,847 16,866 ▲14
Power & Water+ 6,230 6,224 -
Oil & Gas++ 8,617 10,642 24
       
Cost of sales 13,235 13,805 ▲4
EBITDA 9,447 11,446 ▲21
Income Before Tax 1,116 2,357 ▲111
Net income After Minority Interests 80 620  
Basic earnings per share (Fils) 1.3 10.2  
Net Debt/EBITDA (times) 5.6x 4.8x  
EBITDA/Interest 2.8x 3.6x  

* Construction and backup fuel revenues have compensating expenses in cost of sales
+ Includes other operating revenues, ++ Includes gas storage and other operating revenues

Comment
Edward LaFehr, Chief Operating Officer, said: "This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing. We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety. These efforts are even more important now in today's challenging commodity price environment."

Oil and gas
The new Central North Sea assets lifted TAQA's North Sea volumes to a record level of 61.0 mboed. The return to production of Cormorant Alpha lifted production levels and decreased unit operating costs.

In North America, TAQA increased production levels by 2% to 89.6 mboed and lowered unit operating costs by 11%. As a result, netbacks increased by 21% compared to the year-ago period.

Power and water
TAQA's power production increased by 1% to 55,035 gigawatt-hours (GWh), with 43,741 GWh generated in the United Arab Emirates and 11,295 GWh internationally.

Its desalination facilities in the United Arab Emirates produced 192,020 million imperial gallons, up 3% compared to the same period in 2013.

Total average technical availability for its power and water fleet was 91.6%, with its facilities in the United Arab Emirates reaching a typical level of 92.2%. Technical availability at the international fleet recovered to 88.4%.

Major project execution
TAQA plans to launch full commercial operations at its Gas Storage Bergermeer facility in the Netherlands in April 2015. All 46 terawatt-hours of storage capacity starting from 2015 has now been sold and the facility started operations with partial capacity earlier this year.

First oil from TAQA's Atrush Block in Iraq is on schedule for late 2015. Operations have resumed following a brief interruption to drilling activities after increased regional instability in August.

Capital expenditure
Capex for full year 2014 is now expected to be 6.8 billion dirhams, a 2 billion dirhams reduction compared to the full year 2013. This is also lower than forecast at the beginning of the year, due to a more focused capital investment strategy and timing of project milestones. The Q4 capital programme is being reviewed given the evolving commodity price environment.

Emiratisation
TAQA initiated a significant restructuring and strategy development process earlier in 2014 with a focus on enhancing Emiratisation. Saeed Al Dhaheri was appointed to the position of Executive Vice President Human Resources and General Services. Suhail Al Shamsi was promoted to the position of Group Vice President Treasury following the promotion of Ryan Wong to acting Chief Financial Officer.

Financing and liquidity
TAQA reduced its debt by over 3 billion dirhams using excess cash flow and proceeds from the disposal of non-core assets. It raised 534 million dirhams from the disposal of non-core assets including undeveloped land in Alberta, Canada and its interest in Carlyle Infrastructure Partners L.P.

As at the 30 September 2014, TAQA had available liquidity of 15 billion dirhams, including 3.0 billion dirhams of cash in hand.

- ENDS -

About TAQA
TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi's Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Suhail Al Shamsi appointed GVP Treasury 21 Sep 2014
TAQA has promoted Suhail Al Shamsi to the role of Group Vice-President - Treasury and member of the company’s Global Management Team.
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ABU DHABI, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has promoted Suhail Al Shamsi, currently Head of Treasury Operations, to the role of Group Vice-President - Treasury and member of the company’s Global Management Team.

Commenting on the appointment, Saeed Al Dhaheri, Executive Vice-President Human Resources and General Services, said: “I look forward to working alongside Suhail as part of the Global Management Team. The fact that so many of our new leaders have been promoted from within the company reflects our long-term commitment to talent development and creating opportunities for top performers.”

Suhail Al Shamsi, a UAE national, started his career at TAQA as Head of Treasury Operations in 2010. In his new role, he succeeds Ryan Wong who was promoted to acting Chief Financial Officer in September 2014. As Group Vice-President - Treasury, Al Shamsi has responsibility for operational treasury including cash and liquidity management, and the corporate finance and funding functions.Al Shamsi has 20 years of finance sector experience and has held leadership positions at Senaat and Abu Dhabi Islamic Bank. He has an MBA from United Arab Emirates University and a bachelor's degree in Economics from Texas A&M University.

This latest appointment is part of the company’s ongoing strategy development process, which has a focus on enhancing Emiratisation efforts.

TAQA appoints Ryan Wong as acting CFO 10 Sep 2014
TAQA has appointed Ryan Wong to the position of acting Chief Financial Officer (CFO) effective 1 October.
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Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has appointed Ryan Wong, currently Group Vice-President Treasury, to the position of acting Chief Financial Officer (CFO) effective 1 October.

Mr. Wong will replace Stephen Kersley, who held the role of CFO since May 2011 and has decided to leave the company effective 1 November 2014.

Ed LaFehr, Chief Operating Officer of TAQA, commented: “Steve led a significant upgrading of TAQA’s financial processes, systems, and treasury operations. We wish him well for the future and thank him for his service over the past years.”

Ryan Wong joined TAQA in 2008 and brings to the role 35 years of financial and treasury experience.

TAQA appoints Saeed Al Dhaheri to Executive Team 6 Sep 2014
TAQA has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.
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Abu Dhabi, United Arab Emirates - TAQA, the Abu Dhabi National Energy Company, has appointed Saeed Hamad Al Dhaheri to the position of Executive Vice President Human Resources and General Services.

Mr. Al Dhaheri has more than 12 years of experience from the human resource industry in Abu Dhabi. He joins TAQA from government-owned Abu Dhabi Media Company where he led the human resources, procurement and administration functions. Mr. Al Dhaheri has also served on the Board of Directors of United Printing & Publishing and previously held human resources leadership positions at Etihad Rail  and Abu Dhabi Health Services Company - SEHA.

In June 2014, TAQA initiated a significant restructuring and strategy development process with a focus on enhancing Emiratisation efforts.

TAQA reports profit of AED 513 million for H1 2014 12 Aug 2014
Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, today announced a net profit of AED 513 million for the first half of 2014.

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TAQA achieved record oil and gas production, averaging 158,000 barrels of oil equivalent per day (boe/d) during the period, representing a 24% increase against the first half of 2013. This significant production growth, combined with operational efficiencies and higher North American gas prices, raised TAQA’s underlying revenues to AED 11.3 billion, up 29% year-on-year, and resulted in the company’s highest ever EBITDA of AED 7.9 billion, up 42% against H1 2013.

As a result of the group strategy changes and reorganisation announced in May 2014, TAQA maintained existing operating expenditure levels while achieving higher production, despite an escalating cost environment. General and administrative (G&A) costs were reduced by 15% year-on-year.

TAQA’s net profit was AED 513 million, up from a loss of AED 66 million in H1 2013, delivering earnings of 9 Fils per share.

AED (Million) H1 2013 H1 2014 % +/-
Total revenue per accounts 11,285 13,781 ▲22
Fuel revenue* 1,574 1,788  
Construction and finance revenue* 969 675  
Underlying revenues 8,742 11,318 ▲29
Power & Water 3,938 4,128 5
Oil & Gas 4,804 7,190 50
       
Cost of sales 8,045 8,891 ▲11
EBITDA 5,559 7,905 ▲42
Profit Before Tax 525 1,735 ▲230
Net profit (loss) After Minority Interests -66 513  
Basic earnings per share (Fils) -1.1 8.5  
Net Debt/EBITDA (times) 7.1x 4.8x  
EBITDA/Interest 2.5x 3.7x  

* Construction and backup fuel revenues have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Oil & Gas
Following the integration of TAQA’s new Central North Sea assets, its UK operations produced a record average volume of 61,500 (boe/d) during the first half, increasing UK netbacks by 50% year-on-year.

TAQA achieved stable production levels of 89,000 boe/d in North America despite lower capital expenditure (CAPEX). Netbacks increased by 27% due to stronger oil and gas prices and lower costs.

Power & water
TAQA’s power and water production both grew 2% to 32,250 GWh and 122,955 million imperial gallons per day (MIGD) respectively. The company’s international power generation assets produced 6,692 GWh, up 13% year-on-year, boosted by the completion of the Jorf Lasfar expansion in Morocco. TAQA’s domestic power and water fleet produced 25,558 GWh, flat compared to H1 2013.

Technical availability at the international fleet increased to 87.3% from 84.1%, despite an outage at the Takoradi 2 power station in Ghana. Availability at TAQA’s domestic power and water fleet slightly decreased from 90.3% to 89.9%, due to forced outages at the Fujairah F1 and F2 power and water stations.

Growth projects
In April, TAQA started preliminary commercial operations at its Bergermeer gas storage facility in the Netherlands. When complete in 2015, Bergermeer will significantly contribute to the security of European energy supply.

The TAQA-operated Atrush block in the Kurdistan region of Iraq is on schedule to start producing approximately 30,000 barrels of oil per day in 2015. In August TAQA temporarily suspended its operations at the Atrush Block as a result of recent developments around the Kurdistan Region of Iraq. TAQA continues to closely monitor the security situation with its Atrush partners and the Kurdistan Regional Government.

In June, TAQA completed the expansion of the Jorf Lasfar power station in Morocco, increasing its capacity from 1,356 to 2,056 MW. The power station supplies more than 50% of the country’s electricity demand.

The expansion of TAQA’s Takoradi 2 power station in Ghana is over 90% complete and will be inaugurated in Q4 2014.

Following changes in group strategy, TAQA ended negotiations to invest in two hydroelectric plants in India and the Sulaymaniyah power station in the Kurdistan region of Iraq. The withdrawals will improve free cash flow, reduce debt leverage over time and deliver a stronger sustainable financial performance.

TAQA estimates its capital expenditure for the full year 2014 to be USD 300 million lower compared to the full year 2013, totalling approximately USD 2 billion.

Financing and liquidity
TAQA successfully refinanced its USD 1.2 billion bond in April, at attractive pricing. The company expects to pay 2016 maturities from improved operational cash flow and asset sales and does not intend to return to the bond market until 2017, at the earliest.

At the end of the period, TAQA had available liquidity of USD 5 billion, including USD 1.1 billion of cash in hand. 

Comment
Edward LaFehr, Chief Operating Officer, said: “We have seen a great performance during the first half. Record oil and gas production and strong prices have driven our EBITDA to its highest levels. We are starting to see the results of our focused strategy bearing fruit, with safety and operational excellence at the core of everything we do. Greater efficiencies and cost control, combined with a conservative view on growth projects and acquisitions, will ensure we can deliver our commitment to reduce debt and improve financial performance.”

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Update on TAQA Kurdistan operations 9 Aug 2014
TAQA has suspended its operations at the Atrush Block as a result of recent developments and escalating instability around the Kurdistan Region of Iraq.

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Abu Dhabi, United Arab Emirates – TAQA, the Abu Dhabi National Energy Company, has suspended its operations at the Atrush Block in the Kurdistan Region of Iraq.

As a result of recent developments and escalating instability around the Kurdistan Region of Iraq, TAQA has suspended operations at the Atrush Block and, as a precautionary measure, significantly reduced staffing levels.

TAQA continues to closely monitor the security situation with its Atrush partners and the Kurdistan Regional Government. The safety and security of the Company’s staff and contractors are of paramount importance.

TAQA remains committed to the development of the Atrush Block and expects to start production in 2015.

UAE Foreign Minister visits TAQA's Canada offices 14 Jul 2014
TAQA welcomed His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, to its offices in Calgary, Alberta during a state visit.
(From left to right): Ali Almehrezi - Emirati Summer Student, TAQA; Khaled Al Sayari - Head of Government and Public Affairs, TAQA; Ed LaFehr - COO, TAQA; H.H Sheikh Abdullah bin Zayed Al Nahyan - UAE Minister of Foreign Affairs; H.E. Mohammed Abdulrahman Al Qamzi - TAQA Board Member and Director of Research and Business Development at IPIC; Joel Croteau - President, TAQA North America; Muhanna Al Nuaimi, Government Affairs and Corporate Communications Associate, TAQA

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Abu Dhabi, United Arab Emirates - TAQA, the international energy and water company from Abu Dhabi and the largest UAE investor in Canada, welcomed His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, to its offices in Calgary, Alberta during a state visit.

Accompanied by John Baird, Canada's Minister of Foreign Affairs, Sheikh Abdulla participated in a round-table discussion with the UAE and Canada ambassadors and other officials, His Excellency Mohammed Abdulrahman Al Qamzi, TAQA Board member, and executives including Ed LaFehr, TAQA COO, and Joel Croteau, President of TAQA North America. Other UAE parties that attended the meetings included the Ministries of Economy and Energy, Canada-UAE Business Council (CUBC), Mubadala Development Company and International Petroleum Investment Company (IPIC).

TAQA's North American oil and gas business is headquartered in Calgary, Canada and focused on conventional oil and gas exploration and production. The company produces 87,200 barrels of oil equivalent from more than 8,000 oil and gas wells across 3,000,000 acres of land owned by TAQA.

Q1 2014 Results 14 May 2014
TAQA, the international energy and water company from Abu Dhabi, today announced its first quarter results for 2014.

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14 May 2014, Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced its first quarter results for 2014.

AED (Million) 2013 2014 % +/-
Total revenue per accounts 5,422 7,264 ▲34
Backup fuel revenue* 658 953  
Construction revenue* 518 396  
Underlying revenues 4,246 5,915 ▲39
Power & Water 1,850 1,959 6
Oil & Gas 2,396 3,956 65
       
Cost of sales 2,490 2,929 ▲18
EBITDA 2,740 4,104 ▲50
Profit Before Tax 445 905 ▲103
Net profit After Minority Interests 106 274 ▲158
Basic earnings per share (AED) 0.017 0.045 ▲165
Net Debt/EBITDA (times) 7.1x 4.6x  
Net debt to capital (%) 79 82  

* Construction and backup fuel revenues have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Summary

Net profit after minority interests grew by 158% to AED 274 million in the first quarter, due to a recovery in UK North Sea oil output, stronger natural gas prices in North America and higher technical availability in the international power fleet.

Total revenues rose 34% to AED 7.3 billion, while underlying revenues, excluding passed through costs, were up by 39% to AED 5.9 billion.

Hydrocarbon production in the UK North Sea increased by 118% to 62.9 thousand barrels of oil equivalent a day (mboed), thanks to a restoration of production of the Cormorant Alpha platform in the UK North Sea, the integration of new assets in the central North Sea and a successful drilling programme at North Cormorant.

In North America, oil and gas production was stable despite the lower capital expenditure environment while net realised prices were up by 22%. In addition to greater capital efficiency, the company’s efforts to reduce costs yielded results as unit operating costs fell by 12%.

Global power production saw an improvement year on year, with 13,482 GWh generated during the period and underlying revenue up 6% at AED 2.0 billion. The international fleet in particular performed well, with technical availability returning to normal levels after a series of outages in the comparable period last year. There was slightly lower technical availability in the domestic market following forced outages at the Fujairah 1 and 2 and Umm Al Nar power stations.

EBITDA for the first quarter of 2014 grew by 50% to AED 4.1 billion, and net profit rose by 158% to AED 274 million, reflecting the higher revenue and EBITDA.

Available liquidity stood at AED 14.9 billion, including AED 4.2 billion of cash on hand. In April, the company refinanced USD 1.2 billion of bonds that were due to mature in September 2014.

Growth projects showed significant progress, with the first of two new 350 MW units at the Jorf Lasfar power station in Morocco commissioned in April. The second unit is expected to be commissioned in June and will expand the facility’s output to 2,056 MW. TAQA also made good progress with the expansion of the Takoradi 2 power station in Ghana, achieving 85% completion.

In March, the company announced the acquisition of a 51% stake in two hydroelectric plants in the northern Indian state of Himachal Pradesh. The plants have a combined power generation capacity of 1,391 MW. This acquisition is expected to complete at the end of the year.

Gas Storage Bergermeer in the Netherlands started preliminary commercial operations in April. When complete in 2015, Bergermeer will become the largest third party access gas storage facility in Europe. TAQA has sold all of the facility’s long-term capacity and plans to auction the remaining short-term capacity in September 2014.

The Atrush field development plan is proceeding on schedule in the Kurdistan region of Iraq, with first oil expected in 2015.

Comment
Edward LaFehr, Chief Operating Officer, said: “We are focusing on operational excellence and driving performance, and the results of the first quarter show we are moving in the right direction.”

Stephen Kersley, Chief Financial Officer, said: “Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs. We are well positioned with ample liquidity, and look forward to driving continued improvement in earnings and coverage ratios.”

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA shareholders elect new Board of Directors 23 Apr 2014
TAQA today announced that shareholders have elected a new Board of Directors at the company’s Annual General Meeting after the expiry of the previous board’s three-year term.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced that shareholders have elected a new Board of Directors at the company’s Annual General Meeting (AGM) after the expiry of the previous board’s three-year term.

H.E. Saeed Mubarak Al-Hajeri; H.E. Abdulaziz Abdulrahman Mubarak Al-Hemaidi and H.E. Salem Sultan Al-Dhaheri were re-elected to a new three-year term. H.E. Mohammed Butti Khalfan Al Qubaisi; H.E. Khaled Abdulla Al Mas; Mr Ahmed Khalifa Mohammed Obaid Al Mehairi; and H.E. Mohammed Abdulrahman Bandooq Mohammed Al Qamzi were also elected to serve on TAQA’s Board of Directors. Following the AGM, the Directors elected H.E. Saeed Mubarak Al-Hajeri as Chairman of the Board of Directors.

H.E. Saeed Mubarak Al-Hajeri, who has served on the Board since 2011, is Executive Director at Abu Dhabi Investment Authority (ADIA) and is also on the boards of various Abu Dhabi government entities. He holds a Bachelor of Business Administration from Lewis & Clark College in the United States and is a qualified Chartered Financial Analyst.

“It is a great privilege and honour to be elected Chairman of Abu Dhabi’s leading international energy and water operating company,” said H.E. Saeed Mubarak Al-Hajeri. “The new Board brings a wealth of skills and experience relevant to TAQA’s core areas of operation. I look forward to working with my fellow Members of the Board and the executive management to build on TAQA’s achievements.”

“I would like to thank H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, Ruler of Abu Dhabi and Commander-in-Chief of the UAE Armed Forces, and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the opportunity to contribute to the company’s development. I would also like to thank the previous board members for their dedication and service to TAQA.”

From its roots as the majority owner of Abu Dhabi’s power and water generation plants, TAQA has grown into Abu Dhabi’s leading international energy and water operating company, with a presence in 11 countries.

- ENDS -

For further information:

Abu Dhabi
Investor Relations
Mohammed Mubaideen
Mob +97150 813 0752
mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information see www.taqaglobal.com

TAQA announces new nominees for Board of Directors 21 Apr 2014
TAQA today announced a new list of nominees for election to the Board of Directors at the Annual General Meeting on April 22.

Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced a new list of nominees for election to the Board of Directors at the Annual General Meeting on April 22.

H.E. Saeed Mubarak Al-Hajeri; H.E. Abdulaziz Abdulrahman Mubarak Al-Hemaidi; and H.E. Salem Sultan Obaid Sultan Al-Dhaheri were submitted for re-election. The other nominees are: Mr Khaled Abdulla Al Mas; H.E. Mohammed Butti Khalfan Al Qubaisi; Mr Ahmed Khalifa Mohammed Obaid Al Muhairi; Mr Mohammed Abdulrahman Bandooq Mohammed Al Qamzi; Mr Mohammed Ali Abdulla; and Mr Shaheen Mohamed Abdul Aziz Rubaya Al Muhairi.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the Department of Finance and Member of the Executive Council of Abu Dhabi, said: “The Government of Abu Dhabi continues to provide broad and ongoing support to TAQA.”

He added: “It has been my honour to serve as Chairman of TAQA since its inception and I thank H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, Ruler of Abu Dhabi and Commander in Chief of the UAE Armed Forces, and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for the opportunity to contribute to the company’s development.”

From its roots as the majority owner of Abu Dhabi’s power and water generation plants, TAQA has grown into Abu Dhabi’s leading international energy and water operating company, with a presence in 11 countries.

- ENDS -

For further information:

Abu Dhabi

Investor Relations
Mohammed Mubaideen
Mob +97150 813 0752
mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
For further information see www.taqaglobal.com

TAQA secures USD 200m Samurai loan 17 Apr 2014
TAQA today announced the successful signing of a USD 200 million equivalent (JPY 20.4 billion) Samurai loan facility.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced the successful signing of a USD 200 million equivalent (JPY 20.4 billion) Samurai loan facility.

The five-year loan was arranged by Bank of Tokyo-Mitsubishi UFJ at a competitive 60 basis points over Japanese Yen LIBOR, and has been fully swapped into US dollars by Mitsubishi UFJ Securities. The funds will be used to refinance a portion of TAQA’s upcoming USD 1.2 billion bond maturity.

“This is the first part of our 2014 refinancing operation. The Samurai loan brings in a new pool of liquidity for TAQA at extremely competitive rates,” said Stephen Kersley, Chief Financial Officer at TAQA.

- ENDS -

For further information:

Abu Dhabi
Allan Virtanen
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information about TAQA, please visit: www.taqaglobal.com

Gas Storage Bergermeer starts partial commercial operations 16 Apr 2014
TAQA today announced the start of preliminary commercial operations at its Gas Storage Bergermeer facility in the Netherlands.

The Hague – TAQA, the international energy and water company from Abu Dhabi, today announced the start of preliminary commercial operations at its Gas Storage Bergermeer facility in the Netherlands.

When complete in 2015, Bergermeer will nearly double the Netherlands' capacity and become the largest third party access gas storage facility in Europe. This will significantly contribute to the security of European energy supply and create more efficient gas markets by increasing competition, a key component of the EU Gas Directive.

Jan Willem van Hoogstraten, Managing Director of TAQA in the Netherlands said, “Gas Storage Bergermeer is one of the biggest, independent investments made in the Netherlands at this time. We’re pleased to have achieved this project milestone safely, on schedule and within budget. Every step of the way, we strive to be a good neighbour to the community and to minimise the impact our activities have on the environment. Our next major milestone is to be fully operational in April 2015.”

Compressors are injecting gas into five wells drilled into the previously depleted Bergermeer reservoir. This milestone marks the completion of the first phase of the project. TAQA and EBN, the Dutch state-owned energy company, have together invested EUR 850 million in the project. In exchange for storage capacity, Gazprom supplied the ‘cushion gas’ following a tender organised in cooperation with the Netherlands’ Authority for Consumers & Markets. Cushion gas is needed to pressurise the reservoir, making commercial operations possible.

Jan Dirk Bokhoven, Managing Director of EBN: “This project gives the once depleted Bergermeer gas field a second life. Natural gas is still the backbone of the Netherlands’ energy supply. Over the next decades, natural gas will remain an important source of energy as the Netherlands slowly transitions to a fuel mix that includes more renewable energy. Once fully operational, Gas Storage Bergermeer will be an essential component in the Netherlands’ energy infrastructure, contributing to European security of supply.” 

Construction of Gas Storage Bergermeer started in June 2012. The project consists of an innovative, zero emission gas treatment facility in Alkmaar, 14 new wells in Bergen and eight kilometres of underground pipeline connecting the two locations. It is intended to help energy suppliers store natural gas underground during periods of low demand in the summer and draw it down in the winter, when demand rises.

When fully completed in 2015, Gas Storage Bergermeer will provide 46 terawatt hours (TWh) or 4.1 billion cubic metres (BCM) of gas storage capacity, equivalent to the average annual gas consumption of 2.5 million Dutch households. 

TAQA has sold all of the facility’s long-term capacity and plans to auction the remaining short-term capacity in September 2014. Companies that have already booked capacity include Statoil, EDF, Vattenfall and Gazprom.

- ENDS -

For further information:

The Hague
Marjolein Bijsterveld
Mob +31 6 4609 5683
marjolein.bijsterveld@taqaglobal.com

Abu Dhabi
Allan Virtanen
Mob +971 56 685 2717
allan.virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information about TAQA, please visit: www.taqaglobal.com

For further information about Gas Storage Bergermeer, please visit: www.gasstoragebergermeer.com 

TAQA Full Year 2013 Results 25 Mar 2014
TAQA, the international energy and water company from Abu Dhabi, today announced its annual audited results for 2013.

25 March 2014, Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announced its annual audited results for 2013.

AED (Million) 2012 2013 % +/-
Total revenue per accounts 27,785 25,757 7%
Backup fuel revenue* 3,645 3,209  
Construction revenue* 3,589 1,399  
Underlying revenues 20,551 21,149 3%
Power & Water 8,536 8,961 5%
Oil & Gas 12,015 12,188 1%
       
Cost of sales excluding impairment (19,384) (17,923) 8%
Non-cash impairment (453) (3,247)  
Total cost of sales (19,837) (21,170) ▲7%
EBITDA 13,259 13,445 ▲1%
Profit Before Tax 3,544 (1,107)  
Net profit After Minority Interests 649 (2,519)  
Basic earnings per share (AED) 0.11 (0.42)  
Net Debt/EBITDA (times) 5.7 5.6  
Net debt to capital (%) 78 82  

* Construction and backup fuel revenues, have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated

Summary

TAQA's underlying revenues, cash flow and earnings all saw an improvement in a year of resilient operational performance. Underlying revenues grew 3% year-on-year to AED 21.1 billion, and the business continued to generate strong operational cash flows, with EBITDA rising 1% to AED 13.4 billion.

The net result was affected by a one-off, non-cash impairment related to the value of the company's North American oil and gas assets. The company continues to enjoy a strong financial position, with high levels of liquidity, and has planned capital expenditure in excess of USD 2 billion in 2014.

The power and water segment, the bedrock of TAQA's business, continued to produce a strong revenue and earnings stream, while oil and gas recovered from a setback in the UK early in the year to end the year on a high note with record production levels. The company hit key milestones on its large construction and growth projects, with several new facilities poised to come on stream over the next 18 months in the Netherlands, Morocco, Ghana and Iraq.

In the UK North Sea, TAQA successfully integrated the Harding platform and associated assets, which provides the company with a development portfolio across three fields that will extend the life and sustainability of the existing business in the UK. In Q4, UK production levels were a record 68,400 barrels of oil equivalent per day (boed), compared with 39,500 boed during the same period in 2012, an increase of 73%.

In North America, TAQA effected a turnaround. The business was restructured, reducing headcount by 162, disposing of non-core acreage and creating a simpler organisation. A more focused capital spending programme centred around the company's highest-value prospects has already started to generate higher production, while maintaining an industry-leading safety performance.

In Iraq, TAQA secured regulatory approval for the development plan of the Atrush field, with the first oil production expected in 2015.

In the power and water segment, underlying revenues grew by 5% to AED 9.0 billion, led by a strong performance of TAQA's majority ownership of the UAE power and water fleet.

TAQA made great progress in its largest growth and construction projects.

The first of two new units at the Jorf Lasfar Energy Company power plant in Morocco, where TAQA already provides about 40% of the country's power, synchronised to the grid in October, and the second unit is due for commissioning in the first half of 2014. The successful IPO of the Moroccan business on the Casablanca stock exchange in December raised significant funds for TAQA and added a critical new stakeholder base for the company.

In Ghana, the company passed the half way mark in its expansion of the Takoradi 2 power plant, which is set to increase electricity production by 50% with a highly efficient combined cycle unit.

Construction of the Bergermeer gas storage plant in the Netherlands reached an advanced stage, with the start of preliminary operations on schedule for April 2014. When this project is complete in 2015, it will be the largest open access gas storage facility in Europe, significantly contributing to Europe's energy security.

TAQA's financing operations continued to set a benchmark for the region, with the refinancing of the Shuweihat S2 power and water plant in the UAE setting a precedent for future non-recourse financing of UAE power stations.

The company made significant disposals over the period, including non-core acreage in North America and the non-operated Noordgastransport B.V. pipeline business in the Netherlands.

The company reported a net loss of AED 2.5 billion, affected by a one-off, non-cash impairment of AED 3.2 billion, mostly relating to the value of oil and gas holdings in North America. The impairment was realised as a result of a reduction in the long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region. The impairment does not affect the company's ability to continue operations or service its debt obligations.

As a consequence of the net loss, the company will not pay a dividend for 2013.

Comment
Carl Sheldon, Chief Executive Officer, said:
"TAQA has grown into Abu Dhabi's leading international operator of strategic national energy infrastructure. We achieved record levels of oil and gas production, while underlying revenues from our power and water business rose strongly. The company is well positioned to take advantage of the unique opportunities ahead."

Stephen Kersley, Chief Financial Officer, said:
"Underlying revenues and cash flow rose year-on-year, while the net result was affected by a one-off, non-cash accounting entry. Our strong levels of liquidity enable us to continue to fund operations and service our debt obligations on favourable terms."

Financial summary: FY 2013 versus FY 2012

Revenues and costs
Total revenues for 2013 were AED 25.8 billion, 7% lower year-on-year, compared with total revenues of AED 27.8 billion for the same period in 2012.

However, this does not accurately reflect the underlying performance of the business, due to the effect of construction and backup fuel revenues which have compensating expenses in cost of sales.

AED (Million) 2012 2013 % +/-
Total revenue per accounts 27,785 25,757 7%
Backup fuel revenue 3,645 3,209  
Construction revenue 3,589 1,399  
Underlying revenues 20,551 21,149 3%
Power & Water 8,536 8,961 5%
Oil & Gas 12,015 12,188 1%

On an underlying basis, revenues grew by 3% to AED 21.1 billion in 2013 from AED 20.6 billion in 2012. This reflected a particularly strong performance from the power and water segment, which grew by 5% to AED 9.0 billion, from AED 8.5 billion in 2012, while the oil and gas segment grew by 1% to AED 12.2 billion in 2013.

Cost of sales, excluding the impairment, was AED 17.9 billion in 2013, a decrease of 8% over last year. This was caused by lower construction costs and backup fuel costs corresponding to the fall in total revenue per accounts.

Overall Gross Margin, excluding DD&A, dry hole expenses and impairment, was 56%, an increase from 51% in 2012, reflecting the stronger underlying performance of the business.

Power & Water
Power & Water's performance was driven by 6% higher production within the domestic operation, despite the maintenance shutdown at Shuweihat S1 in H1. The international fleet also performed well, with Jorf Lasfar returning to production following an outage in the first half, achieving technical availability of 97% in Q4.

Fuel revenue decreased 12% year-on-year to AED 3.2 billion, reflecting lower usage of back-up fuel in the domestic power plants. This revenue is the payment received from the off-taker and has a corresponding offset expense in fuel costs.

Operating expenses for the power and water segment (excluding fuel costs) were AED 3.4 billion in 2013, compared to AED 5.5 billion in 2012. Depreciation, depletion and amortisation (DD&A) expense for the period was essentially flat at AED 1.8 billion.

Net profit for the period amounted to AED 2.4 billion, compared to AED 2.2 billion in the prior year.

Oil & Gas
Total oil and gas revenues (including gas storage and other income) increased by 1% to AED 12.2 billion for 2013. This was despite the shut-in of production at the Cormorant Alpha platform in the North Sea at the beginning of the year and lower UK prices. These factors were offset by the additional capacity acquired in the UK at the end of June, and higher production and higher prices in North America and the Netherlands.

Operating expenses increased year-on-year to AED 5.0 billion, as costs rose in the North Sea due to the Cormorant Alpha shutdown, the Central North Sea asset acquisition and one-off projects, offset by lower operating expenses in the Netherlands and North America.

In line with the increasing production during the second half, in particular at the UK operations as a result of the acquisition of Central North Sea assets, the DD&A expense increased to AED 4.4 billion.

Net loss for the period was AED 2.1 billion, compared to a profit of AED 394 million in 2012.

EBITDA
EBITDA grew by 1% to AED 13.4 billion in 2013 reflecting the strong underlying cash flows of the business and ensuring the company has more than sufficient liquidity to meet its financing needs.

Finance costs
Financing costs were broadly consistent year-on-year at AED 5.1 billion.

Profitability
The Loss Before Tax was AED 1.1 billion in 2013, compared to a AED 3.5 billion Profit Before Tax in 2012. This was due to the effect of an impairment of TAQA's North American assets described below.

Impairment
The annual assessment of the assumptions on which TAQA's asset base is booked on the balance sheet, resulted in a pre-tax, non-cash impairment of AED 3.2 billion against TAQA's North American assets. Post-tax this is AED 2.7 billion.

This was due to reserve revisions and lower anticipated production resulting from a better understanding of our holdings in North America, which has given us an enhanced view of economic recoverability, in the context of continued, industry-wide, low gas price environment.

The impairment charge is non-cash and has no impact on TAQA's ability to meet its obligations, including the service of its ongoing debt obligations.

Income Tax
In line with the overall reduction in profitability, TAQA reported a lower income tax expense of AED 661 million compared to AED 2.2 billion in 2012. Note that the impairment charge discussed above includes a goodwill impairment of AED 1.6 billion that is not deductible for tax purposes. Adjusted for this, the overall income tax expense for 2013 resulted in an effective tax rate of 135% (62% in 2012). The effective tax rate increased primarily as a result of the fact that our overall loss on the Oil and Gas segment consists of larger losses in North America with a statutory tax rate between 25% and 35%, and profits in the Netherlands and UK with statutory tax rates between 50% up to 81%.

Net loss and dividend
TAQA reported a net loss of AED 2.5 billion attributable to equity holders in 2013, compared to AED 649 million profit in 2012. On this basis, basic and diluted loss per share attributable to equity holders was AED 0.42, compared to AED 0.11 profit in the prior period.

As a consequence of this loss, TAQA will not pay a dividend for 2013.

Financing
Overall total debt was AED 79.7 billion, comprising non-recourse project finance debt tied to assets of AED 43 billion and corporate debt of AED36.7 billion. This is a marginal decrease of AED 95.5 million from 31 December 2012. This equates to a Net Debt /EBITDA ratio of 5.6x, a decrease from 5.8x in 2012.

In July, a USD 825 million project bond was successfully issued to refinance the Shuweihat S2 plant. This bond carries a final maturity of 2036 and an attractive coupon of 6%.

Consolidated cash on hand, as at 31 December 2013, was AED 3.9 billion, compared to AED 3.8 billion in December 2012. As with previous periods, liquidity remains very strong with unused credit lines available to TAQA of AED 11.0 billion, resulting in overall liquidity of AED 14.9 billion.

Operational Review

Power & Water

Key Performance Indicators   2012 2013 % +/-
Total revenues in AED million*   8,536 8,961 ▲5
% of overall revenues*   42% 42% -
Total generation capacity (MW) Global 15,407 15,407 -
Domestic 12,494 12,494 -
International 2,913 2,913 -
Total power production (GWh) Global 75,124 76,712 ▲2
Domestic 55,275 58,627 ▲6
International 19,849 18,085 ▼9
Technical availability of power generation business (%) Global 93.3 91.8 ▼2
Domestic 95.2 92.2 ▼3
International 91.4 89.3 ▼2
Water desalination capacity (MIGD) Total 887 887  
Total water desalination (MIG) Total 240,801 253,419 ▲5

*excl. supplemental fuel and construction revenue

In 2013, TAQA produced 76,712 Gigawatt hours (GWh) of electricity, a 2% increase over 2012, and 253.4 billion imperial gallons of water, a 5% increase over the prior year.

Domestic
Domestic power generation remained strong, increasing by 6% to 58,627 GWh of electricity and 525.4 million imperial gallons (MIG) of water during the twelve months to 31 December 2013. Domestic availability was 92.2%, compared to 95.2% the prior year.

Technical availability was reduced due to a forced outage at Shuweihat S1, which affected one of the turbines in February. The affected turbine resumed operations at the end of June. The Fujairah 2 facility was also affected by a forced outage with one of its turbines affecting production in September. This was subsequently brought back online in October.

These outages were significantly offset by the very strong performance of the rest of the UAE fleet, half of which reported an Equivalent Forced Outage Rate (EFOR) of less than 1%.

In June, TAQA broke ground on the USD 200 million expansion of Fujairah 1's desalination capacity. The expansion, which uses reverse osmosis technology, will increase the facility's capacity by 30 MIG per day.

In October, TAQA inaugurated a major new power and water plant in the Western Region of Abu Dhabi. Shuweihat S2 added 1,510 megawatts to the Emirate's generation capacity, enough to power more than 300,000 homes. The plant will also produce up to 100 MIG of potable water each day, representing 15 % of Abu Dhabi's water desalination capacity.

International
TAQA's international power portfolio, which comprises assets in Morocco, Ghana, India, Saudi Arabia, Oman and the United States, generated 18,085 GWh of power during 2013. Overall technical availability fell during the period to 89.3%, compared to 91.4% last year. This was due to a steam turbine rotor failure at Red Oak, a transformer failure at Jorf Lasfar during the first half of the year, as well as a planned 28 day maintenance shut down at Neyveli. These issues were quickly addressed and all operations have now returned to normal. Indeed, downtime at Jorf Lasfar was used to bring forward significant maintenance and in the second half, the plant out-performed, achieving record availability of 97% - a level of performance equivalent to that of a gas-fired power plant.

The expansion project in Morocco continued to progress well, with the first of the two new units, Unit 5, successfully commissioned in December and Unit 6 expected to be commissioned in April 2014. The 700 MW expansion will bring the gross capacity of the Jorf Lasfar plant to 2,056 MW.

Jorf Lasfar also successfully completed its Initial Public Offering of Shares (IPO) on the Casablanca Stock Exchange, selling a 14.21% stake and raising proceeds of AED 673 million for TAQA.

The expansion project at the Takoradi 2 plant in Ghana is also making good progress and is now 70% complete. This expansion will increase the installed capacity of Takoradi 2 to 330 MW and is expected to be commissioned in early 2015.

Oil & Gas
TAQA's oil and gas business comprises a portfolio of assets across North America, the UK North Sea, the Netherlands and Kurdistan region of Iraq.

Key Performance Indicators   2012 2013   % +/-
Total revenues in AED million   12,015 12,188   ▲1
% of overall revenues*   58% 58%   -
Total production
(mboe/day)
Global 135.7 142.4   ▲5
North America 86.2 87.2   ▲1
UK 41.8 47.0   ▲12
Netherlands 7.7 8.2   ▲6
Average net realized price of crude oil sold
(US$ per barrel)
North America 34.4 37.0   ▲8
UK 109.3 103.8   ▼5
Netherlands 70.3 72.4   ▲3
Average net realized price of natural gas sold
(US$ per thousand feet)  
North America 17.4 20.5   ▲18
UK 74.8 60.3   ▼19
Netherlands 47.7 49.7   ▲4

*excl. supplemental fuel and construction revenue

Total oil and gas revenues, including gas storage and other operating revenues, increased by 1% in 2013 to AED 12.2 billion, notwithstanding the unplanned shut-down of Cormorant Alpha in January 2013.

Operating expenses increased by 3% to AED 5.0 billion, again due to repair work to address the Cormorant Alpha shutdown, coupled with additional operating expenses associated with the acquisition of the Central North Sea assets and maintenance at the Tern and Eider platforms. Offsetting the increase, other expenses were down, such as gas entry capacity and movement charges in the Netherlands operations.

Total average daily production for 2013 increased to 142,400 boed, compared with 135,700 boed in the same period last year. TAQA exited the year with record levels of production during Q4 2013 of 161.8 mboed.

North America
During 2013, TAQA undertook a significant structural reorganisation aimed at maximising efficiencies and positioning the business to become a leading intermediate energy company in North America. As part of this process, overall staff count was reduced by 162, whilst delivering the same activity through a simpler organisation. Many of these employees have been redeployed to TAQA's global operations, principally in the Kurdistan region of Iraq.

This programme is contributing to the bottom line, with an approximate annual saving of AED 100 million in general and administrative costs and AED 20 million reduction in operating expense. At the same time, production increased safely and reliably to 87,200 boed from 86,200 boed.

Since the initiation of non-core acreage disposals in 2012, the programme has yielded AED 1.9 billion.

UK
Production grew by 12% year-on-year, to 47,000 boed, with production levels boosted by the acquisition of new assets in the Central North Sea. The Harding, Maclure, Morrone and Devenick fields are performing well and contribute approximately 15,000 boed of additional production. In Q4, UK production levels were a record 68,400 boed, compared with 39,500 boed during the same period in 2012, an increase of 73%.

The shut-in at Cormorant Alpha depressed production in the first half. Limited production at the platform restarted in June and full production resumed in August. Since then, Cormorant Alpha has been producing at high levels.

In December, TAQA received approval from the UK Government for development of its Morrone field (block 9/23b) in the Central North Sea. The initial phase of development will consist of an extended reach well drilled from the TAQA-operated Harding platform. Morrone is expected to initially produce over 3,000 barrels of oil equivalent per day with first oil expected in Q3 2014.

In January, first oil production came on line from the Cormorant East field, which is estimated to contain 10 to 30 million barrels of oil in place.

During 2013, the UK Government approved the development plan for Cladhan. This is expected to produce over 17,000 boed initially, with first oil expected Q1 2015. This is the third and largest field that TAQA has developed to date and is a cornerstone of TAQA's strategy of investing to maximise recovery in the North Sea.

Netherlands
Production in the Netherlands continued to improve, increasing to 8.2 mboed, 6% higher than the same period last year. This was driven by the acceleration of Groet-Oost production near Alkmaar and a strong performance from the P15 and P18 and offshore partner-operated fields, as well as higher flow rates at L11-A08.

Construction at TAQA's flagship gas storage facility at Bergermeer continues to progress well, with phase one operations scheduled to begin in mid-2014 and full start-up in 2015.

In November, TAQA sold its stake in Noordgastransport B.V., a non-operated pipeline business in the Netherlands.

Iraq
In August, TAQA and its partners announced that they had drilled an additional test well at Atrush and were conducting an analysis of core samples, including appraisal of oil/water contact definition, oil gravity/viscosity variations, extent of quality reservoir, permeability and porosity data.

In October, TAQA received approval from the Kurdistan Regional Government for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq. The block, which is located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 boed, with first oil by early 2015. The approval covers a 25 year period to maximise recovery of the oil resources. In total, TAQA is expecting to invest more than USD 300 million in the initial phase which will consist of three production wells and a central processing facility.

Commodity price environment
Global oil prices strengthened during the course of 2013, as. WTI averaged USD 98.04 per barrel (bbl), 4% above the average of USD 94.15/bbl a year earlier. The WTI/Brent pricing differential continued, although narrowing, with Brent averaging USD 108.70/bbl in 2013 versus USD 111.68/bbl in 2012.

NYMEX gas prices for 2013 averaged USD 3.73 (mmbtu), versus USD 2.83 for the equivalent period in 2012. During Q3, the Alberta AECO differential to NYMEX gas widened as the TransCanada mainline pipeline toll increase discouraged gas flows from leaving Alberta. This basis is expected to narrow as the winter gas firm contracting season begins in the fall. Longer term, the North American natural gas price environment is expected to continue to improve, as infrastructure to transport gas comes on stream and as the price differential between gas and other energy sources is arbitraged.

Post-period developments
In March 2014, a consortium led by TAQA agreed to acquire the Baspa Stage II and Karcham Wangtoo hydroelectric plants in the northern Indian state of Himachal Pradesh, from Jaiprakash Power Ventures Limited. The two plants have a combined power generation capacity of 1,391 megawatts (MW). TAQA, holds a 51% stake in the consortium and will have control of operations and management of both facilities under the proposed deal.

Following the completion of the transaction, TAQA's gross operational power generation capacity in India will be 1,741 MW, comprising one lignite power plant and three hydroelectric plants, making TAQA the largest private operator of hydroelectric plants in India.

The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.

- ENDS -

For further information:

Investor relations
Mohammed Mubaideen
Tel + 971 2 691 4964
Mob + 971 50 813 0752
Mohammed.mubaideen@taqaglobal.com

Media
Allan Virtanen
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi's Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA restarts production at North Sea Harding platform 4 Mar 2014
TAQA can confirm that production has now been restarted at the TAQA-operated Harding platform in the UK North Sea.

TAQA can confirm that production has now been restarted at the TAQA-operated Harding platform, located 320 kilometres north-east of Aberdeen in the UK North Sea. The platform is being up-manned for routine operations.

TAQA-led consortium to acquire two Indian hydroelectric plants 2 Mar 2014
A consortium led by TAQA has agreed to acquire two hydroelectric plants in India, making TAQA the largest private operator of hydroelectric plants in India.

Abu Dhabi, United Arab Emirates – A consortium led by TAQA, the international energy and water company from Abu Dhabi, has agreed to acquire two hydroelectric plants in India, making TAQA the largest private operator of hydroelectric plants in India.

The agreement follows the signing of the UAE-India Bilateral Investment Promotion and Protection Agreement in December 2013 and a commitment made by the UAE to invest USD 2 billion in India’s infrastructure sector at the first UAE-India High Level Joint Task Force on Investments meeting held in Abu Dhabi in February 2013.

The consortium agreed to purchase the Baspa Stage II and Karcham Wangtoo plants in the northern state of Himachal Pradesh, from Jaiprakash Power Ventures Limited, a subsidiary of Indian infrastructure conglomerate Jaypee Group.

TAQA, which holds a 51% stake in the consortium, will have control of operations and management of both facilities under the proposed deal. The remaining equity will be held by one of Canada’s largest institutional investors (39%) and IDFC Alternatives’ India Infrastructure Fund II (10%).

The equity invested by the consortium in the acquisition of the two hydroelectric plants will amount to approximately INR 3,820 crores (USD 616 million ), of which 51% is from TAQA. The consortium will also acquire the assets’ non-recourse project debt.

Frank Perez, TAQA’s Executive Officer and Head of Global Power & Water, said: “India’s economic growth depends on having ample and reliable energy supply. TAQA is pleased to add these two high quality hydro power assets to our growing India business and to support India’s economic growth.”

The two plants have a combined power generation capacity of 1,391 megawatts (MW). Both plants are located in Kinnaur district within two kilometres of each other and share support facilities. They use run-of-the-river technology to convert natural water flow to electricity, eliminating the need for a reservoir. The plants are 35 kilometres from the Sorang hydroelectric plant, in which TAQA acquired a stake last year.

Following the completion of the transaction, TAQA’s gross operational power generation capacity in India will total 1,741 MW, comprised of three hydroelectric facilities and one lignite power plant.

The acquisition is expected to close in 2014 and is subject to regulatory and third party approvals.

This investment will be recognised at the second meeting of the UAE-India High Level Joint Task Force in Mumbai on Monday 3 March 2014 co-chaired by His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince Court, and His Excellency Anand Sharma, India’s Minister of Commerce and Industry.

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

About IDFC Alternatives

IDFC Alternatives Ltd is an advisor and investment manager of IDFC sponsored funds across infrastructure, private equity and real estate. IDFC Alternatives is one of India’s largest multi-asset class fund managers with assets under management of approximately USD 2.8 billion. IDFC Alternatives has so far received binding commitments of USD 755 million for its second India focused core infrastructure fund, India Infrastructure Fund II ("IIF II"). IIF II is the successor to IDFC’s debut infrastructure fund ("IIF I"), which was raised in June 2009 with a fund size of USD 927 Million from Indian and international institutional investors and which has been fully deployed. Apart from IDFC Limited, the investors in IIF II comprise global institutional investors from North America, Europe, Middle East and UK.

Latest update on UK North Sea Harding platform incident 27 Feb 2014
TAQA can confirm that a team from the company has arrived on the Harding platform in the North Sea following the death of a TAQA employee on February 27, 2014.

TAQA can confirm that a team from the company, along with investigators from Police Scotland and the Health and Safety Executive, has arrived on the Harding platform following the death of a TAQA employee early this morning. (February 27, 2014)

TAQA will conduct its own inquiry and is co-operating fully with all external investigations. The company is also currently offering its full support to the family of our colleague and will continue to do so for as long as required.

The incident happened just after 2.15am today when our employee fell overboard during maintenance activity on the platform. He was recovered from the sea by a support vessel and flown by helicopter to hospital in Shetland.

The remaining 108 people who were on the platform are safe and accounted for. Production has been shut down on the platform and an operation is underway to downman 74 non-essential personnel from the installation. TAQA took the decision to downman out of consideration for the welfare of our people following this tragic incident.

The Harding platform  is owned and operated by TAQA and is located 320 kilometres north-east of Aberdeen.

Further updates will be issued as more information becomes available.

ENDS

Notes to editors:

Background information and fast facts can be found at www.taqaglobal.com

About TAQA

TAQA is the brand name for the Abu Dhabi National Energy Company PSJC. Our UK business was incorporated in 2006 and is based in Aberdeen. In the UK, TAQA is an exploration and production company working on the United Kingdom Continental Shelf (UKCS).
TAQA’s portfolio in the UK consists of our Brae assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. We have 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields. And we have a combined 26.73% interest in the Dana- operated Hudson field and a 24% interest in the Sullom Voe Terminal.
TAQA also operates the Brent Pipeline System on behalf of ourselves and our partners in the North Sea.
Approximately 400 employees and 800 contractors and subcontractors work for TAQA in the UKCS and onshore.

The Harding platform
The Harding platform is located 320 km north-east of Aberdeen. TAQA has a 70% equity interest and is operator. Maersk owns 30%. The Harding platform began production in 1996.

TAQA announces leadership succession 25 Feb 2014
TAQA today announces a leadership succession.

Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, today announces a leadership succession.

After six years at TAQA, Carl Sheldon has decided to step down as Chief Executive Officer and Member of the Board of Directors, effective at the Annual General Meeting in April. Mr Sheldon will remain as Chairman of Jorf Lasfar Energy Company (JLEC), TAQA’s newly-listed Moroccan power business, and will serve as an Advisor to the Board of Directors of TAQA.

Under Mr Sheldon, TAQA has evolved as a world-class operator of strategic energy infrastructure against the backdrop of tightening financial markets and volatile hydrocarbons prices.

His Excellency Hamad Al Hurr Al Suwaidi, Chairman of the Board of Directors, said: “Carl has significantly strengthened the business across all our geographies and I am pleased that he will remain involved with TAQA. I would like to thank him for his great contribution and look forward to continuing to work with him in the future.”

Mr Sheldon said: “I have been honoured to serve TAQA and Abu Dhabi for the past six years and I would like to thank the Board of Directors and all my colleagues for such a rewarding experience. I look forward to contributing to TAQA’s journey in the future.”

The leadership model at TAQA will change. His Excellency Abdulla Saif Al Nuaimi, Vice Chairman, will take up a part-time executive role assuming responsibility for TAQA’s government and strategic relations and external affairs. Mr Sheldon will hand over all his responsibilities to Edward LaFehr, an experienced oil and gas executive who currently leads TAQA’s North American operation. Mr LaFehr takes on the newly-created role of Chief Operating Officer, based in Abu Dhabi. Joel Croteau, currently Vice President of Development in North America, will succeed Mr LaFehr as President of the North America business.

H.E. Al Suwaidi said: “I am delighted to welcome Ed as Chief Operating Officer. He has a deep knowledge of the energy industry and executive leadership experience in many of TAQA’s core regions including the Middle East, North America and Europe. He has led a strategic transformation of our North American business over the last 18 months and I look forward to him driving continuous improvements in the performance of the company.”

H.E. Al Nuaimi said: “TAQA has built up an enviable record as a world-class operator of large scale energy assets around the world and we will continue to be a reliable partner for strategic investments over the long term. We continue to see growth in our business and have several exciting opportunities in the pipeline.”

ENDS

For further information:

Edelman
Nicola McAlpine
General Manager
Tel +971 2 417 8541
Mobile +971 50 616 8720

TAQA opens new Erbil office 20 Feb 2014
TAQA has formally opened its new office in Erbil, in the Kurdistan region of Iraq.

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Erbil, Iraq - TAQA, the international energy and water company from Abu Dhabi, has formally opened its new office in Erbil, in the Kurdistan region of Iraq.

The office was inaugurated by His Excellency Abdulla Saif Al-Nuaimi, TAQA Vice-Chairman, in the presence of His Excellency Sinan Abdulkhalq Ahmed Çelebi, Minister of Trade and Industry; Mr. Nawzad Hadi Mawlood, the Governor of Erbil Province from the Kurdistan Regional Government, and His Excellency Rashid Mohammed Al Mansouri, Consul General of the United Arab Emirates in Erbil.

His Excellency Al-Nuaimi said, “This new office gives us a powerful tool to leverage and amplify the enormous skills of our professionals who bring expertise from across the globe to the exciting possibilities we see here. We look forward to a long and fruitful relationship with the Kurdistan Regional Government and our other partners in furthering the economic development of this region and the country.”

His Excellency Dr Ashti Hawrami, Minister of Natural Resources for the Kurdistan Regional Government: “We congratulate TAQA on the inauguration of their new office here in Erbil and welcome their continued activities to develop the promising oil and gas opportunities in the Kurdistan region of Iraq.”

His Excellency Al Mansouri said: "The presence of such a major UAE company like TAQA in the Kurdistan region of Iraq brings many significant benefits, most importantly towards the UAE’s commitment to strengthen relations with the Kurdistan Region. TAQA will also encourage other UAE companies to follow suit and seek opportunities here. We wish TAQA and the Kurdistan Region every success in further strengthening their mutually beneficial relationship”.

The new TAQA office features an open-plan design to boost productivity, innovation and creative team-driven approaches to the company’s business in the country. It is a workspace that reflects the highest standards of safety and design, delivering extra comfort to employees and a reduced carbon footprint.

Leo Koot, President of TAQA Iraq, said: “As we continue to move forward on our ambitious production schedule that anticipates delivering first oil by early 2015, this new office gives us a powerful tool to leverage and amplify the enormous skills of our professionals who bring expertise from across the globe to the exciting possibilities we see in Kurdistan.”

The inauguration was attended by TAQA’s partner companies in the Atrush Block, other oil and gas operators and leading members of the local business community.

- ENDS -

Abdulla Saif Al-Nuaimi receives Honorary Power Personality of the Year Award 13 Feb 2014
His Excellency Abdulla Saif Al-Nuaimi, TAQA Vice-Chairman, has received the Honorary Power Personality of the Year Award at the Middle East Electricity Awards Ceremony.

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Abu Dhabi, United Arab Emirates – His Excellency Abdulla Saif Al-Nuaimi, Vice-Chairman of TAQA, has received the Honorary Power Personality of the Year Award at the Middle East Electricity Awards Ceremony.

The award recognises Al-Nuaimi as "leading the group to continuing success over the past year despite the challenges faced by the industry."

The Middle East Electricity Awards were held alongside the Middle East Electricity exhibition and conference in Dubai.

The Middle East Electricity Awards recognise the outstanding achievements of individuals, departments, teams or organisations that have contributed to the growth and development of the energy industry with a focus on the power, lighting, renewable and nuclear sectors.

- ENDS -

TAQA selects ICE Endex as primary auction platform for short term capacity at Gas Storage Bergermeer 11 Feb 2014
TAQA has selected ICE Endex as its primary auction platform for the annual auction of short term capacity at Gas Storage Bergermeer in 2014.

In September 2014, TAQA will auction the remaining 13TWh storage capacity at Gas Storage Bergermeer for up to three years. Customers will be able to acquire gas storage capacity directly via the ICE Endex auction platform.

TAQA’s has selected ICE Endex as its primary auction platform, in addition to its trading secondary platform, based on ICE Endex’s proven experience in conducting auctions for the gas industry in Europe, coupled with enhanced market surveillance and transparency. These factors will ensure that the Gas Storage Bergermeer 2014 Auction will be executed in line with market standards.

René van der Vegt, Commercial Manager Gas Storage Bergermeer said: “ICE Endex has a proven track record as our secondary trading platform. We are looking forward to building on this success with the selection of ICE Endex as our primary auction platform for the 2014 auction of Gas Storage Bergermeer capacity. TAQA and ICE Endex are equally committed to providing innovative, flexible and transparent services to Dutch Gas market participants. A good example of one of these services is the short re-nomination lead times allowing customers within-day balancing, and ICE Endex further developing the within day market. This allows customers to better manage their positions.”

Wouter de Klein, Commercial Director of ICE Endex said: “We fully share TAQA’s objective to further strengthen the position of the Dutch TTF market as the most liquid gas hub in continental Europe and we are pleased that TAQA has selected ICE Endex as a primary auction provider. ICE’s best-in-class trading technology and physical gas markets expertise will provide a sound platform and optimal support for TAQA’s flexible services.”

About IntercontinentalExchange Group, Inc.
IntercontinentalExchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.Trademarks of ICE and/or its affiliates include IntercontinentalExchange, ICE, ICE block design, NYSE Euronext, NYSE, New York Stock Exchange, LIFFE and Euronext. Information regarding additional trademarks and intellectual property rights of IntercontinentalExchange Group, Inc. and/or its affiliates is located at https://www.theice.com/terms.jhtml and http://www.nyx.com/terms-use.

ICE Safe Harbour Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on February 6, 2013.

TAQA, BNP Paribas, Citi and Rabobank launch Gas as Collateral service 11 Feb 2014
TAQA, BNP Paribas, Citi and Rabobank are pleased to present the finalized ACCESS framework agreement allowing Gas Storage Bergermeer customers to make effective use of the value of their stored gas as collateral or as the subject of sale and repurchase arrangements until the gas is withdrawn.

Partnering with BNP Paribas, Citi and Rabobank

The ACCESS framework agreement creates an open and flexible framework allowing customers to partner with the financial institutions of their preference. Furthermore, it gives the customer and the bank the flexibility to tailor the transaction to their own individual needs.

The agreement also allows for customers to use the value of the gas in storage to improve their working capital management. By using their gas as collateral (under a secured loan or a sale and repurchase arrangement) customers would be eligible for favorable financing terms. The duration of a secured arrangement can be tailored to the portfolio needs of the customer.

Jan Willem van Hoogstraten, Managing Director of TAQA in the Netherlands said: “Customer focus, transparency and innovative services to maximise value are of great importance for Gas Storage Bergermeer. By creating this financing structure we offer another customer oriented service to our current and future customers which underlines our vision and approach.”

Jogchum Brinksma, Managing Director at Citi Commodities said: “The ACCESS agreement provides an excellent framework for Bergermeer storage customers to source competitive financing arrangements for their gas in store. Citi has a growing ambition to offer integrated commodity and funding solutions through our experienced inventory financing team and we look forward to working with the storage customers in the near future. We would like to thank TAQA for the opportunity to be involved in this great project.”

To use stored gas as collateral in such a secured arrangement, the customer, their preferred bank and TAQA sign the tri-party framework agreement. The customer and bank then negotiate and enter into financing documentation and notify TAQA of one or more individual secured arrangements. As a last step, TAQA confirms and guarantees that the gas used under a secured arrangement is stored at Gas Storage Bergermeer.

TAQA launches TAQA eConverter app for energy conversions 11 Feb 2014
Gas Storage Bergermeer, an asset of TAQA, launches the energy converter app ‘TAQA eConverter’. A free app for iPhone and Android designed for the convenience of professionals in the gas industry. TAQA eConverter provides a quick and easy way to convert all frequently used energy units, capacity units and gas prices. Furthermore, the conversions can be fully customised by creating user defined energy units and favorites lists.

The global gas market is constantly changing, trading markets beginning to converge. However, some differences remain; energy units can differ per market and region and physical differences can affect gas quality and their conversion rates. Differences that can make the global gas market less transparent. With these differences in mind, TAQA’s Gas Storage Bergermeer launches the “TAQA eConverter”, which provides a quick and easy solution to convert over 50 commonly used energy and capacity units in the gas industry.

The app supports 6 different types of conversions: energy, capacity, gas price, trading products and all ECB supported currencies. Gas Storage Bergermeer offers services in standard bundled units (SBU) at the trading hub TTF in KWh. The TAQA eConverter can be used by Gas Storage Bergermeer customers to convert their SBU rights to any preferred capacity unit.

Jan Willem van Hoogstraten, Managing Director of TAQA in the Netherlands: “TAQA strives to be the most innovative player in the gas storage market by offering a technically advanced, highly flexible storage. Also by offering transparent and customer focused services and products that maximise value. The TAQA eConverter is an excellent example of how we want to support professionals within the industry by making conversions readily available, reducing boundaries and achieving a higher transparency in the energy market.”

TAQA eConverter converts:

  • 50 standard energy and capacity units and customised defined energy units
  • All ECB supported currencies (EUR, USD, BRL, CHF, GBP, AED and many more)
  • Any gas prices that can be created from an ECB supported currency (p/therm, EUR/MWh, €c/m3 (35.17MJ/m3) USD/MMBtu and many more)
  • All standard gas contracts to energy, taking into account summer winter time change and leap years (Day Ahead, Forward Months, Quarters, Seasons and calendar and storage years)
  • Gas Storage Bergermeer standard bundled units registered capacities can be converted to any capacity unit of choice , and in addition pressure factors can even be taken into account.

To download the free TAQA eConverter app for iPhone or Android, go to www.gasstoragebergermeer.com/econverter.
Or download the app via:

appstore_apple  

For more information about and images of the eConverter please visit: www.gasstoragebergermeer.com/eConverter

TAQA reveals Gas Storage Bergermeer 2014 Auction details 11 Feb 2014
TAQA has announced the details of its first auction for short term capacity at Gas Storage Bergermeer. In September 2014, 13 TWh will be auctioned with free customer choice on tenor (one, two or three years) and lot size, available as of April 2015.

Disclosing the reserve multiplier
Underscoring its commitment to market transparency, TAQA is pleased to disclose that a reserve multiplier of 1.1 for the summer-winter spread will be used in the 2014 auction. A historic analysis by FEA over the past four years shows that the fair value (excluding within day) is around 1.25. Communicating the reserve multiplier in advance makes it possible for customers to quickly assess whether Gas Storage Bergermeer capacity is of commercial interest to them.

Free choice of tenor and lot size
Gas Storage Bergermeer customers can bid during the 2014 annual auction for the tenor and lot size that best fits their portfolio. The freedom to choose the tenor allows customers to optimise their portfolio and gas storage needs to the fullest. Customers will be allowed to make multiple bids.

One SSSA to participate
In order to participate in the annual auction, potential customers must sign a Standard Storage Service Agreement (SSSA). Customers with a SSSA in place have the option to acquire capacity during future auctions or on Gas Storage Bergermeer’s secondary trading platform. In addition, signed customers get access to interruptible capacity, even if no firm capacity has been secured. TAQA currently has 12 customers that have signed a Standard Storage Service Agreement.

Further details of the Gas Storage Bergermeer 2014 Auction will be published in the second quarter of this year. For more information, visit www.gasstoragebergermeer.com.

TAQA and FEWA to develop water desalination plant in Ajman 4 Feb 2014
TAQA has signed a Memorandum of Understanding with Federal Electricity & Water Authority (FEWA) to develop a standalone seawater desalination plant in Al Zawra in the Emirate of Ajman.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company from Abu Dhabi, has signed a Memorandum of Understanding with Federal Electricity & Water Authority (FEWA) to develop a standalone seawater desalination plant in Al Zawra in the Emirate of Ajman.

The agreement was signed in Abu Dhabi by H.E. Mohammed Mohammed Saleh, Director General of FEWA and Carl Sheldon, CEO of Abu Dhabi National Energy Company PJSC (TAQA). in the presence of H.E. Suhail Mohammed Al Mazrouei, UAE Minister of Energy and Chairman of Federal Electricity & Water Authority (FEWA) and H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of TAQA.

Al Zawra independent water project (IWP) will have a capacity of 30 million imperial gallons per day (MIGD), enough to supply 250,000 people in the Northern Emirates with clean drinking water. 

H.E. Suhail bin Mohammed Al Mazrouei, the UAE Minister of Energy and Chairman of the Board of Directors of the Federal Electricity and Water Authority, said: “The Al Zawra project demonstrates the UAE’s determination to  develop and apply new technologies that will protect the security of water supply while actively working towards greater energy efficiency.”

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of the Board of Directors of TAQA, said: “At a time of strong demographic and economic growth across the UAE, and particularly in the Northern Emirates, this project will ensure that sufficient water infrastructure is in place to meet increasing demand.”

H.E. Mohammed Mohammed Saleh, Director General of FEWA, commented: "The Northern Emirates are developing at an increasing pace and the demand for water will continue to grow. FEWA has allocated significant funds for developing water and electricity projects there, over the coming three years. Al Zawra is a crucial element in that strategy.”

The Ajman facility will use the reverse osmosis process, where salt and impurities are removed from the water by pushing it through a semi-permeable membrane. Unlike most of the UAE’s existing desalination capacity, which is based on thermal technologies and tied to power plants, reverse osmosis plants run on electricity. This means they can be run more efficiently and located close to consumption areas, enhancing the security of water supply.

According to the development plan, the project would be owned by FEWA and TAQA, underpinned by a long-term water purchase agreement with FEWA and funded with project finance. Construction is expected to start in early 2015 and the plant would begin commercial operations in 2017.

TAQA, one of the largest desalination companies in the world, is majority owner of eight power and water plants across the UAE supplying 98% of Abu Dhabi’s power and water requirements. TAQA’s plants also supply the Emirates of Fujairah, Umm Al Quwain and Sharjah with clean water.

FEWA has reverse osmosis desalination plants in the emirate of Ajman, Ras Al Khaimah and Umm Al Quwain with a total production capacity of 50 MIGD.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Qatari women crowned TAQA GCC Hybrid-Electric Challenge champions 1 Feb 2014
The all-women team Gernas 114 from Qatar University has won the region’s first hybrid-electric car challenge held this weekend in Abu Dhabi.

Abu Dhabi, United Arab Emirates: The all-women team Gernas 114 from Qatar University has won the region’s first hybrid-electric car challenge held this weekend in Abu Dhabi.

Sponsored by TAQA and hosted by the Petroleum Institute with support from Emirates Foundation for Youth Development, the event welcomed 120 students from 11 teams to the track.

Team Gernas 114 took home the champion title with an impressive score of 101 laps in the final race today. Their strategy proved to be the winning formula and crowned them 2014 TAQA GCC Hybrid-Electric Challenge champions.

Team leader Chresteen Fareed from Qatar University, said “We are so proud to be titled as champions of the first ever TAQA GCC Hybrid-Electric Challenge. Taking part in this event has been a great experience and has given us the chance to take what we have learnt in the classroom and apply it to a real life situation. It has been hard work and we have learnt a lot but most importantly we have had fun!”

The event also saw a number of dignitaries attend. Dr Saif Al Sayari, Executive Officer and Head of Energy Solutions of TAQA was joined by H.E. Abdulla Saif Al Nuaimi, Vice Chairman of TAQA and Advisor to Abu Dhabi Water and Electricity Authority (ADWEA); H.E. Fares Obaid Al Dhaheri, Acting Director General of ADWEA and Murshid Saleh Al-Romaithi, Senior Vice President Administrative Support at The Petroleum Institute.

120 students, both male and female were drawn from the Petroleum Institute in Abu Dhabi, Abu Dhabi University, UAE University, Khalifa University; the Masdar Institute; the Nizwa College of Technology in Oman; the College of Technological Studies in Kuwait; and Qatar. Each team has spent the past five months designing and constructing their single-seater, lightweight hybrid cars to stringent race design and safety rules.

The competition was split into two stages; the Electric Grand Prix (E-GP) and the Hybrid-Electric Grand Prix (HE-GP). The first stage, the E-GP saw the students driving their vehicles as far as possible in one hour, using only the energy stored in their batteries. During the second stage, held on the second day, the teams combined petrol and electric power to travel the maximum distance on the least amount of energy in three hours. The overall winning team has been determined by the combined results of both the E-GP and H-GP.

Dr Saif Al Sayari, Executive Officer and Head of Energy Solutions, TAQA, said “Congratulations to all of the teams who took part in the 2014 TAQA GCC Hybrid-Electric Challenge this weekend. Special congratulations go to the winning team. These past two days have been a great opportunity for all of the students involved. We at TAQA are thrilled and extremely proud to have brought the region’s first ever hybrid-electric car challenge to Abu Dhabi. The event has been a huge success and we hope to welcome more teams back to Abu Dhabi next year.”

Hundreds of people visited the event held at Al Forsan International Sports Resort on Thursday 30th and today, Friday 31st. A range of family activities and entertainment took place around the site, with a bouncy castle and play area, food and beverage stalls, as well as a “Think Science” area hosted by Emirates Foundation for Youth Development in the activation village. Spectators had the chance to meet the teams and find out about the cars and the challenges involved in building them.

-ENDS-

For further information:
TAQA External Communications, Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717 
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Young engineers take on hybrid-electric car challenge in Abu Dhabi 28 Jan 2014
More than 100 young engineers from the GCC will converge on Al Forsan International Sports Resort in Abu Dhabi this Thursday and Friday to compete in the region’s first hybrid-electric car challenge.

The event is open to the public on Thursday and Friday at Al Forsan Sports Resort, Abu Dhabi

Abu Dhabi, United Arab Emirates: More than 100 young engineers from the GCC will converge on Al Forsan International Sports Resort in Abu Dhabi this Thursday and Friday to compete in the region’s first hybrid-electric car challenge.

Entry is free of charge and the event is open to the public from 10:30am onwards on both days.

Sponsored by TAQA and hosted by the Petroleum Institute with support from Emirates Foundation for Youth Development, the event is part of a series of international races organised by Global EEE, a US-based not-for-profit organisation, promoting education, energy efficiency and environmental consciousness.

The 2014 TAQA GCC Hybrid-Electric Challenge is no conventional car race, however. The engineering students from 11 university teams around the region must design a car and devise a race strategy that makes their car go furthest on a limited amount of energy.

“The students have been given a fantastic opportunity to develop faster and more energy efficient vehicles and over the next two days we will see who stands out above the rest,” said Dr Saif Al Sayari, TAQA’s Executive Officer and Head of Energy Solutions.

“TAQA is thrilled to be bringing the first hybrid car challenge to the region. It demonstrates our commitment to supporting young engineers and encouraging the development of alternative energy technologies. The students will have a chance to put some of their engineering skills into practice while having fun at the same time.”

Dr Ismail Tag, acting President and Provost at The Petroleum Institute (PI), said: “In addition to hosting the competition, PI is also fielding two all-female teams and one all-male team, and we are excited about the experience they will gain from interacting with their fellow GCC students.”

The engineering students taking part – both male and female – have been drawn from the Petroleum Institute in Abu Dhabi, Abu Dhabi University, UAE University, Khalifa University; the Masdar Institute; the Nizwa College of Technology in Oman; the College of Technological Studies in Kuwait; and Qatar University.

Each team have spent the past five months designing and constructing their single-seater, lightweight hybrid cars to stringent race design and safety rules.

The two stage competition opens with the Electric Grand Prix (E-GP), with teams trying to drive their vehicles as far as possible in one hour, using only the energy stored in their batteries. The second day is the Hybrid-Electric Grand Prix (HE-GP), where teams combine petrol and electric power to travel the maximum distance on the least amount of energy in three hours.

Only when the results of both the E-GP and H-GP are combined can the overall challenge winner be declared.

A range of family activities and entertainment will take place around the event, with a bouncy castle and play area for children, food and beverage stalls, and a “Think Science” area hosted by Emirates Foundation for Youth Development. Spectators will also have the chance to meet the teams, find out about the cars and understand the hurdles the students have had to face along the way. 

 

  • Timings are subject to change. Please check www.taqaglobal.com/hybrid for updates
  • Location: Al Forsan International Sports Resort www.alforsan.com
  • Both days open to public, spectators welcome to view team preparations and challenge

 

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA, meaning energy in Arabic, is the brand name of Abu Dhabi National Energy Company PJSC. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to be safe and sustainable, and embrace the challenge of delivering affordable and reliable energy and water. We are proud to align our strategy with Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Petroleum Institute Public Relations Department

Ahmed Rashed Al Rashedi
Public Relations Manager
Tel: +971 26075500
Mob: +971 55 800 6666
aalrashed@pi.ac.ae

About The Petroleum Institute

The Petroleum Institute University and Research Center (PI) was established in Abu Dhabi, capital of the United Arab Emirates in 2001 with a goal of becoming a world-class institution in both engineering education and energy industry research. PI currently has 1200 undergraduate and graduate students, 200 faculty, and has quickly become a leading teaching and research institution in the Middle East region. The PI’s sponsors and affiliates include the Abu Dhabi National Oil Company (ADNOC) and four major international oil companies that include BP, Japan Oil Development Company, Shell and Total. The campus has modern instructional laboratories and classroom facilities, and will soon host a major research center, the PI Research Center (PIRC) scheduled to open in 2014.

Ghana invites TAQA to step up investments 22 Jan 2014
The President of Ghana has invited TAQA to develop additional power and water infrastructure in the country.

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Abu Dhabi, United Arab Emirates – The President of Ghana, John Dramani Mahama, has invited TAQA, the largest UAE investor in Ghana, to develop additional power and water infrastructure in the country.

In a meeting with senior executives in Abu Dhabi, he lauded the “excellent” business relations between the UAE and Ghana, and the role of TAQA in supporting economic growth in the West African nation through its power plant in Takoradi.

“The Takoradi power plant is one of our vital resources. It has a key role in our economic vision, and its potential is key to our growth. And yes, we are looking to upgrade that potential, significantly,” said President Mahama.

He confirmed that the two sides were in talks about expanding the company’s presence in Ghana.

President Mahama’s comments followed a meeting on Monday with Carl Sheldon, TAQA’s Chief Executive Officer, in the presence of His Excellency Khalid Al Ghaith, the UAE Assistant Foreign Minister for Economic Affairs, at the Emirates Palace Hotel in Abu Dhabi. 

Also present were His Excellency Emmanuel Buah, Ghana's Minister of Energy, Frank Perez, TAQA’s Executive Officer and Head of Global Power, and Khaled Al Sayari, TAQA's Group Vice-President of Strategic Relationships and Public Affairs.

H.E. Al Ghaith said: “Co-operation with West Africa and Ghana in particular is a major part of the UAE’s foreign policy agenda, and we are very interested in increasing that co-operation by sharing our expertise in various fields, especially in energy”.

Mr Perez said: “We have a strong history of close relations with Ghana, and we discussed building on the close co-operation that already exists between TAQA and Ghana’s Volta River Authority, especially over the expansion of the Takaoradi 2 Thermal Power Project, which represents approximately 15% of Ghana’s installed capacity.”
TAQA raised USD 330 million in project finance for the expansion of the Takoradi plant last year.

“The finance deal we put together was so successful, it now forms a template for future programmes,” Mr Perez said.

Mr Al Sayari added: “We also discussed TAQA looking at the water market in Ghana. Ghana has been asking for the UAE to share our expertise in this field, and so this is another area in which further co-operation could be established.”

TAQA holds a 90 per cent share in and operates the Takoradi 2 plant while the Volta River Authority (VRA), the main generator of electricity in Ghana, holds the remaining 10 per cent. 
In 2011, the plant was converted from an oil-fired plant to one fuelled by natural gas. The current expansion project will increase its output from 220 megawatts (MW) to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing fuel consumption or carbon dioxide emissions. 

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA wins finance award for ground-breaking power project bond 14 Jan 2014
TAQA has won the 2013 Middle East Bond Deal of the Year award from Project Finance International for its Shuweihat S2 refinancing, the first tradable power project bond in the GCC.

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Abu Dhabi, United Arab Emirates – TAQA, the international energy company based in Abu Dhabi, has won the 2013 Middle East Bond Deal of the Year award from Project Finance International for its Shuweihat S2 refinancing, the first tradable power project bond in the GCC.

The prestigious award relates to USD 825 million in project bonds issued in July 2013, raised for the development of Shuweihat S2, a power and water plant in Abu Dhabi.

Stephen Kersley, TAQA’s CFO, commented: “The Shuweihat S2 bond refinancing was the first of its kind and will prove to be a landmark deal for Abu Dhabi and for TAQA. It is a commercial success and a strong precedent for future transactions. It demonstrates TAQA’s ability to incorporate debt capital market solutions into complex financing structures, and provides a template for Independent Water and Power Producers throughout the region. The issue confirms the market's appetite for Abu Dhabi power and water assets and will encourage further international investor interest."

Project Finance International, owned by Thomson Reuters, is the leading source of global project finance news, analysis and intelligence.

The Shuweihat 2 bonds were issued at a coupon of 6% with a maturity in August 2036 and an average life of 21.5 years. Standard & Poors and Moody’s rated the project A–/A3.

Located 260 kilometres southwest of the city of Abu Dhabi, Shuweihat S2 is the latest addition to Abu Dhabi's power and water infrastructure network and is 54% owned by TAQA. It adds 1,510 megawatts to the Emirate's power generation capacity, and produces up to 100 million imperial gallons of potable water each day.

Other shareholders in Shuweihat S2 are Abu Dhabi Water and Electricity Authority (ADWEA) (6%), GDF SUEZ (20%), Marubeni (10%) and Osaka Gas (10%). They have invested USD 2.7 billion in the construction of the facility with a view to meeting the challenge of providing reliable energy and water to a population in Abu Dhabi predicted to rise to five million by 2030.

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA unveils university teams ahead of first hybrid-electric car race in GCC 13 Jan 2014
TAQA today unveiled the 2014 TAQA Hybrid-Electric Challenge teams and cars at a media event held at The Galleria mall in Abu Dhabi.

Abu Dhabi, United Arab Emirates - TAQA, the international energy company based in Abu Dhabi, today unveiled the 2014 TAQA Hybrid-Electric Challenge teams and cars at a media event held at The Galleria mall in Abu Dhabi.

TAQA is bringing the region’s first hybrid-electric car race to Abu Dhabi, for engineering students from across the Gulf Cooperation Council (GCC), in coordination with its strategic partner, The Petroleum Institute (PI), a University & Research Centre. The event is founded by US-based Global EEE, a not-for-profit organisation that promotes education, energy efficiency and environmental consciousness. 

A total 120 men and women in 11 teams have been drawn from The Petroleum Institute; Abu Dhabi University; UAE University; Khalifa University and the Masdar Institute, all in Abu Dhabi, and the Nizwa College of Technology in Oman; the College of Technological Studies, Kuwait, and Qatar University.

The Challenge will be held at Abu Dhabi’s Al Forsan racetrack on 29 - 31 January and will be hosted by The Petroleum Institute University and Research Center, supported by the Emirates Foundation.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of Energy Solutions, said: "The next generation of engineers will play a critical role in developing a sustainable economy for the UAE and the region. This event gives engineering students the opportunity to try out what they have learned in the classroom in a competitive environment. TAQA is committed to supporting young engineers from the GCC and encouraging the development of alternative energy technologies."

"The better you prepare students for industry, the more employers are going to come seeking your students for their graduate recruitment programmes," said Dr Nabih Bedewi, the managing director of Global EEE.

"Students tend to work in labs. They’ve never seen anything like this; an industrial process, working live. Being involved in this gives them crucial practical experience, under pressure. Companies love to hire people with this kind of experience; experience of working together in teams, against a deadline, where they have to project manage and delegate; where they have to make sure all the processes happen in the right sequence at the right time, and to budget.

"What this competition delivers is a next generation of energy efficiency-obsessed engineers. They are a gift to future employers. They know if they hire one of these people, they are going to get someone who is going to be thinking non-stop about energy efficiency, and that can only be good news.

"If you demonstrate that you have taken part in one of these competitions, any employer who ranks energy efficiency high on their agenda, is going to want to talk to you. One of the biggest recruiters of our past competitors is NASA."

Dr Fahad Almaskari, Assistant Professor, PI said: "As host and co-organiser of this prestigious event and with three Petroleum Institute teams entering the challenge, we are extremely proud to be here today to launch this event with TAQA and unveil one of our own hybrid cars. We are looking forward to welcoming all of the teams to this challenge and wish all the students good luck on the race track". 

One of the competitors in the race, Ruqaya Al Noammani, a student of Mechanical Engineering, at PI said: "Obviously, bringing this competition to Abu Dhabi reinforces the UAE’s image as a developed country and highlights its efforts to diversify energy resources.

"But more importantly for us on the team, the competition gives us the chance to try out what we have learned in the classroom, and put it to work, as a team.

"It is also an opportunity to prove that the Emirati woman is capable of achieving excellence in all fields, and to play a vital role in the development of our country.

"We are all extremely eager to see the fruit of our hard work become reality, and of course, to be winners in the race!"

The teams, consisting of drivers and technicians, will race single-person, lightweight, hybrid motor cars built to stringent race design and safety rules. The teams have received car kits and are currently working in teams to engineer, build and fine-tune the vehicles for the event with the aim of developing faster and more energy efficient vehicles.

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Petroleum Institute Public Relations Department 
Ahmed Rashed Al Rashedi
Public Relations Manager
Tel: +971 26075500
Mob: +971 55 800 6666
aalrashed@pi.ac.ae

About The Petroleum Institute

The Petroleum Institute University and Research Center (PI) was established in Abu Dhabi, capital of the United Arab Emirates in 2001 with a goal of becoming a world-class institution in both engineering education and energy industry research. PI currently has 1200 undergraduate and graduate students, 200 faculty, and has quickly become a leading teaching and research institution in the Middle East region. The PI’s sponsors and affiliates include the Abu Dhabi National Oil Company (ADNOC) and four major international oil companies that include BP, Japan Oil Development Company, Shell and Total. The campus has modern instructional laboratories and classroom facilities, and will soon host a major research center, the PI Research Center (PIRC) scheduled to open in 2014.

TAQA brings first hybrid-electric car race to the GCC 5 Jan 2014
TAQA is bringing together engineering students from across the Gulf Cooperation Council for the region’s first hybrid-electric car race.

Abu Dhabi, United Arab Emirates - TAQA, the international energy company based in Abu Dhabi, will bring together engineering students from across the Gulf Cooperation Council for the region’s first hybrid-electric car race. The event is hosted by The Petroleum Institute, a university and research centre in Abu Dhabi, as a strategic partner.

The 2014 TAQA GCC Hybrid-Electric Challenge will be held at Abu Dhabi’s Al Forsan racetrack on 29 - 31 January. It will give university teams from the UAE, Oman, Qatar and Kuwait the chance to apply classroom theory to real-world energy technology challenges. The event is supported by the Emirates Foundation and created by Global EEE, a US-based non-profit.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of Energy Solutions, commented: “The next generation of engineers will play a critical role in developing a sustainable economy for the UAE and the region. This event gives engineering students the opportunity to try out what they have learned in the classroom in a competitive environment. TAQA is committed to supporting young engineers from the GCC and encouraging the development of alternative energy technologies.”

More than 120 male and female students from 11 teams will participate, including teams from Abu Dhabi’s Petroleum Institute, United Arab Emirates University, Masdar Institute, Abu Dhabi University and Khalifa University. Teams from Oman, Qatar and Kuwait will also compete.

The teams, consisting of drivers and technicians, will race single-person, lightweight, hybrid motor cars built to stringent race design and safety rules. The teams have received car kits and are currently working in teams to engineer, build and fine-tune the vehicles for the event with the aim of developing faster and more energy efficient vehicles.

Each team must make a decision about their strategy for the petrol generator which extends the range of the vehicles. There are three main prizes on offer: fastest qualifying time, longest distance travelled on electric battery alone, and longest distance travelled on the petrol-electric configuration. The overall 2014 TAQA GCC Hybrid-Electric Challenge winner will be crowned by adding the scores of the two race days. Other awards include technical innovation, quality of workmanship, sportsmanship and design.

Whilst the event seeks to encourage competition amongst the students, the vision is to promote collaboration and to inspire the innovators of the next generation to convert their knowledge into real world solutions that promote energy efficiency.

The official launch event is scheduled for 13 January, when more details will be unveiled. The event will be open to the public.

- ENDS -

For further information:

TAQA External Communications, Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic and is the trade name of Abu Dhabi National Energy Company PJSC (TAQA). We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA recognised for bringing on next generation business leaders 17 Dec 2013
TAQA has been recognised by one of the world’s leading accountancy bodies for its work in bringing on the next generation of business leaders.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has been recognised by one of the world’s leading accountancy bodies for its work in bringing on the next generation of business leaders.

The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader in the accountancy and finance profession with over 140,000 members across the globe, has presented TAQA with its Excellence in the Development of the Country’s Future Business Leaders, award.

HE Abdulla Al-Nuaimi, Vice Chairman of TAQA received the award at ICAEW’s prestigious Middle East Accountancy & Finance Excellence Awards ceremony at The Ritz Carlton in Abu Dhabi.

It was presented on behalf of ICAEW by the UK’s Ambassador to the UAE, Dominic Jermey.

TAQA beat two other shortlisted contenders on the basis of its work on a number of innovative talent initiatives designed to enhance vocational skills and facilitate continued personal development.

ICAEW noted that in 2012-2013 TAQA launched two new global talent development programmes at its Abu Dhabi HQ. The Talent Acceleration Programme provides opportunities for employees to focus on ambitions, learn new skills and shape behaviours and our Talent Leadership Programme develops advanced leadership skills and behaviours and best practice.

In its submission for the award, TAQA also highlighted its year-long graduate development programme, Tamkeen, which provides a clear path for Emirati graduates to develop a successful career. Involving a rigorous selection and a mentoring system, it enables network building and development of practical project delivery skills. 

“The graduate development program is key to our strategy for increasing the number of junior UAE nationals employed by TAQA and ensuring that each of them has access to training and development which will qualify them to hold senior positions in the future, with opportunities to work at HQ, UAE domestic plant or an international business unit,” said Ahmed Al Sarrah, senior human resources manager, in support of the TAQA entry. “The idea of designing such a unique programme is to attract a high quality talented UAE national graduates and prepare them to have a better knowledge of the energy industry.”

TAQA also stressed its offer of internationally recognised ACA and CFA training programmes, providing a platform for career development for highly skilled finance professionals.

The Bahrain Institute of Banking & Finance (BIBF) and Dubai Financial Service Authority (DFSA), were the other entrants for the Excellence in the Development of the Country’s Future Business Leaders, award.

ICAEW’s Middle East Accountancy & Finance Excellence Awards were launched in 2011 to celebrate the very best in the accountancy and finance profession in the Middle East and have already become a key date in the annual calendar of regional business leaders.

The awards ceremony featured guest speaker Clive Anderson, a former UK barrister turned broadcaster, and as master of ceremonies, Shereen Mitwalli. 

TAQA also sponsored its own award for Financial Journalist of the Year, which was presented by Gopal Gopalakrishnan, Chief Financial Officer - Oil and Gas at TAQA, to Joyce Njeri, Editor of Accountant Middle East. The other short listed candidates were ‘Business Breakfast’ Dubai Eye and Stefania Bianchi, a reporter for Bloomberg News.

- ENDS -

TAQA receives government approval for North Sea development 16 Dec 2013
TAQA has received approval from the UK government for development of its Morrone field in the Central North Sea.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has received approval from the UK government for development of its Morrone field (block 9/23b) in the Central North Sea.

The initial phase of development will consist of an extended reach well drilled from the TAQA-operated Harding platform which lies 5 km north of the Morrone field. Morrone is expected to initially produce over 3,000 barrels of oil equivalent per day with first oil expected in the 3rd quarter of 2014. 

Pete Jones, Managing Director of TAQA’s UK business, said: “Reaching this milestone so quickly is due to an intense effort by TAQA’s subsurface and wells teams, close collaboration with our partners, and a smooth transition of operatorship of the field from BP in June 2013.”

TAQA’s interest in Morrone is 70%. Maersk Oil North Sea UK Limited has a 30% interest.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen 
Head of Media
Tel +971 2 691 4894 
Mob +971 56 685 2717 
Allan.Virtanen@taqaglobal.com  

TAQA Media Relations - Aberdeen
Lucy Buglass
Corporate Communications Advisor
Tel: +44 1224 737645
lucy.buglass@taqaglobal.com 

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. 
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry. 
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA’s UK portfolio consists of 70% operated interest in the Harding field, 70% in the Morrone field  and 37.03% non-operated interest in the Maclure field. In Brae, TAQA has a total interest of 45.7% in Block 16/7a, a total 50.1% interest in East Brae, and a total 65% interest in the Braemar field.
TAQA also has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73% interest in the Dana-operated Hudson field and a 24% interest in the Sullom Voe Terminal. It has an interest in the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It TAQA also operates the Brent Pipeline System.
Over 500 employees and over 2500 contractors and subcontractors work for TAQA on the UKCS and onshore.

TAQA reshapes Abu Dhabi headquarters 12 Dec 2013
TAQA has undertaken a reorganisation at its headquarters to enhance efficiency.

Abu Dhabi, United Arab Emirates – TAQA, the international energy and water company based in Abu Dhabi, has undertaken a reorganisation at its headquarters to enhance efficiency.

The measures will reduce general & administrative costs by more than USD 20 million in 2014 and are part of a global initiative to position TAQA to deliver on its vision to be the leading international energy and water operator from Abu Dhabi.

“The corporate centre has grown over recent years to enable us to manage TAQA’s businesses across 11 countries effectively. Our commitment to pursuing excellence means we constantly review our cost base and monitor performance to ensure we deliver efficiently on our vision,” said Carl Sheldon, Chief Executive Officer.

As part of the reorganisation, the headquarters workforce will fall by 16%, reducing the headcount in the corporate centre to 189.

In eight years since it was founded through the privatisation of Abu Dhabi’s power and water fleet, TAQA has evolved into an operator of large-scale energy infrastructure in 11 countries including Ghana, India, Iraq, Morocco, the Netherlands, North America and the UK. In Abu Dhabi, the company has built up a world-class pool of talent of UAE National and expatriate professionals at its corporate centre in Sowwah Square, Maryah Island.

“As we become a more cohesive international group with greater capacity in Abu Dhabi, we are able to increase efficiency by leveraging our integrated global teams,” Mr Sheldon added.

Earlier this year, TAQA announced two phases of reorganisation in the North American oil & gas business. This delivered improved performance from a simpler structure and USD 28 million in annual general and administrative savings.

TAQA also continues to optimise its portfolio to focus on core activities where it has a competitive advantage. The company agreed to sell its stake in the Dutch pipeline business, NGT, in November for USD 240 million and is in the process of raising USD 181 million through the sale of 15% of its Moroccan power business in a stock market listing.

“We will continue to reshape the portfolio and manage our exposure to ensure we have the right balance of international assets and quality of earnings. We will concentrate on those businesses where we have a distinctive advantage and that deliver most effectively on the vision of Abu Dhabi and the UAE,” Mr Sheldon said.

In the UAE, TAQA is majority owner of eight power and water plants, which supply almost all of Abu Dhabi’s electricity and clean water. TAQA is also helping to diversify the UAE’s power and water sources with projects including water desalination, waste-to-energy, solar power, energy storage and energy efficiency.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.

We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.

Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

For further information visit www.taqaglobal.com

TAQA subsidiary receives approval for Morocco listing 3 Dec 2013
Jorf Lasfar Energy Company has received approval to list on the Casablanca Stock Exchange.

Abu Dhabi, United Arab Emirates – Jorf Lasfar Energy Company (JLEC), TAQA’s wholly owned Moroccan subsidiary, has received approval to list on the Casablanca Stock Exchange.

JLEC, which operates Morocco’s largest power complex, is authorised by the Conseil Déontologique des Valeurs Mobilières (CDVM) to create a total of 2,234,638 new shares, offered at a price of MAD 447.5 with a nominal value of MAD 100. These shares represent 9.47% of JLEC and will be floated on the exchange. In addition to that, 4.74% were offered and fully subscribed through private placement to key Moroccan institutional investors prior to the initial public offering. TAQA will retain a 85.79% of JLEC.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “The IPO will allow the Moroccan people and institutions to invest in their largest electricity generator. TAQA is committed to supporting Morocco’s strategy of securing the supply of energy while diversifying its fuel mix.”   

Abdelmajid Iraqui Houssaini, Chief Executive Officer of Jorf Lasfar Energy Company, said: “JLEC is the leading energy operator in Morocco and we feel that this new step will allow us to anchor our business in the Moroccan economy by opening up our capital to institutional investors."

TAQA has almost completed a USD 1.6 billion expansion of the Jorf Lasfar power complex, which will increase its generation capacity by 700 megawatts (MW) to 2,056 MW. Two new units are scheduled to be commissioned next year.

Jorf Lasfar supplied 38 per cent of the Kingdom’s electricity in 2012, and the expansion is vital to enabling national economic growth and job creation. TAQA is also developing alternative energy projects for Morocco, including wind power.

Electricity consumption in Morocco is expected to double by 2020 and quadruple by 2030.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. 
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry. 
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA appoints Michael T. McGuinty as General Counsel and Company Secretary 27 Nov 2013
TAQA has appointed Michael T. McGuinty as General Counsel and Company Secretary.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has appointed Michael T. McGuinty as General Counsel and Company Secretary.

Mr McGuinty, 51, takes over the role in January and will be based in Abu Dhabi. He succeeds Steven Phillips, who retires at the end of 2013. Mr McGuinty will report to Carl Sheldon, TAQA’s Chief Executive Officer, and will be a member of the Executive Management Team.

Mr Sheldon said: “We are delighted that Michael is joining TAQA. He has an excellent track record and his experience in the energy industry gained across the world will be an asset to the company. I wish to thank Steven for his invaluable contribution over the past seven years with TAQA.”

Mr McGuinty joins TAQA from Schlumberger, one of the world’s largest oilfield services companies, where he held a series of senior legal positions in the Middle East, Europe and North America. Most recently, he held the post of Deputy General Counsel & Director of Compliance. He previously served as Deputy General Counsel, Corporate; Director Legal, Strategic Transactions and Integration; and Director of Legal Operations, where he was responsible for a global team of 140 lawyers.

“I am looking forward to joining such a well-established and dynamic international company,” he said. “This is a unique opportunity to help shape TAQA’s future in a complex and fast-moving industry.”  

Before joining Schlumberger, Mr McGuinty worked for Davies Ward Phillips & Vineberg and Cassels Brock & Blackwell, two Canadian law firms. He has a Bachelor of Laws (LLB) and Bachelor of Civil Law (BCL) from McGill University in Canada, and a Bachelor of Social Sciences, Political Science & Spanish from the University of Ottawa. Mr McGuinty is fluent in French and Spanish.

A Canadian and Spanish national, Mr McGuinty is married and has two children.

- ENDS -

For further information:

TAQA Media Relations - Abu Dhabi
Allan Virtanen 
Head of Media
Tel +971 2 691 4894 
Mob +971 56 685 2717 
Allan.Virtanen@taqaglobal.com  

About TAQA 
TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents. 
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry. 
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

Work for us and see the world,” TAQA tells Emirati undergrads in the UK 16 Nov 2013
TAQA has held its largest recruitment event for Emiratis outside of the UAE.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has held its largest recruitment event for Emiratis outside of the UAE.

Working in conjunction with the UAE embassy in the United Kingdom, the company played host to 60 UAE nationals at a two-day event in Aberdeen to showcase potential careers within the TAQA group.

It is the second event held by TAQA for UAE nationals studying abroad. A forum held at the UAE embassy in Ottawa, Canada for Emirati students in North America has already led to an internship.

Ken Boyle, TAQA’s Group Vice President for Human Resources, who helped stage the event said: “These are Emiratisation events; opportunities for us to engage with young Emiratis and to encourage them to take an interest in our international business.”

Among the students who attended were undergraduates, Masters’ students and PhDs, all studying at UK universities. TAQA used the UAE embassy and social media to draw up their invitation list.

Also present were two current UAE graduate trainees, Mayed Al Rayssi and Muhanna Al Nuaimi, there to give the assembled guests first-hand accounts of what it is like to begin your career with TAQA.

The first event of the weekend was a UAE-themed reception with the room decorated after the Arab fashion, and a menu of exclusively Arab fare. The morning of Day Two was taken up with presentations on what TAQA was, and what it did, while the afternoon was given over to adventure activities.

The students were also introduced to the internships and training schemes available for Emiratis wishing to spend time gaining work experience outside the UAE. They were also given the opportunity to discuss informally what it was like to train with TAQA.

Mr Al Rayssi, one of TAQA’s current UAE graduate trainees was on hand to offer advice: “We each gave a three to five minute speech,” he said. “We explained why we had chosen TAQA as our career, and what they could expect if they made the same choice.”

Mr Al Nuaimi said: “I stressed what it was like to work within the organisation, and how the training you receive is designed to show you what can be achieved when you work closer together; how you can become stronger together.

“I think many were surprised to learn what TAQA has achieved in the short time it has been in existence. And most thought Mayed and I had been working at TAQA for years. They were amazed to see that we were already working overseas and how much we knew about the industry after just a year.”

Mr Al Rayssi added: “We explained how the mentoring system at TAQA works: how we are guided by senior figures within each division, who are always on hand to explain, and to ensure we reach a comprehensive understanding of how each stage of the business works.”

Both graduate trainees agreed the event had gone down well with the guests. “More than one came up to me, expressing how seriously they were considering energy as a career now,” said Mr Al Nuaimi. “No other industry had paid them the same attention, or appeared so eager to attract them into a career as TAQA.”

Nearly all the guests agreed the spread of career opportunities within TAQA were a draw, regardless of the academic disciplines they were pursuing, from commercial openings to engineering and research and development work.

“Also, they liked the special way TAQA treated them. And they were all keen to learn more about potential internships.”

Mr Boyle described the Aberdeen event as, “an unqualified success. The net result is that TAQA has made 60-odd new friends. There has been huge Twitter traffic among the Emirati students involved and their friends – all of it positive – and we have gained great market intelligence on what young Emiratis think about the energy industry as a career.”

Following the forum in Ottawa, one of the students who attended, Salha Al Kuwaiti, became the first UAE intern in TAQA’s North American operations.

Salha, a UAE national, who was born in Abu Dhabi and brought up in Al Ain, holds a Bachelor of Software Engineering from the United Arab Emirates’ University, and is currently studying for a Masters degree in Computer Science at Concordia University in Montreal. To take part in the TAQA internship, Salha moved to Calgary in May, 2013 to work with the TAQA IT team there.

She was involved in two projects: automation of the SharePoint processes, and upgrading the SharePoint system, in addition to other problem-solving tasks.

”This experience has helped me gain more knowledge, self-confidence and determination to work hard and seek excellence and creativity.” Salha said. “It has helped me gain technical knowledge, and I have proved that I am a fast learner, and now I know the exact details of this system.”

As well as contributing to her professional development, the experience has helped her personally too.

“It has given me more self-confidence,” she added. “I attended meetings, discussed matters and gave my view point. I have learnt how to act in a highly organised work environment. People there showed much interest and support. They were extremely friendly with me as I was their first Emirati intern.

“I was assigned many tasks. My supervisors were impressed by my performance, and the evaluation I was granted at the end exceeded expectations.”

From the Aberdeen forum, Bassem Al Naqbi, a UAE studying for a PhD in International Law at Lancaster University, said: “The event added to my knowledge about the energy sector in the UAE. I was honoured with what my country has achieved, especially in alternative energy field.”

Mr Boyle, explaining the strategy behind the student forums, said: “Emirati students abroad are our target. We are going out of our way to bring in Emiratis with foreign experience; get them in, show them TAQA. This is very unique. It allows us to get our message across. Where you really can tell them; this is what TAQA is all about … a young, agile company with a very focused people agenda; say to them, if you want a real opportunity in the world, you should consider coming and seeing TAQA because this is where the world hits the road.

“If I was a young Emirati, I would like to think a company like TAQA is a really exciting opportunity.”

As an example, he pointed to Mayed Al Rayssi, the Emirati graduate trainee who helped with the Aberdeen event. As part of his international experience, he is currently preparing to spend three months on TAQA’s Tern productio

TAQA, PensionDanmark agree on sale of Dutch pipeline stake 10 Nov 2013
TAQA has reached an agreement with PensionDanmark A/S to sell its stake in the NGT natural gas pipeline in the Netherlands.

Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has reached an agreement with PensionDanmark A/S, the Danish pension fund, to sell its stake in the Noordgastransport B.V. (NGT) natural gas pipeline in the Netherlands.

NGT consists of approximately 470 kilometres of offshore pipeline with a daily gas capacity of around 42 million m3. TAQA acquired its 40% stake in the pipeline, which is operated by GDF Suez E&P, in 2009 from Royal DSM N.V.

David Cook, TAQA’s Executive Officer and Head of Oil & Gas, said: “We decided that the investment in the Noordgastransport pipeline no longer fitted with our growth strategy in the Netherlands, which is focused on maximising the value of our portfolio and delivering Gas Storage Bergermeer.”

TAQA is the largest UAE investor in the Netherlands. Its activities include gas storage as well as the exploration and production of oil and gas. TAQA owns and operates a gas storage facility in Alkmaar and is developing Gas Storage Bergermeer, which will be the largest open-access gas storage facility in Europe when it reaches full capacity in 2015.

The NGT transaction is expected to close by year-end 2013, subject to regulatory approvals. Scotiabank acted as sole financial adviser to TAQA in respect of the sale.

- ENDS -

TAQA Q3 2013 Results 6 Nov 2013
TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the nine months to 30 September 2013.

6 November 2013, Abu Dhabi, United Arab Emirates - TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the nine months to 30 September 2013.

Key Highlights

AED million Q3 2012 Q3 2013 % +/- 9M  2012 9M 2013 % +/-
Total revenues 8,833 7,396 16 20,618 18,681 9
Power & Water (1) 2,094 2,285 11 6,086 6,230 2
Construction revenue 2,814 491 83 2,814 1,453 48
Fuel revenue (2) 952 807 15 2,890 2,381 18
Oil & Gas (2) 2,973 3,813 28 8,828 8,617 2
EBITDA 3,293 3,888 18 9,855 9,447 4
Profit Before Tax 695 591 15 3,196 1,116 65
Net profit After Minority Interests (288) 146 n/a 693 80 88
Basic earnings per share (AED) (0.05) 0.02 n/a 0.11 0.01 91
Net Debt/EBITDA (times)       5.3 6.2 -
Net debt to capital (%)       77 80 -

The company reported today it had returned to profit in the third quarter after posting a loss in the same period last year.

The positive figures were down to strong operational performances across its main divisions, following the successful resolution of a series of issues that had affected its UK Oil and Gas business and its Power and Water division.

Total revenues for 9M 2013 were AED 18.7 billion, compared with AED 20.6 billion in 9M 2012. If construction and fuel revenues are excluded, underlying revenues were flat at AED 14.9 billion.

Total revenue in Q3 2013 was almost AED 6.1 billion compared to AED 4.5 billion in the second quarter of 2013, excluding fuel and construction revenues, reflecting a 36% increase in underlying revenues, as key operations returned to full production.

The company demonstrated resilient cash generation of AED 8.2 billion, and maintained its robust financing position, with AED 4.0 billion in cash and cash equivalents.

Total year to date net income was AED 80 million, compared to AED 693 million for the first nine months of 2012.

The weaker year to date profit reflects reduced revenue due to the operational issues that have now been successfully resolved. In addition, the proceeds of a number of disposals in 2012, principally consisting of Tesla stock and excess North American acreage, complicate any direct comparison between the periods.

The company highlighted the successful completion of the integration of Harding, Morrone and Maclure fields in UK North Sea. In addition, Cormorant Alpha returned to production on 30 June, with full production restored on 24 August. Overall, UK production increased to 57.8 mboe/day in the third quarter, up 39% from the same period last year.

There was strong technical availability within the power business, following the successful resolution of technical problems at the Jorf Lasfar power plant in Morocco.

The refinancing for the Shuweihat 2 power and desalination plant was successfully completed, raising AED 3.0 billion of non-recourse project bonds.

At the end of the period, TAQA had four major projects underway. They are the expansion of the Jorf Lasfar power plant, due to be completed next year; the Takoradi plant in Ghana, due in 2015; the completion of the Bergermeer Gas Storage complex in the Netherlands and the Atrush oil and gas field in the Kurdistan region of Iraq. TAQA confirmed all four projects were on schedule and within budget.

Comment

Carl Sheldon, Chief Executive Officer, said:
“I am proud of the strong operational performance across the company as we recovered from the challenges faced in the first half of the year. In the UK, seamless integration of the assets we acquired in the Central North Sea, combined with the restoration of production at Cormorant Alpha, led to record levels of production in September. In October, the first of the two new units at Jorf Lasfar in Morocco was synchronised with the national grid, a major milestone in the full commissioning of both units by early 2014.”

Stephen Kersley, Chief Financial Officer, said:
“I am pleased that we have returned to profitability in the third quarter, reflecting our strong operational performance. However, we operate in tough economic conditions, particularly in the North American natural gas market. We must remain focused on executing our capital program efficiently and continue to review our operating and overhead costs globally.”

1 Excludes fuel revenue and construction revenues, also includes certain other operating revenue relevant to the Power & Water business.
2 Fuel revenues are a pass through from the offtaker to pay for input fuel
3Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business
4Excluding fuel and construction revenues

Click here to view the full release in PDF format.

Incident AT JORF LASFAR POWER COMPLEX 29 Oct 2013
TAQA confirms that a failure occurred in a tank forming part of a chlorination unit of the Jorf Lasfar power complex in Morocco. The incident has no impact on power generation from Jorf Lasfar.

TAQA confirms that at approximately 09:30 local time a failure occurred in a tank forming part of a chlorination unit of the Jorf Lasfar power complex in Morocco.

One person working in the vicinity of the tank received minor injuries and was taken to hospital for observation.

The incident has no impact on power generation from Jorf Lasfar and there was no impact on the environment. 

A team has been formed to investigate the causes of the incident and underlying causes.

TAQA supports victims of human trafficking 27 Oct 2013
TAQA has signed an agreement with Ewa’a to support victims of human trafficking in the UAE.

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TAQA, the international energy company from Abu Dhabi, has signed an agreement with Ewa’a, a humanitarian organisation, to support victims of human trafficking in the UAE.

Ewa’a, meaning “to shelter”, is a non-profit initiative under the umbrella of the International Federation of Red Cross and Red Crescent Societies. Under the agreement, TAQA will provide support over the next three years to the upkeep of Ewa’a’s three shelters for vulnerable women and children in Abu Dhabi, Ras Al Khaimah and Sharjah. The Abu Dhabi shelter accommodates 60 women and children.

Ewa’a was established by donations received from Her Highness Sheikha Fatima bint Mubarak, the Chairwoman of the UAE General Women’s Union, the Family Development Foundation and the Supreme Council for Motherhood and Childhood. It reflects the UAE’s long-standing commitment to combat human trafficking and protect its victims. As part of a national action plan, the UAE has also set up a National Committee to Combat Human Trafficking, which works with various ministries and non-government organisations.

Khaled Al Sayari, TAQA’s Group Vice President of Strategic Relationships and Public Affairs, said: “We are honoured to be working with our partners in the UAE government to support this humanitarian project. The Ewa’a initiative is a testimony to the UAE’s commendable efforts in combating human trafficking, within and beyond its borders.”

Sarah Shuhailm, Ewa’a’s Executive Director, said: “It is important that TAQA has joined us in this project. Its support will of course help with the daily running of our work, but it will be especially valuable to this project to be able to call on TAQA’s experience in community projects internationally.”

Ewa’a partners with several Abu Dhabi entities to support victims by providing shelter, rehabilitation, education and helping them return to their countries of origin with dignity.

Sheikh Hamdan inaugurates power and water plant in Abu Dhabi 10 Oct 2013
His Highness Sheikh Hamdan bin Zayed Al Nahyan inaugurated a major new power and water plant in the Western Region in Abu Dhabi in the presence of other senior government representatives and dignitaries.

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Abu Dhabi, United Arab Emirates - His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in the Western Region, inaugurated a major new power and water plant in Al Gharbia (Western Region) of Abu Dhabi in the presence of other senior government representatives and dignitaries.

Located 260 kilometres southwest of the city of Abu Dhabi, Shuweihat S2 is the latest addition to Abu Dhabi's power and water infrastructure network. It adds 1,510 megawatts to the Emirate's generation capacity, enough to power more than 300,000 homes. The plant also produces up to 100 million imperial gallons of potable water each day, representing 15% of Abu Dhabi's water desalination capacity.

Shuweihat 2 is owned by Ruwais Power Company, a joint venture of TAQA (54%), Abu Dhabi Water and Electricity Authority (ADWEA) (6%), GDF SUEZ (20%), Marubeni (10%) and Osaka Gas (10%).

The Ruwais Power Company partners have invested US$2.7 billion in the construction of Shuweihat S2 with a view to meeting the challenge of providing reliable energy and water to a population in Abu Dhabi predicted to rise to five million by 2030.

His Excellency Abdulla Saif Al-Nuaimi, Director-General of ADWEA and Vice Chairman of TAQA, said: "The Late Sheikh Zayed bin Sultan Al Nahyan told us that we must not rely on oil alone as the main source of our national income, advising that we must diversify the sources of our revenue and construct economic projects that will ensure a free, stable and dignified life for the people. The Shuweihat S2 plant site is proof of our commitment to following this guidance, with its good performance in large part due to the contribution of our key equipment suppliers; Siemens, Samsung, C&T and Doosan. In addition to thanking these suppliers and our partners, I would also like to thank the 100 people employed at the plant for helping ensure successful operations over the period of these past 24 months."

Carl Sheldon, Chief Executive Officer of TAQA, said: "We are pleased to be part of this partnership to create greater prosperity for the communities of Al Gharbia through the development of infrastructure and economic growth. By investing in new power and water desalination infrastructure we are helping to ensure energy security and resilience of one the most important engines of Abu Dhabi's growth."

Addressing the audience, Dirk Beeuwsaert, Chairman of International Power Ltd and Advisor to the President and CEO of GDF SUEZ, said: "We are proud to be here today to mark the successful completion of Shuweihat S2, a power plant which signifies GDF SUEZ's ongoing commitment to the United Arab Emirates and indeed the broader GCC region. We are especially proud that our Group continues to be part of the process to provide Abu Dhabi with the supply of power and water it needs to sustain its growing economy. The key to the success of any project of this size and complexity is having a robust partnership in place. The successful completion of Shuweihat S2 is testament to the flexibility and efficiency of our project partners."

Electricity and water supply from Shuweihat S2 is transferred to Abu Dhabi Water and Electricity Company (ADWEC) under a 25-year purchase agreement. The plant employs approximately 100 people. Under the aegis of Abu Dhabi's "2030 Economic Vision", the Shuweihat S2 plant will contribute to the continued economic diversification and community development in Al Gharbia.

After speeches by ADWEA and GDF SUEZ, assembled guests and dignitaries witnessed the inauguration ceremony, followed by a tour of the S2 site. Representatives from TAQA, Marubeni and Osaka Gas, were honoured for their contributions towards energy efficiency and diversification, for contributing to the industrial development and living standards of the Western Region and strengthening the leadership position of the UAE in the Arab world.

Shuweihat S2 is implemented as part of the privatisation of the water and electricity sector pursued by ADWEA in line with Abu Dhabi Government directives. This privatisation initiative has proven to be one of the most successful in the world in terms of power and water production, foreign investment as well as finance raised from international, regional and local financial institutions.

- ENDS -

Media contacts:

TAQA
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA
TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan Region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.

TAQA receives approval for oilfield development in Kurdistan region of Iraq 7 Oct 2013
TAQA, the international energy company from Abu Dhabi, has received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq.

October 7, 2013, Abu Dhabi, United Arab Emirates – TAQA, the international energy company from Abu Dhabi, has received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq.

The TAQA-operated Atrush Block, located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 barrels of oil per day (bpd) with first oil expected by early 2015.

“The Kurdistan region of Iraq is an exciting exploration frontier and has tremendous potential,” said David Cook, Executive Officer and Head of Oil & Gas at TAQA. “Through the Atrush development, TAQA is delighted to be part of the economic progress and growth in the region.”

“It is our ambition to build an integrated business in the Kurdistan Region of Iraq including potential power and water projects in addition to oil and gas infrastructure developments.”

The company plans to invest more than $300 million in Phase I in drilling three production wells and the construction of a central processing facility. TAQA and its partners have an active drilling programme on the Atrush Block and are continuing to appraise the area for further development.

Discovered in 2011, the Atrush field is expected to provide long-term benefits to the region and the community. The approval of the Field Development Plan by the KRG provides for a 25-year period during which TAQA and its partners expect to maximise recovery of the oil resources.

TAQA’s Managing Director in Iraq, Leo Koot, said: “This opportunity allows us to utilise our world-class expertise and capabilities gained through the management of complex projects around the globe. We are confident that progress achieved in our Atrush operations will provide a vital contribution to the future economy of the Kurdistan region of Iraq. We are delighted to be working closely with our partners in the KRG, the Ministry of Natural Resources, ShaMaran, and Marathon to develop this project.”

The Atrush partners are continuing appraisal activities. Subject to the outcome of this appraisal and KRG approval, the Phase 2 development is expected to include another 30,000 bpd production facility. TAQA and its partners will also evaluate the feasibility of producing associated natural gas for delivery to the domestic market.

TAQA is currently preparing to drill the fourth well on the Atrush block.

- ENDS -

For further information:

Media
Taryam Al Subaihi
Head of External Communications
Taryam.alsubaihi@taqaglobal.com

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA
TAQA means energy in Arabic. We are an international energy and water company listed in Abu Dhabi operating in 11 countries across four continents.
We strive to run our company safely and sustainably, operating to the highest ethical standards. We are proud to align our strategy to Abu Dhabi’s Economic Vision 2030, a roadmap for a sustainable economy with a focus on knowledge-based industry.
Our interests lie in conventional and alternative power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. We operate in Canada, Ghana, India, Kurdistan region of Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
TAQA acquired its interest in the Atrush block on December 31, 2012. The Atrush block is operated by TAQA Atrush B.V., a subsidiary of TAQA, which holds a 39.9% working interest. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% interest. The KRG holds a 25% working interest.

Cormorant Alpha achieves full production capability 3 Sep 2013
Cormorant Alpha recommenced production on 30 June and full production capability was achieved on 24 August following completion of a re-instatement project.

Cormorant Alpha recommenced production on 30 June and full production capability was achieved on 24 August following completion of a re-instatement project.

TAQA First Half 2013 Results 31 Jul 2013
TAQA today reported its First Half 2013 operational and financial results.

31 July 2013, Abu Dhabi, United Arab Emirates - TAQA, the international energy company from Abu Dhabi, today reported its operational and financial results for the first half of 2013.

  Q2 2012 Q2 2013 % +/- H1 2012 H1 2013 % +/-
Total assets 114,492 123,159 8 114,492 123,159 8
Total revenues 6,042 5,863 3 11,785 11,285 4
Power & Water (1) 2,094 2,095 - 3,992 3,945 1
Construction revenue 0 443 - 0 962 -
Fuel revenue 979 916 6 1,938 1,574 19
Oil & Gas (2) 2,969 2,409 19 5,855 4,804 18
Cost of sales (3) 4,212 3,869 8 7,694 7,375 4
Construction costs 0 280 - 0 670 -
EBITDA 3,113 2,858 8 6,562 5,559 15
Profit Before Tax 1,096 80 93 2,501 525 79
Net profit After Minority Interests 447 (172) - 981 (66) -
Basic earnings per share (AED) 0.074 (0.028) - 0.162 (0.011) -
Net Debt/EBITDA (times)       5.8 7.1 22
Net debt to capital (%)       76.6 80.7 4

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues. Also includes certain other operating revenue relevant to the Power & Water business.
(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.
(3) Excluding construction costs

Summary

The first half of 2013 was characterised by good progress against TAQA’s long term growth projects, while a number of short-term operational issues impacted profitability.

Lower production in the UK North Sea and unplanned outages at two power plants were the main factors behind a 4% decline in revenue to 11.3 billion dirhams. A net loss was recorded after minority interests of 66 million dirhams.

A series of one-off incidents affected both the oil & gas and power & water divisions in the first half. These were resolved before the end of the period and the outlook for the rest of the year is positive. The comparison with first half results for last year is distorted by disposals of assets in North America and the sale of shares in Tesla Motors in 2012.

TAQA has emerged from the first six months of its financial year with strong operating cash flow of 4.3 billion dirhams and a liquidity position of 19.5 billion dirhams that provides us with ample capacity to cover upcoming maturities and finance our growth plans.

In the UK North Sea, limited production has already resumed at the Cormorant Alpha platform and full production is expected in the third quarter, after an internal leak closed it in January. In Morocco, TAQA took advantage of an unexpected outage at its largest international power plant at Jorf Lasfar to bring forward maintenance that was previously scheduled for 2014.

Carl Sheldon, Chief Executive Officer of TAQA, said: "We have worked hard to overcome a number of operational challenges that affected our performance in the first half of the year, while making great progress against project milestones. We are focused on operational excellence and look forward to ending the year with a positive financial outcome."

Stephen Kersley, Chief Financial Officer, said: "The second quarter is anticipated to be the low point of the year, with a positive outcome forecast for the 12-month period. We have over AED 19.5 billion of available liquidity, more than sufficient to cover upcoming maturities and finance our growth plans."

TAQA's business in North America, which accounts for approximately one quarter of the asset base, is seeing a turnaround with natural gas prices rebounding by 54% year-on-year, and production targets exceeded in the first half.

In the Kurdistan region of Iraq, TAQA and its partners submitted a field development plan for the Atrush block, where first production is expected in 2015. TAQA assumed operations of this concession in 2013 and is currently testing the third well on the block.

The major expansion project at the Jorf Lasfar power plant in Morocco is now 87% complete and scheduled for commissioning in the first half of 2014. Gas Storage Bergermeer, the strategic gas storage hub in the Netherlands, is due to begin phase one operations in mid-2014 with a full start-up in 2015. The Ghana power expansion is 44% complete and on track for an early-2015 start-up.

Click here to view the full release in PDF format.

Ruwais Power Company Power and Desalination Plant Issues USD 825 Million Bond 29 Jul 2013
TAQA, the global energy company from Abu Dhabi, has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of USD 825 million in project bonds.

July 29, 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company from Abu Dhabi, has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of USD 825 million in project bonds.

The plant, which is 54% owned by TAQA, issued the bonds at a coupon of 6% with a final maturity in August 2036 and an average life of 21.5 years.

Stephen Kersley, Chief Financial Officer at TAQA, said: “We are pleased to have reached a successful execution of the Shuweihat 2 bond transaction in the face of a difficult market environment. Strong support from our key investors allowed us to build a substantial order book and achieve an attractive coupon of 6 per cent. This transaction not only increases the returns to TAQA for this project, but is also the first step in building an active and liquid project bond market in the region.”

Shuweihat 2 is a combined cycle co-generation facility located on the coast at Jebel Dhana, 250 km southwest of Abu Dhabi City. It is capable of producing approximately 1,500 MW of electricity and 100 MIGD of desalinated water. The entire production of 1,500 MW of power and 100 MIGD of water is purchased by the Abu Dhabi Water and
Electricity Company (ADWEC).

The power and desalination plant is owned by Ruwais Power Company, a joint venture between TAQA (54%), Abu Dhabi Water & Electric Authority (ADWEA) ( 6%), International Power – GDF Suez (20%), Marubeni (10%) and Osaka Gas (10%). IP-GDF Suez, Marubeni and Osaka Gas operate the plant.

- ENDS –

Contact Information:

Abu Dhabi
Taryam Al Subaihi
Head of External Communications
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA appoints new VP to head water expansion 15 Jul 2013
TAQA, the global energy company based in Abu Dhabi, has appointed Ahmed Bin Abbood Al Adawi to head the company’s water divisions globally.

TAQA, the global energy company based in Abu Dhabi, has appointed Ahmed Bin Abbood Al Adawi to head the company’s water divisions globally.

A UAE national with more than 13 years of experience in international energy, Mr Al Adawi will take up the post as Vice President, Water Development and Projects. He his previous role with TAQA was Director of Business Development and Special Projects for the company’s power and water business. Before joining TAQA, Mr Al Adawi was a business developer at Mubadala. In his new role Mr Al Adawi will report to Frank Perez, Executive Officer and Head of Power & Water.

Mr Perez commented: “With a proven record in the energy industry, Ahmed brings with him a wealth of knowledge and experience to his new role. His appointment, along with the introduction of our expansion plans in our water business, demonstrates TAQA’s commitment to develop Abu Dhabi as a global leader for water desalination.”

TAQA, one of the largest desalination companies in the world, is majority owner of eight power and water plants across the UAE supplying 98% of Abu Dhabi’s power and water requirements.

TAQA recently celebrated the ground breaking of the expansion of its Fujairah 1 Independent Water and Power Plant (IWPP) in the UAE. The expansion, which is expected to be completed in the first half of 2015, will increase the plant’s seawater desalination capacity by 30 million imperial gallons per day (MIGD) to 130 MIGD using reverse osmosis technology. This combined reverse osmosis desalination capacity will make the Fujairah 1 IWPP the largest reverse osmosis desalination facility in the Middle East, and will be essential  meet the expected increase in water demand in the UAE.

“As a leading global energy company, we continuously apply emerging technologies to remain in the forefront of our industry. We are particularly excited about the opportunities reverse osmosis technology can offer in the region,” Mr Perez added.

The reverse osmosis process involves removing salt from the water using a membrane. Most of the UAE’s existing supply is desalinated using heat from power plants to boil and distil the water. This means water can only be desalinated when power plants are running and there is a direct connection to transfer the heat. Because reverse osmosis runs on electricity, this new type of plant can be built near consumption areas and increasing the security of water supply. Reverse osmosis technology has been progressively developing and is becoming one of the most economical and efficient ways to produce drinking water.

Water demand in Abu Dhabi is expected to reach more than 1,300 MIGD by 2030, which will require the construction of more than 770 MIGD of desalination capacity.

- ENDS -

TAQA launches first sustainable development report 7 Jul 2013
TAQA, the global energy company based in Abu Dhabi, has released its first annual sustainable development report.

July 7, 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has released its first annual sustainable development report. The report outlines TAQA's approach and performance in 2012 as well as goals for workplace health and safety, staff development, environmental protection, community relations and industry partnerships.

The report, entitled "Our contribution to sustainable development – Report 2012", reinforces TAQA's commitment to creating value for the long-term future while acting responsibly, protecting its employees, being active in the community, minimising the impact on the environment and remaining the partner of choice in its chosen markets through trusting relationships with business and governmental partners.

His Excellency Abdulla Saif Al-Nuaimi, TAQA's Vice-Chairman, said: "It gives me great pleasure to see TAQA integrate these key sustainability drivers into the organisation's strategy and at the same time supporting sustainable development reporting in Abu Dhabi. This report is crucial to achieving TAQA's long-term goals through its support of the Abu Dhabi Economic Vision 2030. TAQA is Abu Dhabi's premier international energy and water operator, a position which it has attained by being an excellent neighbour and always striving for excellence."

Carl Sheldon, TAQA's Chief Executive Officer, said: "At TAQA, safety and sustainability are two of our core values and are at the forefront of how we do business. Energy is the lifeblood of any developing economy and by delivering it safely and securely to millions of people worldwide TAQA improves quality of life. We welcome our stakeholders' feedback in assisting TAQA in becoming a regional forerunner in sustainable development reporting."

Key highlights of the report for the 2012 financial year include:

  • Surpassing recordable injury rate safety targets across TAQA's global operations
  • Establishing the Energy Solutions division to develop alternative and technology-fuelled initiatives
  • Developing the UAE's first municipal waste-fired power plant in Abu Dhabi which will reduce more than 1 million tonnes of carbon dioxide emissions per year
  • A reduction in reportable spills across global operations by almost one-third on the previous year
  • Adding 50% more capacity to TAQA's gas-fired power plant in Ghana without the need for additional fuel

The report also includes an interview with Dr Saif Al Sayari, Head of Energy Solutions Division business stream and Chairman of the TAQA Sustainable Development Committee, on the company's role in developing solutions to meet growing demand for energy.

The report was produced with reference to several internationally-recognised reporting frameworks and with the support of the Abu Dhabi Sustainability Group which promotes sustainability management in Abu Dhabi.

The report is available for download in English and Arabic at: www.taqaglobal.com

- ENDS –

Contact Information:

Abu Dhabi
Taryam Al Subaihi
Head of External Communications
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA's business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA's vision is to deliver 'Energy for Growth': growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

New managing director formally joins TAQA’s UK business 1 Jul 2013
TAQA, the global energy company based in Abu Dhabi, today announced that Pete Jones has today formally joined TAQA to succeed Leo Koot as managing director of TAQA’s UK oil and gas business

July 1, 2013, Abu Dhabi, United Arab Emirates - TAQA, the global energy company based in Abu Dhabi, today announced that Pete Jones has today formally joined TAQA to succeed Leo Koot as managing director of TAQA’s UK oil and gas business.

Mr Jones joins TAQA from Marathon Oil Corp. where he held the position of Regional Vice president – Wyoming. During his career at Marathon, he also held various roles including Managing Director - UK, responsible for the company’s UK operations which included the Brae field and Devenick tieback. Mr Jones has a Master’s Degree in Operations Research (Eng) from the University of Birmingham and is a British national.

He comments: “TAQA has probably one of the best portfolios in the UK and there are great opportunities in exploration and development, the acquisition environment and asset development.”

Mr Koot has been appointed Managing Director of TAQA in Iraq and will be responsible for all of TAQA’s operations in Iraq.

-ENDS-

Notes to editors:

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: Power generation & Water desalination; Oil and Gas exploration & production; and Energy Solutions.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

TAQA’s UK portfolio consists of a 70% interest in the Harding field, 70% in the Morrone field  and 37.03% interest in the Maclure field. In Brae, TAQA has a total interest of 45.7% in Block 16/7a, a total 50.1% interest in East Brae, and a total 65% interest in the Braemar field.

TAQA also has an interest in the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73% interest in the Dana-operated Hudson field and a 24% interest in the Sullom Voe Terminal. TAQA also operates the Brent Pipeline System.

TAQA, Sembcorp and ADWEA celebrate the groundbreaking of seawater desalination expansion project in Fujairah, UAE 30 Jun 2013
Sembcorp Industries (Sembcorp) and its project partners, Abu Dhabi Water and Electricity Authority (ADWEA) and Abu Dhabi-based global energy company TAQA, today celebrated the groundbreaking of the US$200 million expansion project for the Fujairah 1 Independent Water and Power Plant (IWPP) in the UAE.
ADWEA, TAQA, SEMBCORP

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  • Construction of Middle East’s largest reverse osmosis desalination facility commences

Fujairah, UAE, June 30, 2013 – Sembcorp Industries (Sembcorp) and its project partners, Abu Dhabi Water and Electricity Authority (ADWEA) and Abu Dhabi-based global energy company TAQA, today celebrated the groundbreaking of the US$200 million expansion project for the Fujairah 1 Independent Water and Power Plant (IWPP) in the UAE. Once complete, the expansion will increase the plant’s seawater desalination capacity by 30 million imperial gallons per day (MiGD). This additional output will be produced using reverse osmosis technology.

The groundbreaking ceremony was attended by Consul-General of Singapore in Dubai, His Excellency Cheong Ming Foong, Director General of the Abu Dhabi Regulations and Supervision Bureau (RSB), Nick Carter, as well as senior management representatives from Sembcorp and its project partners ADWEA and TAQA.

The expansion, which is expected to be completed in the first half of 2015, will increase the capacity of Fujairah 1 IWPP from 100 MiGD to 130 MiGD, of which 67.5 MiGD will be produced using reverse osmosis process. The remaining 62.5 MiGD is produced using multi-stage flash technology. This combined reverse osmosis desalination capacity will make the Fujairah 1 IWPP the largest reverse osmosis desalination facility in the Middle East, and will be essential to help meet the expected increase in water demand in Abu Dhabi and the northern Emirates in the coming years.

The 30 MiGD water output from the expansion will be sold to the Abu Dhabi Water & Electricity Company (ADWEC) under a 20-year water purchase agreement, signed in January this year. This is in addition to the existing 22-year power and water purchase agreement with ADWEC for the plant’s current water and electricity output.

The Fujairah 1 IWPP, one of the world’s largest operating hybrid desalination plants, is owned and operated by Emirates Sembcorp Water & Power Company (ESC), a joint venture between TAQA (54%), Sembcorp (40%) and ADWEA (6%).<

Tang Kin Fei, Group President & CEO of Sembcorp, said, “The expansion of our seawater desalination capacity will play an important role in meeting the increasing water demand in the UAE. Our plant, strategically located in Fujairah, will enable us to produce desalinated water more economically for our customer. The expansion project also enables the use of uncontracted surplus power from the existing plant, hence allowing excess generation capacity to be gainfully utilised to produce the additional water at a competitive cost and enhance our income at the same time.”

Commenting on the project, Mr Carter said, “This additional expansion is part of an integrated approach to provide high quality drinking water to the northern Emirates and to satisfy the increasing demand in Abu Dhabi. It is an excellent example of joint co-operation between the UAE’s Federal Electricity & Water Authority and ADWEA, in collaboration with a first-class private sector operator, Sembcorp. RSB has licensed this facility at Fujairah, having been satisfied of the need for a further 30 MiGD of drinking water production and the operational skills and financial standing of the project company, ESC.”

Frank Perez, TAQA’s Executive Officer and Head of Power & Water, said, “The expansion of the Fujairah 1 power and water plant marks a significant milestone in TAQA’s journey towards water sustainability. The reverse osmosis desalination technology used at the plant is one of the most economical and efficient ways to produce drinking water.

“At TAQA, we are committed to helping the government of Abu Dhabi address the UAE’s water desalination challenges. Thanks to the support of our trusted partners, the expansion will help provide reliable water supply to the northern Emirates and Abu Dhabi.”

William Chang, Executive Managing Director of ESC, said, “One of the most innovative aspects of this expansion project is its ability to recover seawater discharge from the existing multi-stage flash facility for reuse as part of the seawater feed for the entire Fujairah 1 IWPP. The expansion will also include the installation of a new Dissolved Air Floatation system, which will improve the quality of the seawater feed. This system will enhance the reliability and availability of the reverse osmosis facility.”

Sembcorp has been operating in the Middle East since 2006, starting with the Fujairah 1 IWPP. Sembcorp also owns and operates the Salalah Independent Water and Power Plant, the largest and most energy-efficient power and water plant in Dhofar, southern Oman. The Group is embarking on its third project in the Middle East with a joint venture with Takamul Investment Company to develop centralised utilities facilities for the Duqm Special Economic Zone in Oman – the first ever centralised utilities model to be implemented in Oman.

- END -

Sembcorp
For analysts and media queries, please contact:

Aleve Co (Ms)
Senior Manager
Group Corporate Relations
DID: +65 6723 3178
Email: aleve.co@sembcorp.com
Melissa Yee (Ms)
Manager
Group Corporate Relations
DID: +65 6723 3326
Email: melissa.yee@sembcorp.com

ABOUT SEMBCORP INDUSTRIES

Sembcorp Industries is a leading energy, water and marine group operating across six continents worldwide. With facilities of over 5,800 megawatts of gross power capacity and over seven million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering as well as an established brand name in urban development.

The Group has total assets of more than S$13 billion and employs over 9,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index, several MSCI and FTSE indices as well as the Dow Jones Sustainability Asia Pacific Index.

Note to Editors:

Please refer to the company as “Sembcorp” (with “S” in upper case and “c” in lower case), or “Sembcorp Industries” in full. Please also note that “Sembcorp” is not an abbreviation of “Sembawang Corporation” but a brand name in itself, and it is therefore incorrect to refer to our company as “Sembawang”, “Sembawang Corporation” or similar.

TAQA

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s Economic Vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA supports Alberta flood disaster relief efforts 28 Jun 2013
TAQA, the global energy company based in Abu Dhabi, is contributing CDN100,000 to the Canadian Red Cross relief to support rehabilitation efforts following the most devastating flooding in history in the City of Calgary and the Province of Alberta.

June 28, 2013, Abu Dhabi, United Arab Emirates - TAQA, the global energy company based in Abu Dhabi, is contributing CDN100,000 to the Canadian Red Cross relief to support rehabilitation efforts following the most devastating flooding in history in the City of Calgary and the Province of Alberta. TAQA has also launched a campaign to raise further funds among its employees and has pledged to match contributions up to CND 50,000.

Calgary and surrounding areas in Alberta, Canada remain in a state of emergency after heavy rain and melting snow caused heavy flooding. At the peak of the flooding more than 175,000 Albertans were forced out of their homes.

David Cook, Executive Officer and Head of Oil & Gas at TAQA, said: "I would like to recognise and thank the City of Calgary and its Emergency Management Agency for their tremendous work, quick response and tireless efforts to the worst flooding in Calgary’s history.  We are extremely grateful for the dedicated group of first responders, Red Cross, Canadian Forces and the countless volunteers including our own TAQA staff who have given their time to assist those affected. Our thoughts are with those who have been impacted by the devastation throughout the province."

The flooding forced authorities to evacuate Calgary's downtown core including the main TAQA office at Jamieson Place. TAQA staff continue to work remotely from home to allow the City of Calgary and its officials to continue their clean-up efforts. TAQA’s Calgary office will reopen next week.

Edward LaFehr, President of TAQA North said: "We appreciate the incredible contributions our employees have made to keep our critical business processes running and their tireless support of our colleagues, their families, friends and strangers during this very difficult time. They have shown the true spirit of Calgary."

TAQA employs 900 people in North American and has operations in Alberta, British Columbia, Saskatchewan, Ontario, Montana, North Dakota, Wyoming and Colorado.

The Canadian Red Cross is accepting donations online, by phone at 1-800-418-1111 or in person at any Red Cross office or branch. Further information: www.redcross.ca/Donate

- ENDS -

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob: +97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA
Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA completes acquisition of BP assets 1 Jun 2013
TAQA has today completed the acquisition of UK North Sea oil and gas assets from BP.

1 June 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has today completed the acquisition of UK North Sea oil and gas assets from BP.

TAQA takes over as operator of the Harding field and production platform in the Central North Sea, complementing the company’s existing assets in the Northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day (boed) of production.

Carl Sheldon, Chief Executive Officer at TAQA, said: "We are delighted to announce the completion of this acquisition which extends the average life of our UK reserves and opens up a bright future for our North Sea business. This investment is a great strategic fit for TAQA.”

The assets were acquired under the agreement signed in November 2012 with an economic effective date of 1 January 2012, for USD 1,058 million, including an allocation for tax allowances. A deposit of USD 632 million was paid at signature of the agreement. The remaining consideration has been adjusted for cash flow since the effective date.

As a result of the acquisition, TAQA now has interests in the Harding, Morrone and Maclure fields. The transaction has also increased TAQA’s interests in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.

The acquisition of the Devenick field interests, forming part of the transaction, is expected to complete at a later date.

- ENDS -

Contact Information for Media:

TAQA UK Media Relations
Britta Hallbauer
Corporate Communications Manager
Mob: +44 (0)7795 312976

Abu Dhabi
Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Notes to editors

TAQA’s interest in the newly acquired fields: 70% in the Harding field, 70% in the Morrone field and 37.03% interest in the Maclure field. In Brae, TAQA has a total interest of 45.7% in Block 16/7a, a total 50.1% interest in East Brae, and a total 65% interest in the Braemar field.

Evercore Partners acted as financial adviser to TAQA in relation to this transaction.

About Abu Dhabi National Energy Company PJSC (TAQA):

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: Power generation & Water desalination; Oil and Gas exploration & production; and Energy Solutions.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
In addition to the newly acquired assets, TAQA’s UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73% interest in the Dana-operated Hudson field and a 24% interest in the Sullom Voe Terminal. TAQA also operates the Brent Pipeline System.

TAQA appoints UK, Iraq Managing Directors 9 May 2013
TAQA, the global energy company based in Abu Dhabi, has appointed Pete Jones to the position of Managing Director for TAQA’s UK oil and gas business. Mr Jones will be based in Aberdeen and responsible for the company’s operations in the UK North Sea.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has appointed Pete Jones to the position of Managing Director for TAQA’s UK oil and gas business. Mr Jones will be based in Aberdeen and responsible for the company’s operations in the UK North Sea.

Mr Jones joins TAQA from Marathon Oil Corp. where he held the position of Regional Vice president – Wyoming. During his career at Marathon, he also held various roles including Managing Director - UK, responsible for the company’s UK operations which included the Brae field and Devenick tieback. Mr Jones has a Master’s Degree in Operations Research (Eng) from the University of Birmingham and is a British national.

Mr Jones succeeds Leo Koot who has been appointed Managing Director of TAQA in Iraq.

Mr Koot will be responsible for all of TAQA’s operations in Iraq. Mr Koot joined TAQA in 2008 and is a Dutch national.

David Cook, TAQA Executive Officer and Head of Oil and Gas, said: “Leo Koot has successfully built our UK business from scratch, and we are now a leading North Sea oil and gas operator. I am proud to have such a successful leader taking on the task of building our new operations in Iraq.”

“Pete Jones brings highly relevant skills and leadership experience to TAQA, where he will be leading the next phases in the evolution of TAQA’s North Sea business. We have already been successful in redevelopment of Northern North Sea assets and look forward to further expansion through exploration, development and the newly acquired BP assets.”

TAQA has oil and gas operations in North America, UK, the Netherlands and the Kurdistan region of Iraq and produced an average of 135 thousand barrels of oil equivalent per day in 2012.

- ENDS -

Contact Information:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA UK Media Relations

Lucy Buglass
Corporate Communications Advisor
Tel: +44 1224 737645
lucy.buglass@taqaglobal.com  

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Q1 2013 Results 8 May 2013
TAQA, the global energy company based in Abu Dhabi, today reported its Q1 2013 operational and financial results.

Abu Dhabi, United Arab Emirates - TAQA, the global energy company based in Abu Dhabi, today reported its Q1 2013 operational and financial results.


 

Q1 2012

Q1 2013

% +/-

Total assets

116,151

121,108

▲4

Total revenues

5,743

5,422

▼6

         Power & Water (1)

1,898

1,851

▼2

Construction revenue

0

517

-

         Oil & Gas (2)

2,886

2,396

▼17

Fuel revenue

959

658

▼31

Cost of sales (3)

3,472

3,515

▲1

Construction costs

0

381

-

EBITDA

3,449

2,702

▼28

Profit Before Tax

1,405

445

▼70

Net profit After Minority Interests

534

106

▼80

Basic earnings per share (AED)

0.088

0.017

▼81

Net Debt/EBITDA (times)

5.5

7.1

-

Net debt to capital (%)

78.4*

79.2

-

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues. Also includes certain other operating revenue relevant to the Power & Water business.

(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

(3) Excluding construction costs

(*) As at 31 December 2012

Summary

Revenues were down 6%, largely due to a shut-in of Cormorant Alpha in January 2013 during a major inspection, repair and maintenance programme. Stronger North American gas prices were offset by weaker North American oil and liquids prices.

Profitability was consequently impacted, although in the comparable period in 2012 profitability was supported by the proceeds of disposals, making direct comparison difficult.

Power & Water faced operational challenges, due to a number of forced outages at TAQA’s domestic and international plants. TAQA’s organic growth projects are proceeding well, with Jorf Lasfar over 80% complete and Takoradi having broken ground. TAQA also progressing detailed negotiations to enter the Turkish energy market, following an agreement between the Turkish and UAE Governments.

Notwithstanding the shut-in of Cormorant Alpha, which is still on-going, TAQA made good progress in other areas of the North Sea, including making a discovery at the Darwin field and, post-period, securing government approval for its plans at the Cladhan field. A strong performance in the Netherlands also positively boosted TAQA’s performance. TAQA commenced operations at its Atrush block in the Kurdistan region of Iraq and is currently drilling its third well.

TAQA reinforced its strong financial position with robust available liquidity of AED 21.8 billion and, post period, Standard & Poor’s announced that it was raising TAQA’s A rating to a positive outlook.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“I can take some positives from what was a challenging quarter. Our major construction and development projects in Morocco, Ghana, the Netherlands and Iraq are all progressing very well and will start generating significant revenues in the next two to three years. Stronger natural gas prices in North America position us well to take advantage of our large land position and prospects in Western Canada. Similarly, new developments and discoveries in our North Sea business promise to extend the life of these assets. The halting of production on the Cormorant Alpha platform was the right thing to do to ensure the safety and integrity of this critical piece of North Sea infrastructure.

Stephen Kersley, Chief Financial Officer, said:

“We started the year in a very strong financial position having renewed our corporate credit facilities and secured all bond maturities for the year at unprecedented rates. The outlook remains strong with increased liquidity and an enhanced debt maturity profile. Although our financial performance has been affected by operational outages, our cash flows remain extremely strong and we are well placed to benefit as those operational issues are resolved. I am also delighted that the strength of our cash flows have been recognised by Standard & Poor's, which recently raised our A rating to a positive outlook. ”

Financial summary: Q1 2013 versus Q1 2012

Revenues and costs

Total revenues for Q1 2013 were AED 5.4 billion, 6% lower year-on-year, compared with total revenues of AED 5.7 billion in Q1 2012. Cost of sales, excluding construction expenses, were AED 3.5 billion in Q1 2013, an increase of 1% over the prior year period.

Power & Water

Power & Water revenues, excluding supplemental fuel and construction revenues, were flat at AED 1.9 billion. Construction and Finance revenues from the Jorf Lasfar and Takoradi 2 expansion projects of AED 517 million were offset by construction costs of AED 381 million, leaving a profit margin of AED 136 million.

Supplemental fuel income decreased 31% year-on-year to AED 658 million.

Operating expenses for Power & Water (which excludes fuel costs and construction costs) rose 15% year on year to AED 468 million in Q1 2013, due to an unplanned outage at Jorf Lasfar and higher costs at Taweelah in the UAE. Depreciation, Depletion and Amortisation (“DD&A”) expenses for Power & Water rose 2% to AED 455 million in Q1 2013, compared with AED 447 million in Q1 2012.

Oil & Gas

Total Oil & Gas revenues (including gas storage and other income) were down 17% at AED 2.4 billion for Q1 2013, due to lower production in the UK North Sea, offset by higher production in the Netherlands and stronger gas prices in North America.

Oil & Gas expenses rose from AED 812 million in Q1 2012 to AED 1.0 billion in Q1 2013, principally due to higher repair and maintenance costs in the UK. Oil & Gas Depreciation, Depletion and Amortisation (DD&A) expense increased by 2% to AED 907 million in Q1 2013, reflecting a higher DD&A rate in North America, due to future development costs, an amendment of reserves in the North Sea, offset by the impact of lower production in the North Sea.

Finance costs

Finance costs decreased by 1% to AED 1.3 billion in Q1 2012 to AED 1.2 billion in Q1 2013. The decrease was due to refinancing of debt at more favourable rates, partially offset by a small increase due to financing at Jorf Lasfar and Takoradi.

Profitability

Profit Before Tax was AED 445 million in Q1 2013, 68% lower year-on-year than AED 1.4 billion in 2012, due to lower revenues from Oil & Gas, principally due to lower production in the UK North Sea.

Income tax expense was AED 220 million for Q1 2013, compared to AED 724 million in Q1 2012.  This consists of AED 321 million of income tax expense and AED 101 million of deferred income tax income. The effective tax rate decreased slightly to 49% from 52% in the prior year, reflecting lower production in the UK North Sea. 

Profit for the period (after minority interests) was AED 106 million, a decrease of 80% compared to AED 534 million in 2012. The decline was principally driven by lower operating profit during the quarter and also reflects the disposals that were made in Q1 2012 which inflated the comparable period in the prior year.

Basic and diluted earnings per share attributable to equity holders of TAQA were AED 0.017, compared to AED 0.088 in the prior year period.

Financing

Total debt of AED 80.3 billion in Q1 2013 increased from AED 79.5 billion in the same period in 2012, following new bond issuance in anticipation of bond maturities in 2013.

Consolidated cash on hand, as at 31 March 2013, was AED 3.9 billion, a slight increase from AED 3.8 billion in 2012. As of 31 March 2013, TAQA had unused credit lines of AED 17.9 billion, compared to AED 14.7 billion at the 31 March 2012, and total available liquidity of AED 21.8 billion, compared to AED 19.9 billion. 

Operational Review

Power & Water

Key Performance Indicators

Q1 2012

Q1 2013

% +/-

Total revenues in AED million

(excl. supplemental fuel revenue & construction revenue)

1,898

1,851

▼2

% of overall revenues

(excl. supplemental fuel revenue & construction revenue)

40

44

▲4

Total generation capacity (MW)

Global

15,407

15,407

-

Domestic

12,494

12,494

-

International

2,913

2,913

-

Total power production (GWh)

Global

14,172

13,608

▼4

Domestic

9,075

10,243

▲13

International

5,097

3,365

▼44

Technical availability of power generation business (%)

Global

91.3

83.7

▼8

Domestic

90.8

84.2

▼6

International

93.4

80.1

▼13

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

54,114

57,652

▲7

TAQA produced 13,608 Gigawatt hours (GWh) of electricity and 57,652 Million Imperial Gallons (MIG) of water in Q1 2013, compared to 14,172 GWh and 54,114 MIG of water during the same period in 2012, generating revenues of AED 1.9 billion, excluding construction and fuel revenues. The 2% decrease in revenues compared to the same period last year, reflects forced outages at Shuweihat 1, Jorf Lasfar and Red Oak. EBITDA fell by 3% to AED 1.4 billion and net income to AED 436 million.

Technical availability across the fleet was 83.7%, a decrease of 8% over the same period in 2012.  

Domestic

TAQA’s domestic portfolio of assets generated 10,243 GWh of electricity and 57,652 MIG of water during the quarter. Domestic availability was 84.9%, reflecting the forced outage at Shuweihat 1. Nonetheless, five of TAQA’s eight domestic plants had an Equivalent Forced Outage Rate (EFOR) lower than 1%, reflecting the modernity of the fleet.

Supplemental fuel revenues decreased as a result of less demand for back-up fuel at TAQA’s UAE domestic assets.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman and the United States, generated 3,365 GWh of power during the period. International technical availability was 80.1%, a decrease of 14% in comparison to the same period last year. This was due to a transformer failure and boiler leak at Jorf Lasfar, a rotor failure at Red Oak and a boiler failure at Neyveli.

In Morocco, the 700 megawatt (MW) expansion project at Jorf Lasfar continued to progress and was 80% complete at the end of the period. The expansion will bring the gross capacity of the Jorf Lasfar plant to 2,056 MW. The commissioning of the two expansion units is planned for the end of 2013 and early 2014.

.

In Ghana, the expansion of Takoradi 2 has broken ground and is continuing on time and on budget. The expansion will increase the plant’s output from 220 MW by 50 per cent to approximately 340 MW without requiring extra fuel or producing additional emissions. The expansion is scheduled for commissioning in the fourth quarter of 2014.

In January, TAQA acquired an interest in the developer of the 100 MW Sorang hydroelectric plant in the northern Indian state of Himachal Pradesh in a joint venture with Indian infrastructure company Jyoti Structures Ltd. The plant is expected to begin operations in 2013.

Also in January, the Republic of Turkey and the United Arab Emirates signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey. The agreement marked the start of exclusive negotiations between TAQA, Turkey’s Electricity Generation Co. Inc. (EÜAŞ) and the Turkish Government for the project, with a combined power generation capacity of up to 7,000 MW.

Oil & Gas

TAQA’s Oil & Gas business comprises a portfolio of assets across North America, the UK North Sea, the Netherlands and Kurdistan region of Iraq.

Key Performance Indicators

Q1 2012

Q1 2013

% +/-

Total revenues in AED million

 

2,886

2,396

▼17

% of overall revenues

(excl. supplemental fuel income)

 

60

56

▼4

Total production

(mboe/day)

Global

134.2

126.9

▼5

North America

86.3

88.7

▲3

UK

41.0

28.8

▼30

Netherlands

6.9

9.4

▲36

Average net realized price of crude oil sold

(US$ per barrel)

North America

84.74

73.85

▼13

UK

117.74

113.56

▼4

Netherlands

113.07

102.02

▼10

Average net realized price of natural gas sold

(US$ per thousand feet)

North America

2.57

3.38

▲32

UK

10.47

12.29

▲17

Netherlands

10.69

10.59

▼1

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 2.4 billion for Q1 2013, a decrease of 17% on last year. This was driven primarily by lower production in the UK North Sea, due to the shut-in of Cormorant Alpha in January 2013, following a hydrocarbon release in one of the concrete legs of the platform. There was a subsequent release in March within the same platform leg. While no hydrocarbons have entered the environment, Cormorant Alpha production of between 8,000 to 10,000 barrels a day continues to be shut-in.

While North American gas prices have risen significantly during the period, up 32% year on year to US$3.38 per thousand cubic feet (mcf), liquids and oil prices have fallen, impacting performance. In addition, TAQA divested a portfolio of non-core North American acreage in Q1 2012, slightly skewing the year on year comparative figures.

Operating expenses were AED 992 million in Q1 2013 compared with AED 812 million in Q1 2012, an increase of 22% due to expenditures related to subsea repairs in the UK North Sea, higher fuel costs and higher lifting and processing expenses.

Total average global daily production for Q1 2013 decreased to 126.9 thousand barrels of oil equivalent per day (mboed), compared with 134.2 mboed in the same period last year, a fall of 5%, due to the unplanned shut downs in the UK North Sea, the disposal of non-core acreage and the shut-in of uneconomic production in North America.

North America

In North America, an average of 88.7 mboed was produced during Q1 2013, an increase of 3% year on year. Revenues increased by AED 62m to AED 1 billion, due to higher production and higher gas prices offset by lower realised prices for oil and liquids. Due to a supply imbalance, there was a significant discount during the period between Western Canadian Select (WCS) and West Texas Intermediate (WTI) prices.

UK

Production volumes in the UK North Sea averaged 28.8 mboed during the first quarter of 2013, a 30% decrease compared to the same period last year, largely due to the unplanned shutdowns at Cormorant Alpha and the consequent impact on production.

In February 2013, TAQA announced that it had discovered two oil columns during the Darwin drilling programme, which commenced in November 2012. The Darwin acreage is located next to the TAQA-operated Cormorant South, North Cormorant and Pelican fields in the Northern North Sea approximately 130 km northeast of the Shetland Islands.

Netherlands

Production in the Netherlands increased to 9.4 mboed, 36% higher than the same period last year. This was mainly due to the acceleration of Groet-Oost production near Alkmaar and a strong performance from the P15 and P18 and offshore partner-operated fields, as well as higher well rates at L11-A08.

Iraq

TAQA commenced operations at its Atrush block in the Kurdistan region of Iraq and is currently drilling its third well, Atrush 3.

Energy Solutions

During the period, TAQA Energy Solutions agreed to buy a 50% interest in the 205.5 MW Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF). TAQA also commenced a pilot project for roof-top solar air-conditioning in the UAE with Chromasun Inc. the California-based solar panel manufacturer.

In February TAQA began qualifying companies for participating in the engineering, procurement and construction (EPC) contract tender for the UAE’s first waste-to-energy plant. The waste-to-energy power plant will receive approximately 1,000,000 tonnes of municipal solid waste a year and convert it into 100 megawatts of alternative power, enough energy to power more than 20,000 households in Abu Dhabi. The plant is expected to begin operations in 2016/17.

Commodity price environment

Following the decline witnessed in Q4 2012, oil prices remained relatively stable during Q1 2013 with Brent averaging $112.89/bbl and WTI averaging $94.30/bbl. Whilst marginally lower than the comparable period in 2012, the oil price continues to be supported by Asian demand which has offset the continued weak economic environment in Europe and North America.

Encouragingly, Q1 2013 continued to witness the trend for improving natural gas prices in North America. NYMEX spot gas prices averaged $3.49/mmbtu in Q1 2013 compared to $2.50/mmbtu. This stabilisation and recovery in the gas price has been driven by a more controlled supply environment coupled with strong demand, the result of a prolonged winter.

Post-period corporate developments

TAQA extended its agreement with The Center for Waste Management – Abu Dhabi, to study and develop a waste-to-energy demonstration facility at Abu Dhabi’s Dalma Island. 

In April 2013, TAQA received UK Government approval for its Cladhan field development. The initial phase of development will consist of two producer wells and one injection well. Cladhan is expected to produce over 17 mboed initially, with first oil expected Q1 2015. The production will be tied back to TAQA’s Tern Alpha platform which lies 17.5km northeast of the Cladhan field.

On the 30 April 2013, Standard & Poor’s announced that it was raising TAQA’s A rating to a ”positive” outlook.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Cormorant Alpha update 6 May 2013
TAQA today issued an update regarding the situation at the Cormorant Alpha platform in the UK North Sea:

TAQA today issued an update regarding the situation at the Cormorant Alpha platform in the UK North Sea:

After two hydrocarbon releases within a leg of the Cormorant Alpha platform in January and March, TAQA has accelerated a long-term inspection, repair and maintenance programme that has been under way since 2011.

Production on the platform was initially expected to continue throughout the programme, but after the releases, which involved no leak of hydrocarbons to the external environment, TAQA has decided  to continue the shut-in of Cormorant Alpha’s production while the programme progresses. Thanks to this inspection programme being in progress prior to the releases, TAQA was able to respond immediately, addressing the issues quickly and effectively.

There is still substantial work to be performed in the platform legs.  This will take months to complete. TAQA will provide an update on the outlook for resuming production at Cormorant Alpha when this work has progressed further.

Leo Koot, Managing Director of TAQA’s UK oil and gas business, said: “We are committed to investing in our infrastructure to ensure that production continues and export hub facilities are maintained. Cormorant Alpha is a critical piece of infrastructure for the continued viability of the Northern North Sea and this planned programme of work will help extend its original design life and support the long term security of UK energy supply. There is potentially one billion barrels of oil behind Cormorant Alpha and, although our production may be affected over the next few months, this work is critical to ensure the long term future of the northern North Sea.”

As well as handling 10,000 barrels per day of production from the South Cormorant field, the Cormorant Alpha platform is the conduit for the Brent System Pipeline, which carries approximately 90,000 bpd of oil, or approximately 10 % of the UK’s oil production. The Brent System Pipeline is unconnected to the pipework involved in the inspection, repair and maintenance programme and continues to operate normally. However, although no closure of the Brent System Pipeline is planned as part of this inspection, repair and maintenance programme, it has been and could in future be subject to temporary closure on a precautionary basis should this be required during this programme of work. 

As part of TAQA’s ‘make it safe, make it work, make it grow’ strategy, the company has invested more than £300 million on maintenance and upgrades across four northern North Sea platforms since their acquisition in 2008. This investment has improved the quality of the infrastructure, helping to double production and secure hundreds of jobs in Aberdeen.

-ENDS -

Government approval for TAQA’s Cladhan field development plan 24 Apr 2013
TAQA today announced that the development plan for its Cladhan field has been approved by the UK government.

TAQA today announced that the development plan for its Cladhan field (Blocks 210/29a and 210/30a of the northern North Sea) has been approved by the UK government.

The initial phase of development will consist of two producer wells and one injection well.  Cladhan is expected to produce over 17,000 boe/d initially with first oil expected Q1 2015. The production will be tied back to TAQA’s Tern Alpha platform which lies 17.5km northeast of the Cladhan field.

Leo Koot, Managing Director of TAQA’s UK business, said: “The Cladhan development is the third field that TAQA has developed and the largest project to date. Developing Cladhan as a tie back to Tern supports TAQA's strategy to invest in our infrastructure as we recognise the crucial part it plays in allowing us to maximise recovery from the northern North Sea.”

TAQA currently has 40.1% in the Cladhan field but recently agreed to acquire further equity from Sterling Resources (UK) Ltd. (“Sterling”) in return for providing further funding arrangements to Sterling to take the project through the development phase. The agreement is structured so that equity is transferred to TAQA in a series of tranches with the result that if Sterling cannot secure other finance for the project before 30 June 2013, TAQA will acquire a further 12.6% equity in the Cladhan Field. In addition, 11.8% of Sterling’s remaining equity will be transferred to TAQA until such time as the costs which TAQA will carry on the 11.8% equity are repaid from production revenue. Assuming such repayment does occur, the resulting equities in the Cladhan field will be TAQA 52.7%, Sterling 13.8% and Wintershall 33.5%.

- ENDS-

President of Ghana inaugurates TAQA power plant expansion 9 Apr 2013
TAQA celebrated the ground-breaking ceremony of the Takoradi 2 power plant expansion project in Ghana. Once complete, the plant will account for approximately 15 per cent of Ghana’s generation capacity, providing power to more than a million people.

Takoradi, Ghana - TAQA, the global energy company based in Abu Dhabi, celebrated the ground-breaking ceremony of the Takoradi 2 power plant expansion project in Ghana. Once complete, the plant will account for approximately 15 per cent of Ghana’s generation capacity, providing power to more than a million people.

The ground-breaking ceremony was held in Takoradi in the presence of John Dramani Mahama, the President of Ghana; Emmanual Armah-Kofi Buah, Minister of Energy of Ghana; Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates; and Nananom (local Chiefs). 

Addressing guests during the ground-breaking ceremony held at Takoradi power plant, John Dramani Mahama, the President of Ghana said: “The Takoradi 2 expansion project reflects our energy for growth programme aimed at increasing investments in the energy sector to build capacity for the future. The role of independent power producers has become vital and the partnership of TAQA and VRA has demonstrated that Public-Private-Partnerships (PPP) work in Ghana. The plant’s excellent record of over 95% availability since 2000 is not only a demonstration of the successful implementation of the PPP framework but also the significant development of technology capacity of Ghana.

During his speech, Khalid Al-Ghaith, Assistant Foreign Minister for Economic Affairs for the United Arab Emirates, said: “We are encouraging investments in Africa and will continue to back our sovereign companies such as TAQA. We look forward to strengthen the relationship between Ghana and UAE and look forward to seeing more official visits and further agreements.

Carl Sheldon, Chief Executive Officer at TAQA, said: “The Takoradi 2 power plant expansion project builds on TAQA's position as a trusted operator of strategic energy infrastructure in Ghana. By deploying a world-class combined cycle turbine in Takoradi, we are helping Ghana to meet its growing energy needs while increasing the efficiency of the electricity generation system."

The expansion project supports the Ghanaian Government’s efforts to develop the country’s electricity sector and promote the use of indigenous natural gas supplies. When completed, the expansion will increase the plant’s output from 220 megawatt (MW) by 50 per cent to approximately 340 MW without requiring extra fuel or producing additional emissions. In 2011, TAQA and VRA upgraded the plant from burning imported oil to primarily burn natural gas.

TAQA acquired a 90 per cent share in the Takoradi 2 plant in 2007. The Volta River Authority (VRA), the main generator of electricity in Ghana, holds the remaining 10 per cent. TAQA is operator of the facility.

TAQA obtained Ghanaian government approvals last year and completed the project financing arrangements in January 2013. The expansion, being built by Mitsui & Co (Japan) and KEPCO E&C (Korea), is scheduled for commissioning in the fourth quarter of 2014.

The financing is being provided by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions led by FMO. The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside IFC.

TAQA's is the largest independent power producer in the Middle East North Africa region, with a total gross power generation capacity of 16,395 MW and a water desalination capacity of 887 Million Imperial Gallons per Day (MIGD).

Takoradi 2 is TAQA’s second expansion project in Africa following the USD 1.6 billion expansion of the company’s Jorf Lasfar power plant in Morocco.

- ENDS -

TAQA’s Oil & Gas appoints Director of New Ventures in Abu Dhabi 1 Apr 2013
TAQA has appointed Saeed Saad Al-Menhali as Director - New Ventures for the company’s oil & gas business stream

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has appointed Saeed Saad Al-Menhali as Director - New Ventures for the company’s oil & gas business stream.

A UAE national with over 15 years’ experience in the industry,  Mr Al-Menhali will be responsible for pursuing new oil & gas ventures and partnerships with a focus on developing TAQA’s operating position in the Middle East and North Africa (MENA) region.

Mr Al-Menhali joins TAQA from Mubadala Development Company where he managed the exploration & technical development team for the company’s oil & gas unit.

David Cook, Executive Officer and Head of Oil & Gas at TAQA, said: “Saeed’s extensive experience in the oil & gas industry, and his knowledge of the region, will prove to be invaluable to TAQA. I am delighted to welcome Saeed to the team and look forward to working closely with him in his new role.”

Mr Al Menhali holds a Bachelor's degree in Geoscience from Tulsa University, United States and an Honorary Doctorate of Philosophy for Carbonate Geophysics from the Carbonate Research Collaborative of ExxonMobil’s Upstream Research Institute in the United States.

Mr Cook added: “As an Abu Dhabi Government related entity, we fully recognize our responsibility to recruit, develop and retain Emiratis at all levels in our company.”

TAQA’s Emiratisation programme consists of an aggressive and multi-disciplined strategy to recruit and develop UAE nationals from graduate trainees to skilled professionals. The company offers UAE nationals a unique opportunity to gain world-class global operating experience across TAQA’s expanding international portfolio including Canada, UK, Ghana, Morocco, India, the Netherlands, USA, Iraq and the UAE.

TAQA's oil & gas business stream includes exploration, development, production, and midstream activities in Canada, the UK, the Netherlands, the United States and Iraq. TAQA has a focused portfolio with 599.6 mmboe of proven and possible reserves as at 31 December 2012 and an average daily production of 135.4 thousand barrels of oil equivalent per day in 2012.

- ENDS -

Contact Information for Media:

Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA, CWM Abu Dhabi to develop Dalma Island waste-to-energy demonstration facility 1 Apr 2013
TAQA and The Center for Waste Management – Abu Dhabi (CWM) have extended their partnership by signing a Collaboration Agreement to study and develop a waste-to-energy demonstration facility at Abu Dhabi’s Dalma Island.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, and The Center for Waste Management – Abu Dhabi (CWM) have extended their partnership by signing a Collaboration Agreement to study and develop a waste-to-energy demonstration facility at Abu Dhabi’s Dalma Island.

TAQA and CWM will together develop a waste-to-energy facility that produces 1 to 2 megawatt of alternative energy. This will be enough to supply power to more than 200 households as well as providing a more efficient waste management solution. Waste from Dalma Island, which lies 32 kilometers offshore Abu Dhabi´s Western Region, is currently shipped to the mainland and further transported by road to landfills in Abu Dhabi.

Dr. Salem Al Kaabi, CWM’s Deputy Manager, commented, “Working on advanced solutions for waste management is a valuable part of the job we have in ensuring Abu Dhabi becomes recognized for its integrated waste management system within the UAE and beyond. Working with TAQA helps us develop new ideas and technologies in the energy space from which we can all benefit.”

Dr. Saif Al Sayari, Executive Officer and Head of TAQA’s Energy Solutions division, said: “As an Abu Dhabi energy company, we have a duty and responsibility to support our local communities and environment. We are delighted to extend our partnership with the Center for Waste Management Abu Dhabi and contribute to more efficient waste treatment for Dalma Island’s community. We consider this demonstration plant a practical first step to capture lessons learned during construction and operation phases and benefit our announced large scale project to convert a million ton of municipal solid waste per year into 100 MW of alternative power. 

TAQA’s and CWM teams have started conceptual studies for different WTE technical schemes to ascertain the best form of energy recovery from Dalma Island’s waste, which includes household and organic waste.

TAQA and CWM are also developing a large scale waste-to-energy plant in Abu Dhabi and last month started the qualification process for the engineering, procurement and construction (EPC). The plant will convert up to 1,000,000 tonnes of municipal solid waste a year into 100 megawatts of alternative power, enough energy to power more than 20,000 households in Abu Dhabi. The plant will be the first in the UAE and is expected to begin operations in 2016/17.

- ENDS -

Customers Gas Storage Bergermeer appointed on the board of the Gas Foundation 14 Mar 2013
On March 14, 2013 TAQA held the first meeting of the Gas Foundation, representing all customers of Gas Storage Bergermeer. During this first meeting representatives of Statoil, VattenFall and EdF were appointed on the Board of the Gas Foundation.

The Gas Foundation is the formal legal title holder of the stored working gas of all Standard Storage Services Agreement (SSSA) customers, and ensures that customers in case of a default of TAQA can have access to their gas.
The foundation is governed by the customers of Gas Storage Bergermeer.

Gas Storage Bergermeer currently has Standard Storage Services Agreements in place with twelve customers.

TAQA Full Year 2012 Results 13 Mar 2013
TAQA today reported its full year 2012 operational and financial results.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (“TAQA” - ADX: TAQA), the global integrated energy company; today reported its full year 2012 operational and financial results.

 

2011

2012

% +/-

Total assets

114,693

122,590

▲7

Total revenues

24,187

27,785

▲15

         Power & Water (1)

7,436

8,536

▲9

Construction revenue

3,589

-

         Oil & Gas (2)

11,983

12,015

-

Fuel revenue

4,768

3,645

▼24

Cost of sales (3)

(15,625)

(16,341)

▲5

Construction costs

(3,513)

-

EBITDA

14,008

13,132

▼6

Profit Before Tax

4,118

3,544

▼14

Net profit After Minority Interests

744

649

▼13

Basic earnings per share (AED)

0.12

0.11

▼8

Net Debt/EBITDA (times)

5.0

5.8

▲15

Net debt to capital (%)

78

78

-

All amounts in AED million unless otherwise stated

(1) Excludes fuel revenue and construction revenues but includes net liquidated damages in relation to Shuweihat 2 in 2011. Also includes certain other operating revenue relevant to the Power & Water business.

(2) Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

(3) Excluding construction costs

Summary

TAQA delivered a resilient financial performance in 2012, reporting a 15 per cent increase in revenues underpinned by an outstanding performance in the power and water sector.

The company continues to report a solid financial performance while positioning itself for future growth with several large scale strategic energy infrastructure projects under construction.

Net profits dropped by 13 per cent in the 12 months to December 2012, reflecting a series of one-off items and a challenging price environment in North America.

In Power & Water, TAQA delivered a strong operational performance with very high availability and low forced outage rates, firmly placing it among the top performers globally. Its organic expansion plans are also progressing apace, with Jorf Lasfar Units 5 & 6 now 80% complete and on budget.  Similarly, the expansion project at Takoradi, Ghana, is now under way with all approvals secured and construction in progress.

TAQA also entered in to two new markets during the year, having signed a Memorandum of Understanding with EÜAŞ, the Turkish national power company, in respect of a major project in Southern Turkey, and investing in a 1,000 MW power plant in Sulaymaniyah in the Kurdistan region of Iraq.

In the UK North Sea, despite some operational challenges, including unplanned shutdowns which impacted performance, TAQA benefited from the buoyant Brent oil price and a number of acquisitions during the year. The most significant being the agreement to acquire from BP a range of assets in the Central North Sea, together with associated subsea infrastructure. 

To help address the on-going weak market conditions for natural gas in North America, non-core North American acreage was sold, new acreage was acquired in TAQA’s core production region and uneconomic production shut-in. In the last quarter of 2012, natural gas prices recovered somewhat and have maintained an upward trend since.

Reflecting TAQA’s broader focus on the MENA region, it acquired a majority stake in the Atrush exploration block in the Kurdistan region of Iraq – its first operated oil and gas asset in MENA.

During the course of 2012, TAQA completed several landmark financing transactions, including its maiden Sukuk issuance, and the largest non-sovereign US$-denominated issuance from MENA in 2012.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

"This was a resilient set of results, supported by the exceptional performance of our power business, where we have not only delivered a strong operational performance, but have also made significant progress with key organic growth projects in Morocco and Ghana. We have also expanded our footprint into two new markets: Turkey and Iraq, and are now firmly established as the regional development partner of choice.

“While we have continued to endure a tough pricing environment in North America, there is reason for some optimism, as prices have recovered from their low point and more positive pricing momentum has been sustained through the last quarter of 2012 and first quarter of 2013. Nonetheless, we have taken decisive action to restructure our North American business, shutting in uneconomic production, selling non-core acreage, and refocusing investment capital. Similarly, in the UK, our pending acquisition of assets from BP will not only give us attractive production, but will also diversify our production footprint into a new region of the North Sea. These steps position us well for the future.

Stephen Kersley, Chief Financial Officer, said:

“One of TAQA’s key achievements during the year was to secure long term financing at very attractive prices – both on a corporate level, as well as at our key projects, such as Jorf Lasfar and Takoradi. We are committed to proactively managing our financing needs to ensure that we have the most appropriate capital structure to underpin our future profitability.”

Financial summary: 2012 versus 2011

Revenues and costs

Total revenues for 2012 were AED 27.8 billion, 15% higher year-on-year, compared with total revenues of AED 24.2 billion in 2011. Cost of sales, excluding construction expenses, were AED 16.3 billion in 2012, an increase of 5%.

Power & Water

Power & Water revenues, excluding supplemental fuel and construction revenues, grew by 9% to AED 8.5 billion from AED 7.4 billion in 2011. The increase in revenues was driven by greater available capacity from the Shuweihat 2 plant, which commenced phased operations in July 2011, combined with continued high levels of technical availability across the entire fleet. Construction revenues from the Jorf Lasfar 5 & 6 and Takoradi projects of AED 3.6 billion were offset by construction costs of AED 3.5 billion, leaving a profit margin of AED 76 million.

Supplemental fuel income decreased 24% year-on-year to AED 3.6 billion, due to significantly lower use of alternative fuel supplies at TAQA’s domestic power plants.

Operating expenses for Power & Water (which excludes fuel costs and construction costs) were flat year on year at AED 2.0 billion. Depreciation, Depletion and Amortisation (“DD&A”) expenses for Power & Water were AED 1.8 billion in 2012 compared with AED 1.6 billion in 2011, principally due to Shuweihat 2.

Oil & Gas

Total Oil & Gas revenues (including gas storage and other income) were stable at AED 12.0 billion for 2012. This was driven by lower production across all our producing regions and continued weak North American gas prices, offset by higher sales at Bergermeer, which saw other operating revenue grow by AED 357 million.

Oil & Gas expenses rose from AED 3.6 billion in 2011 to AED 5.0 billion in 2012, principally due to stock movements (AED 829 million), and higher repair and maintenance costs in the UK, mainly due to the Otter acquisition. Oil & Gas DD&A expense was flat at AED 3.7 billion in 2012.

Finance costs

Finance costs increased from AED 4.6 billion in 2011 to AED 5.0 billion in 2012, an increase of 10%. The increase was due to interest on the Malaysian Sukuk issued in March 2012 and the USD bonds issued in end of 2011. The new fixed term debt replaced short term bank loans that carried significantly lower interest rates.

Profitability

Profit Before Tax was AED 3.5 billion in 2012, 14% lower year-on-year than AED 4.1 billion in 2011, due to lower revenues from Oil & Gas, principally due to lower North American gas prices and higher finance costs as outlined above.

During 2012, TAQA rationalised its portfolio to focus on its core operations and footprint. In April, TAQA’s holding in Tesla Motors was sold for a total consideration of AED [956] million, recognising a gain of AED [415] million. In North America, and in line with its stated strategy, TAQA disposed of various non-core assets for AED [1.8] billion, recognising a gain on disposal of AED [380] million.

Income from Associates and Joint Ventures fell by 48% to AED 151 million. The decline was principally driven by the performance of Sohar Aluminium Company which was impacted by falling aluminium prices.

Income tax expense was AED 2.2 billion for 2012 compared to AED 2.5 billion in the prior year. The effective tax rate remained unchanged at 62%, and reflects the higher tax rate environment, in particular within the UK North Sea. 

Profit for the period (after minority interests) was AED 649 million, a decrease of AED 95 million compared to AED 744 million in 2011. The decline was principally driven by lower operating profit, offset in part by the gains recognised on assets disposal conducted during the period.

Basic and diluted earnings per share attributable to equity holders of TAQA of 11 fils.

Financing

Total debt of AED 79.5 billion in 2012 increased from AED 73.9 billion in 2011, following new bond issuances during 2012 in anticipation of bond maturities in 2013.

In line with its funding strategy, TAQA completed several landmark financing transactions during 2012. At the start of the year, it successfully completed a MYR 650 million Sukuk issuance as part of MYR 3.5 billion Sukuk programme established in 2011. The programme also provides TAQA with an important source of long term, diversified funding.

In December, TAQA completed a landmark US$ 2.0 billion dual tranche bond, the largest non-sovereign US Dollar denominated issue for the MENA region in 2012. It also secured the lowest coupon ever achieved by TAQA for five and ten year funding of 2.5% and 3.625% respectively.

Finally, in December, a new US$ 2.5 billion dual tranche multi-currency revolving credit facility was signed.

Consolidated cash on hand as at 31 December 2012 was flat year on year at AED 3.8 billion. TAQA had unused credit lines of AED 20.3 billion at the end of 2012, compared to AED 14.2 billion at the end of 2011, and total available liquidity of AED 24.1 billion, compared to AED 18.0 billion for 2011.

Operational Review

Power & Water

TAQA’s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators

2011

2012

 

% +/-

Total revenues in AED million

(excl. supplemental fuel revenue & construction revenue)

7,436

8,106

▲9

% of overall revenues

(excl. supplemental fuel revenue & construction revenue)

38%

40%

▲2

Total generation capacity (MW)

Global

16,402

16,395

-

Domestic

12,494

12,487

-

International

3,908

3,908

-

Total power production (GWh)

Global

67,390

75,124

▲11

Domestic

48,087

55,275

▲15

International

19,303

19,849

▲3

Technical availability of power generation business (%)

Global

92.4

94.6

▲2

Domestic

93.0

95.2

▲2

International

90.0

91.4

-

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

220,530

240,801

▲9

TAQA produced 75,124 GWh of electricity and 240,801 MIG of water in 2012, up from 67,390 GWh and 220,530 MIG of water during 2011, generating total revenues of AED 8.1 billion for the year. The 9% increase in revenues compared to the same period last year, reflects the full year contribution from Shuweihat 2 which had partial production from May 2011 and was fully operational in October 2011. This performance was carried through into EBITDA of AED 6.6 billion, an increase of 13% over 2011, and net income of AED 2.2 billion.

Technical availability across the fleet was high, at an average of 94.6%, an increase of almost 2% over 2011. Combined with a forced outage rate of only 2.1% in 2012, TAQA is operating in the top quartile of its peer group globally in terms of performance. In particular, the domestic UAE fleet recorded a very strong performance, with a forced outage rate of 2%, and four of the eight power plants recorded a forced outage of less than 1%. In respect of the international fleet, it had a forced outage rate of 3%, including at Jorf Lasfar – a strong performance given that a 4.5-5% outage rate represents top quality performance for coal-fired technology.

Domestic

TAQA’s domestic portfolio of assets generated 55,275 GWh of electricity and 240,801 MIG of water during 2012, reflecting the additional 1,500 MW of power generation and 100 MIGD of water desalination capacity of Shuweihat 2. Domestic availability was 94.6%.

Supplemental fuel revenues decreased as a result of less demand for back-up fuel at TAQA’s UAE domestic assets.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman, Iraq and the United States, generated 19,849 GWh of power during the year. International technical availability was 91.4%, slightly higher than the same period last year.

In Morocco, the 700 MW expansion project at Jorf Lasfar continued to progress well and was 80% complete at the end of the year. The expansion will bring Jorf Lasfar’s gross capacity to 2,056 MW. The commissioning of the two expansion units is planned for the end of 2013 and early 2014.

In June 2012, TAQA signed a US$ 1.4 billion equivalent, 16-year, multi-currency non-recourse project financing for the Morocco expansion. This was the first project financing in Morocco to be arranged in over a decade and the first major IPP financing in Morocco since the original Jorf Lasfar financing in 1997.

In Ghana, TAQA secured appropriate approvals for, and commenced construction of, the 110 MW expansion of Takoradi 2 in Ghana. The US$330 million financing for this expansion was a significant landmark, as it was the first IPP project financed in Ghana and the largest financing in sub-Sahara Africa during 2012. The TAQA-operated power plant currently represents 15% of Ghana’s installed power production capacity.

During the year TAQA signed a number of significant agreements to expand its power footprint in its core MENA and India region, including entering two new markets – Iraq and Turkey:

  • A joint venture agreement with Mass Global Investments Company Limited, through which TAQA acquired a 50% interest in a 1,000 MW gas-fired IPP situated near Sulaymaniyah, in the Kurdistan region of Iraq.
  • Acquisition of a 100 MW run of river hydro plant in the Himachal Pradesh region of India. The plant is TAQA’s first fully operated merchant facility and is expected to commence commercial operations by H1 2013.
  • In October, the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration expressing their strong support for the co-operation between Turkey’s national power company EÜAŞ (Electricity Generation Co. Inc.) and TAQA. This is part of the long term commitment by the Turkish Government to deliver over 7,000 MW of thermal power from domestic resources.

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators

 

2011

2012

% +/-

Total revenues in AED million

 

11,983

12, 015

-

% of overall revenues

(excl. supplemental fuel income)

 

62

60

▼2

Total production

(mboe/day)

Global

139.1

135.4

▼3

North America

88.1

85.9

▼2

UK

42.9

41.8

▼3

Netherlands

8.1

7.7

▼5

Average net realized price of crude oil sold

(US$ per barrel)

North America

86.1

77.4

▼10

UK

112.2

111.9

-

Netherlands

99.0

104.3

▲5

Average net realized price of natural gas sold

(US$ per thousand feet)

North America

4.02

2.65

▼34

UK

9.28

10.40

▲12

Netherlands

10.63

10.63

-

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 12.0 billion for 2012, flat year on year compared with 2011. This was driven primarily by lower production and lower pricing – particularly in North America, where average net realized gas prices declined by 34%, offset by higher gas storage revenues.

Total average global daily production for 2012 decreased to 135.4 mboe/day, compared with 139.1 mboe/day in 2011, a fall of 3% due to the unplanned shut downs in the UK North Sea, the disposal of non-core acreage in North America and the shut-in of uneconomic production.

Reserves were replaced in excess of 100%. Total proven plus probable reserves at the end of December 2012 were 599.6 mmboe compared with 582.6 mmboe at the end of 2011.

North America

In North America, an average of 85.9 mboed was produced during 2012. In the face of continued low natural gas prices, unprofitable dry gas production was shut-in and operational costs and overheads were reduced.

A key aspect of this was a review of exploration acreage during the year to ensure the most efficient operating footprint. As a consequence, the North American project pipeline was slimmed down from over 60 to just 12 key projects, and outlying acreage in southeast Saskatchewan was divested, realising AED 1.8 billion.

Subsequently, AED 569 million was invested in acquiring assets in core production areas, adding 5,000 boed of production, larger reserves and important mid-stream assets, all at a very attractive price.

Furthermore, as a consequence of low gas prices, North American capex was cut by 30% in the 2013 investment plan, and has been focused on those opportunities which continue to be attractive at these low prices.

During the year, a major overhaul was undertaken at TAQA’s Crossfield plant, which has increased processing capacity from 48 mmcfd to 70 mmcfd and the efficiency rate to 97%. This investment will also allow us to process additional third party gas.

Despite the difficult pricing environment during the year, there has been a sustained uplift in prices towards the end of the year, with Henry Hub spot prices rising from US$2.81 on 1 September 2012 to US$3.42 on 31 December 2012. This positive trend has been continued post period.

UK

Production volumes in the UK North Sea averaged 41.8 mboe/day during the year, a 3% decrease compared to the same period last year, largely due to the unplanned shutdowns in the Otter field pipeline and North Cormorant.

During the year, a number of significant developments were announced, including:

  • In February, the acquisition of a 50% interest in licences that include the Darwin oil discovery, these are located next to the North Cormorant and Pelican fields.
  • In October, a new oil accumulation was discovered at the Contender prospect, which was drilled from the North Cormorant platform, with an early estimate of approximately 10-30 million barrels of oil in place. The field is being developed under the new name Cormorant East and commenced production in January 2013.
  • Furthermore, TAQA increased its stake in the Cladhan field, which is tied back to its Tern platform, and completed the Causeway tie-back to North Cormorant – this was TAQA’s first third party tie-back in the North Sea.
  • In November, TAQA announced an agreement to acquire a major portfolio of operated oil and gas assets from BP for more than US$1 billion, with an effective date for the majority of the assets of 1 January 2012. The acquisition consisted of interests in the Harding (70%), Maclure (37.03%), and Devenick (88.7%) fields in the Central North Sea. The acquisition also increases TAQA’s non-operated interests in the Brae area and associated transport infrastructure, including the SAGE, Forties-Brae and Forties-Braemar pipelines. These assets are expected to increase net production by 19 to 21 mboed in 2012-2013. In addition, this constitutes a second major development hub in the central North Sea, opening up further investment opportunities, such as infill drilling on Harding, the ability to unlock significant discovered gas resources together with other adjacent field owners, and the development of the Morrone field. This transaction is expected to close in the first half of 2013.

Netherlands

Production in the Netherlands averaged 7.7 mboe/day, a 5% decrease compared to the same period last year. Operations in the Netherlands maintained very high availability at the PGI facility in Alkmaar and completed a large turnaround on the P15 platform without incident.  TAQA also signed agreements to extend the operating life of the P15 platform until at least 2022. TAQA participated in a successful discovery on the F17 oil field with an estimated 30 mmboe of recoverable reserves.

A highlight for the year was receiving the final permits for the Gas Storage Bergermeer project and subsequently starting construction. More than 70% of the total working volume has now been sold under long-term storage contracts and the remaining capacity is intended to be offered annually based on short term storage contracts, with the first auction planned for autumn 2014. Commercial gas storage operations at Bergermeer are scheduled to start in 2014, with full capacity available in 2015.

Commodity price environment

In 2012, the WTI oil price remained largely flat year on year at an average of US$94.13/bbl for 2012, compared with US$95.11/bbl in 2011. Prices for Brent also remained fairly consistent, at an average of US$111.68/bbl in 2012 versus US$110.91/bbl in 2011. NYMEX gas prices for 2012 averaged US$2.83/mmbtu, in comparison to US$4.03 /mmbtu for the equivalent period in 2011.

During the fourth quarter, the oil price weakened with Brent prices declining by 6% and WTI prices by 5%. However, North American gas prices showed a more positive trend, with Henry Hub spot prices increasing by 22%, albeit from a very low level.

Energy Solutions

TAQA’s Energy Solutions business has global responsibility for developing alternative and advanced technology solutions for energy production and generation. Alternative energy generation projects include wind, solar, geothermal, and waste-to-energy, as well as unconventional fossil-fuel projects such as gas to liquids, shale gas and using CO2 for enhanced oil and gas recovery.

Its approach has been to leverage TAQA’s existing business footprint and resources, and is initially focused on those markets where it already has strong relationships, such as Abu Dhabi, Canada, Morocco and the Netherlands.

In June, TAQA joined forces with The Centre of Waste Management Abu Dhabi to evaluate the feasibility of developing one of the world’s largest waste-to-energy facilities in Abu Dhabi. This would divert up to one million tonnes of waste from landfill every year.

In September, TAQA became a member of the Abu Dhabi Sustainability Group (ADSG), which was established by the Abu Dhabi Environment Agency, with the support of the Executive Council of the Emirate of Abu Dhabi, to integrate sustainability into the Emirate’s economic and social development programmes.

TAQA agreed to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF). This project has the capacity to generate emissions-free electricity for more than 68,000 homes.

Post-period corporate developments

  • TAQA discovered oil in the new Darwin oil field in the Northern North Sea area near the Shetland Islands in Scotland.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Gas Storage Bergermeer develops service for working gas as collateral 11 Mar 2013
11 March 2013, The Hague, The Netherlands – Abu Dhabi National Energy Company PJSC (TAQA) is pleased to announce it has executed Letters of Intent with Rabobank, ABN AMRO, Citi and BNP Paribas as the first banks to work together to develop a service whereby customers of Gas Storage Bergermeer can use their stored working gas as collateral for financing.

By signing the Letters of Intent the banks and TAQA made an important step in developing a framework allowing customers to make effective use of the value of their gas in store. Gas injected in the summer would be used as collateral for financing or would be the subject of repo arrangements until the gas is withdrawn in winter, improving the working capital position of customers. By having these industry leading banks on board, TAQA facilitates customer needs whilst allowing customers to work with the bank of their preference.

The final framework for this finance service is scheduled by end of 2013.

Adri Pols, Commercial Manager Gas Storage Bergermeer: “Gas Storage Bergermeer continuously searches for solutions to provide our customers maximum flexibility. Customers can already select their ideal contract tenor and pricing mechanism for primary capacity. And all available interruptible capacity will be sold daily. Customers can also trade their capacity on the secondary trading platform hosted by ENDEX. By developing this financing structure we will offer yet another benefit to current and future customers”.

With full commercial capacity available in 2015 Gas Storage Bergermeer will be the largest open access gas storage facility in Europe, providing 46TWh of seasonal storage.

TAQA starts process to restore Brent crude oil flows 7 Mar 2013
TAQA confirms that a hydrocarbon release was detected in one of the Cormorant Alpha platform legs in the northern UK North Sea.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) has begun the process of restoring the flow of an estimated 80,000 barrels per day (bpd) of crude oil in the Brent pipeline system following a precautionary shutdown on Saturday 2 March.

The pipeline system, which is operated by TAQA and runs through the Cormorant Alpha platform, was halted after a small hydrocarbon release in one of the platform’s legs was detected. Investigations have found there is no connection between the Brent pipeline system and the pipeline involved in the release. The process of restarting Brent throughput follows a thorough technical evaluation that shows it is safe to do so without any increased risk to Cormorant Alpha.

The hydrocarbons released were contained within the platform leg and none entered the environment. The leak has now been contained with no further oil release.

Cormorant Alpha normally handles approximately 90,000 bpd of crude oil feeding the Brent pipeline system, including approximately 10,000 bpd in Cormorant Alpha production. Cormorant Alpha production remains closed while work on the platform leg continues.

There were 145 people on board Cormorant Alpha when the incident was discovered on Saturday. On Saturday, 71 non-core personnel left the platform.

Cormorant Alpha is operated by TAQA Bratani Ltd and is located 232 miles from Peterhead, Scotland and 94 miles from Lerwick in the Shetland Islands.

Contacts

Aberdeen
Sian Mutch
+44 1224 275564

Abu Dhabi
Allan Virtanen
+971 2 691 4850

Incident in Morocco 2 Mar 2013
TAQA confirms that an individual working at the Jorf Lasfar construction site in Morocco died on Friday morning.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, confirms that an individual working at the Jorf Lasfar 5+6 construction site in Morocco died on Friday morning.

The deceased was an employee of Daewoo, working under contract to the Jorf Lasfar Energy Company (JLEC) site, located 130 km south of Casablanca.

“This is a very sad time for us all. I extend my profound condolences to his family, friends and colleagues,” said Carl Sheldon, Chief Executive Officer of TAQA.

The family of the deceased has been informed.

TAQA, JLEC and Daewoo are conducting investigations into the incident and regulatory and government authorities have been informed.

There is no risk to public safety.

Media contacts

Morocco
Meryem Benzakour
+212 522 977 380

Abu Dhabi
Allan Virtanen
+971 2 691 4894
allan.virtanen@taqaglobal.com

TAQA invites companies to qualify for UAE’s first waste-to-energy plant 27 Feb 2013
TAQA, the global energy company based in Abu Dhabi, has invited companies to submit qualifications ahead of tendering the engineering, procurement and construction (EPC) contract for the UAE’s first waste-to-energy plant.

Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has invited companies to submit qualifications ahead of tendering the engineering, procurement and construction (EPC) contract for the UAE’s first waste-to-energy plant.

The waste-to-energy power plant will receive approximately 1,000,000 tonnes of municipal solid waste a year and convert it into 100 megawatts of alternative power, enough energy to power more than 20,000 households in Abu Dhabi. The plant is expected to begin operations in 2016/17.

Waste-to-energy is one of the cleanest sources of energy and one of the most efficient ways to treat municipal solid waste. TAQA’s waste-to-energy facility is expected to reduce CO2 emissions by more than 1,000,000 tonnes per year when both the avoided landfill emissions and the avoided use of fossil fuel in power generation are taken into account.

The request for qualifications follows the completion of the pre-feasibility study and Memorandum of Understanding signed in June 2012 with The Centre of Waste Management Abu Dhabi for the joint development of the facility. TAQA expects to award the EPC contract in Q4 2013.

Dr Saif Al Sayari, Executive Officer and Head of the Energy Solutions division, commented, “Our track record in developing and operating power plants across the world, combined with our international relationships with joint venture partners and financial institutions, positions us well to lead the development of this pioneering project. We see this as a launch pad for future waste-to-energy projects in the region and for TAQA to be the pre-eminent developer and operator.”

Dr Al Sayari added: “The development of sustainable energy and waste infrastructure technologies, as well as diversion of waste from landfills, are goals identified in the Abu Dhabi Plan 2030. We are proud to work alongside the Government of Abu Dhabi and The Centre of Waste Management Abu Dhabi to provide a solution to the increasing volume of waste produced each year in the capital.”

TAQA has appointed Roger Anderson as Technical Manager for TAQA’s waste-to-energy plant. Mr Anderson has nearly 40 years’ experience at Wheelabrator, a leading global waste-to-energy developer. TAQA has also appointed Ramboll Group A/S to advise on engineering and WS Atkins PLC to advise on environmental permitting and waste characterisation. HSBC has been selected as financial advisor while Linklaters has been appointed legal advisor.

TAQA is the largest independent power producer in the MENA region, with power operations in seven countries and a total gross power generation capacity of 15,413 MW.

Suitably qualified companies interested in submitting qualifications can request the Request For Qualifications (RFQ) documentation by sending an e-mail to the following address before 12.00pm UAE time March 15 2013: wastetoenergy@taqaglobal.com

- ENDS -

Media contact information:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA
Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA scoops financing awards for Morocco, Ghana deals 18 Feb 2013
TAQA has been named winner of two awards in recognition of its contribution to financing energy infrastructure in Africa at the 14th Project Finance Magazine Awards event in London.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has been named winner of two awards in recognition of its contribution to financing energy infrastructure in Africa at the 14th Project Finance Magazine Awards event in London.

TAQA received the awards for:

  • Project Finance Power Deal of the Year – Africa 2012;
  • Project Finance Sponsor of the Year – Africa 2012 

Project Finance magazine’s Deal of the Year Awards recognise the best deals annually and are among the most prestigious awards in the finance industry. The awards are vetted by Project Finance Magazine journalists and independent industry contacts. On average, 300-350 deals are entered for the awards every year.

Stephen Kersley, TAQA’s Chief Financial Officer, said: “Last year was an exciting one for TAQA and for the project teams in particular as we continue to support the expansion of our global portfolio. We are honoured that our peers have recognised TAQA for these two landmark project finance achievements which could not of been accomplished without  the support of the Abu Dhabi government, the host governments and our valued partners.”

TAQA was awarded the ‘Project Finance Power Deal of the Year Award – Africa 2012’ for its USD 1.4 billion,16-year multi-currency non-recourse project financing for expanding the Jorf Lasfar power plant in Morocco. This was the largest international project financing in Morocco in over a decade. The loans for the expansion marked the first time that Japanese and Korean export credit agencies have participated in a Moroccan financing.

Jorf Lasfar already supplies 40 per cent of Morocco’s electricity output and the expansion project will further increase the power plant’s capacity by 50 per cent. TAQA and ONEE, the Moroccan utility, signed the first protocol agreement for the expansion in May 2009. Construction began in September 2010 and the two new units are scheduled to be commissioned in December 2013 and April 2014.

Project Finance also named TAQA ‘Project Sponsor of the Year – Africa 2012’ for the first project financing in Ghana. TAQA raised USD 330 million for expanding its Takoradi 2 power plant. Takoradi 2, the first Independent Power Project in Ghana, is a joint venture between TAQA (90%) and Ghanaian utility Volta River Authority (VRA) (10%). The project currently represents approximately 15% of Ghana’s installed capacity.

The expansion involves converting the existing 220 MW gas-fired plant into a combined cycle unit, increasing its output to 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel. The expansion is scheduled for commissioning in 2015.

Frank Perez, Executive Officer and Head of Power & Water, said: “We are proud of this recognition of our achievements in developing and operating key national infrastructure in Africa. These deals prove that sophisticated international financing can be attracted at very competitive rates to a market that has a quality sponsor, with strong host government support and a good contractual framework. Our operational excellence and the vital role the Jorf Lasfar and Takoradi 2 power plants have played in delivering a reliable source of electricity to the population with an excellent safety record were key to TAQA being selected for these prestigious accolades.”

TAQA is the largest independent power producer in the Middle East North Africa region, with power operations in seven countries and a total gross power generation capacity of 15,413 MW .

- ENDS -

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA makes Northern North Sea oil discovery 17 Feb 2013
TAQA has discovered oil in the new Darwin oil field in the Northern North Sea area near the Shetland Islands in Scotland.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has discovered oil in the new Darwin oil field in the Northern North Sea area near the Shetland Islands in Scotland.

Leo Koot, the managing director at TAQA's UK oil and gas business, said: "This discovery proves that the North Sea still has great potential and that it is possible to unlock opportunity and produce growth through the use of cutting-edge technology and focused investment. This is an exciting and challenging opportunity and we look forward to repeating our success in safe and fast field developments."

In February 2012, TAQA acquired a 50% interest in the prospective exploration acreage known as Darwin, located south of the former NW Hutton Field. Two oil columns were discovered during the Darwin drilling programme, which commenced November 2012. One well has been suspended for the purpose of future well testing.

The Darwin acreage is located next to the TAQA-operated Cormorant South, North Cormorant and Pelican fields in the Northern North Sea approximately 130 km northeast of the Shetland Islands. The reserves potential of the Darwin oil discoveries, in conjunction with NW Hutton Field re-development, is currently being re-evaluated. TAQA is currently studying optimal development options.  Further appraisal drilling (including well testing) is anticipated prior to selection of a development concept.

TAQA has recently expanded its North Sea exploration programme with agreements to participate in several drilling campaigns and development projects. TAQA was also awarded a number of strategic licenses in the 27th North Sea oil and gas licensing round.

Last month, TAQA started first oil production from the Cormorant East field development in the UK North Sea which is expected to contain 10 - 30 million barrels of oil in place.

In a move to further expand its position in the North Sea TAQA agreed to buy from BP oil and gas assets worth more than USD 1 billion. The assets are expected to increase production by approximately 21,000 barrels of oil equivalent and provide a second major development hub in the central North Sea opening up further investment opportunities.

TAQA is the largest investor from the United Arab Emirates in the UK, having invested more than USD 4 billion in four years.

TAQA's UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It holds an interest in the Hudson field Sullom Voe Terminal. TAQA is also operator of the Brent Pipeline System.

- ENDS -

Contact Information for Media:

Aberdeen
Britta Hallbauer
Corporate Communications Manager
Tel +44 1224 275565
britta.hallbauer@taqaglobal.com

Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Preliminary Financial Results for FY 2012 6 Feb 2013
TAQA today reported its preliminary, unaudited financial results for the year ending 31 December 2012. These preliminary results are subject to changes that may result from the final determination of certain accounting estimates.

TAQA makes strong progress toward its strategic objectives

Revenues up 14%, net profit affected by commodity prices, UK tax charges

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2012.

These preliminary results are subject to changes that may result from the final determination of certain accounting estimates.

Comprehensive, audited full year 2012 results are due to be published on 13 March 2013.

(AED million)

FY 2011 Actual

FY 2012 Preliminary

% change

 

Total assets

114,693

122,371

7%

 

Revenues

24,187

27,513

14%

 

Gross Profit

8,500

7,863

-7%

 

Net profit

744

640

-14%

 

Earnings per share (fils)

12

11

-8%

         

TAQA reported strong operational performance with top line revenue growth of 14% due to higher power and construction revenues offset by lower supplemental fuel revenues and oil and gas revenues. Overall gross profit declined by 7%, principally due to lower production and revenues in our oil and gas business, which was affected by weaker North American gas prices.

The increase in total assets was primarily due to the expansion of the Jorf Lasfar project in Morocco, the construction of the Gas Storage Bergermeer project in Netherlands, an advance payment towards the acquisition of BP’s interests in oil and gas assets in the Central North Sea and the acquisition of a 53.2% interest in the Atrush block in the Kurdistan region of Iraq. The increases were partially offset by divestments of certain non-core assets in Canada and the sale of our shares in Tesla Motors and WesternZagros.

Net profits declined by 14% partially due to a one-off charge restricting tax relief on decommissioning expenditures in the UK North Sea, lower North American gas prices and aluminium prices, a lower margin on back-up fuel at our UAE power stations and higher finance costs from new bond issues against repayment of maturing bonds. Partly offsetting these declines, we recognised a gain on divestments as described above and lower impairment charges in North America.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“This was a year of significant strategic achievements for TAQA across our range of businesses that position us well for the future. We have made great progress against our strategic objectives of expanding our power business in the MENA region, entering Iraq and signing a Memorandum of Understanding with the Turkish Government to develop power production and associated assets in Southern Turkey. Our expansion projects at Jorf Lasfar and Takoradi have also continued apace. 

Our Oil and Gas business has also performed well, with a strategic acquisition in the UK North Sea securing the long-term future of what has historically been one of our most profitable geographies. The acquisition of the interest in the Atrush field in the Kurdistan region of Iraq is an excellent example of our growing maturity as an upstream operator and our tolerance for political risk in the Mena region. The start of construction of the gas storage facility at Bergermeer is a milestone and the team also completed a second successful open season for capacity in December.

TAQA is better positioned than ever to capitalise on the growth opportunities inherent in our businesses. Our extensive experience as an operator of complex energy assets, coupled with our strong financial position, gives us access to unique opportunities whilst continuing to optimise our existing activities.”

Corporate activity during 2012

During the 12 month period, TAQA completed the following corporate initiatives:

  • December: TAQA signs a US$2.5 billion Dual Tranche Multi-currency Revolving Credit Facility to finance its general corporate requirements.
  • December: TAQA successfully completes a US$2 billion dual tranche bond issue. The transaction was the largest non-sovereign US$-denominated issuance from the MENA region in 2012 and has secured the lowest coupons ever achieved by the company for 5-year and 10-year funding. The two tranches consisted of:
    • US$750 million five year bond at a yield to maturity rate of 2.609% (annual coupon of 2.5%)
    • US$1,250 million ten year bond at a yield to maturity rate of 3.696% (annual coupon of 3.625%)
  • September: TAQA becomes a member of the Abu Dhabi Sustainability Group (ADSG) which aims to integrate sustainability into the Emirate’s economic and social development programmes.
  • September: Edward LaFehr appointed President of TAQA North.
  • April: TAQA successfully completes the sale of all its holding in Tesla Motors for a total consideration of AED 956 million realizing a gain of AED 415 million.
  • February: TAQA successfully completes a MYR650 million Sukuk (c.US$215 million) issuance, as part of a MYR3.5 billion Sukuk programme established in November 2011.
  • January: Dr. Saif Al Sayari appointed as Executive Officer of Energy Solutions, responsible for developing TAQA’s alternative and technology - driven energy initiatives.

In addition to the above, TAQA achieved the following milestones during 2012:

Oil & Gas

  • December: TAQA  acquires a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings, LLC. The acquisition builds on the UAE’s strong bilateral bonds with Iraq and marks TAQA’s evolution into an oil and gas operator in the Middle East and North Africa.
  • November: TAQA disposes of its entire holding in WesternZagros Resources Ltd. for US$85 million.
  • November: In the UK North Sea, TAQA signs an agreement to purchase certain BP oil and gas assets worth more than US$1 billion. The acquisition, which is targeted to close in the middle of 2013, is expected to increase TAQA’s net production by approximately 21,000 barrels of oil equivalent per day (boe/d), and will add a second major development hub to TAQA’s UK North Sea business.
  • October: TAQA discovers a new oil accumulation by well 211/21-N94 known as the Contender prospect, in the UK Northern North Sea Block 211/22a.
  • September: TAQA acquires assets from NuVista bringing 5,000 bpd of production, ownership of mid-stream assets and growth opportunities.
  • May: TAQA receives unconditional approval from the Dutch Council of State for the development of the Bergermeer Gas Storage facility and commenced construction.
  • March: TAQA completes the disposal of US$600 million of non-core assets in southeast Saskatchewan, Canada

Power & Water

  • December: TAQA acquires an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100MW hydroelectric plant in the northern Indian state of Himachal Pradesh.
  • October: A pre-feasibility study is completed and an investment model prepared for a major power project in the Afş‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EÜAŞ). The Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a “joint declaration” for the co-operation between EÜAŞ and TAQA regarding investment in and optimisation of the existing lignite power plant in the Afş‏in-Elbistan region; the development of mines; and the establishment of new power plants in the same region.
  • July: TAQA secures the requisite parliamentary approval and signed financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 power plant in Ghana.
  • June: TAQA signs financing arrangements for US$1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.

Energy Solutions

  • December: TAQA agrees to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF).
  • June: TAQA signs a Memorandum of Understanding with The Centre of Waste Management Abu Dhabi for the joint development of a 100MW Waste to Energy facility in Abu Dhabi by 2015/16.

Post-period items

  • TAQA completes the conditions for drawdown under the US$1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.
  • TAQA and its partner, Volta River Authority, complete the conditions for drawdown under the US$330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

Comprehensive, audited full year 2012 results are due to be published on 13 March 2013.

– ENDS –

AmCham Abu Dhabi recognises TAQA for commitment to US - UAE relations 2 Feb 2013
TAQA has won the prestigious 2013 Falcon Award in recognition of its outstanding commitment to sustainable US - UAE business relations at the 3rd Annual AmCham Abu Dhabi Excellence Awards Gala charity event in Abu Dhabi.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) has won the prestigious 2013 Falcon Award in recognition of its outstanding commitment to sustainable US - UAE business relations at the 3rd  Annual AmCham  Abu Dhabi Excellence Awards Gala charity event in Abu Dhabi.

Organised by the American Chamber of Commerce, the AmCham Abu Dhabi Annual Excellence Awards is a celebration of Abu Dhabi’s most distinguished companies, institutions, and entrepreneurs. These awards reflect the contributions of best-in-class American and Emirati individuals and organisations to business in the UAE and US - UAE commercial relations.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of Energy Solutions division, said: “We are honoured to receive this prestigious award which is testament to our long-term commitment and sustainable relations with our partners in the US. North America is a strategic market for TAQA and we are proud to contribute to the unwavering bilateral relationship between the US and the UAE.” 

The 2013 Falcon Award was presented to TAQA’s AbdulKhaliq Al Ameri, Director Of Knowledge Centre & Sub-Surface by United States Ambassador to the United Arab Emirates, His Excellency Michael Corbin.

TAQA has invested more than USD 8 billion in its North American assets and employs more than 1,000 people at its oil & gas operations in the states of Montana, North Dakota, Wyoming and in Canada where it produced more than 88,000 barrels of oil equivalent per day in 2011. TAQA also has an interest in a tolling agreement for the Red Oak power plant in New Jersey.

In January 2013, TAQA moved into the US renewable energy sector when it announced entering into an agreement to acquire a 50% interest in the 205.5 megawatt (MW) Lakefield wind farm located in Minnesota. The wind farm supplies more than 68,000 homes with emissions-free electricity and is a first step in the evolution of TAQA’s global strategy for alternative energy sources and gives TAQA a foothold in the fast-growing global wind market.

- ENDS - 


Contact Information for Media: 

Abu Dhabi
Taryam Al Subaihi
Head of External Relations 
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen 
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com  

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders. 

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.  

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA closes financing for Morocco power plant expansion 28 Jan 2013
TAQA has signed final agreements marking the close of the USD 1.4 billion equivalent project financing for the expansion of the Jorf Lasfar power plant in Morocco

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has signed final agreements marking the close of the USD 1.4 billion equivalent project financing for the expansion of the Jorf Lasfar power plant in Morocco.

Jorf Lasfar is already the largest coal-fired power plant in the Middle East and North Africa and the first independent power producer (IPP) in Morocco, supplying 40 per cent of the Kingdom’s electricity output. The expansion project will increase its capacity by 700 megawatts (MW) to 2,056 MW.

The protocol agreement for the expansion was signed in 2009 by TAQA and Office National de l’Electricité et de l’Eau Potable (ONEE) in the presence of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Highness King Mohammed VI of Morocco. 

His Excellency Abdulla Saif Al-Nuaimi, Vice Chairman of TAQA, said: “This expansion project is a continuation of our commitment to Morocco, delivering critical national infrastructure and power to a growing economy. TAQA’s commitment to meet Morocco’s energy needs was not conditional on financing, as the project is already 80 per cent complete. But this financing shows that, for the right deal with the right structure, significant non-recourse funds can be attracted to the Middle East and North Africa at competitive rates.”

This is the largest international project financing in Morocco in over a decade and the first time Japanese and Korean export credit agencies have participated in Moroccan project finance.

Carl Sheldon, Chief Executive Officer of TAQA, said: “This is a landmark deal for Morocco and the region which has set a gold standard for financing large-scale infrastructure projects.”  

Majid Iraqui, Managing Director for TAQA in North Africa, said: “The expansion of Jorf Lasfar will increase Moroccan power generation capacity by more than 10 per cent and is vital to enabling growth and creating jobs in the economy. Construction is well advanced thanks to the strong support of the Moroccan government and the ONEE.”

The engineering, procurement and construction (EPC) contract for units 5 and 6 was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea) in 2010. Separate EPC contracts for two coal unloaders and upgrades to the coal conveyors at the port of Jorf Lasfar were awarded to Cargotec (Sweden) and China Harbour Engineering Company in 2011. Construction work began in September 2010, with TAQA providing interim funding. The expansion is now approximately 80 per cent complete and overall costs remain within the USD 1.6 billion budget. The two new units are scheduled to be commissioned in December 2013 and April 2014. 

The lenders are providing financing for approximately 75% of the total project costs while TAQA is committing approximately USD 400 million of equity funding. The 16-year, multi-currency non-recourse debt, maturing in 2028, represents the equivalent of approximately USD 1.3 billion. Working capital and VAT facilities amount to the equivalent of approximately USD 100 million.

Banque Centrale Populaire (BCP), BNP Paribas, Société Générale and Standard Chartered Bank are the mandated lead arrangers for the credit facilities. Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) are providing direct loans and loan guarantees for more than 50% of the total project debt. 

- ENDS -

Contact Information for Media:
Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.  

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA completes financing for Ghana power plant expansion 27 Jan 2013
TAQA and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and its partner, Volta River Authority (VRA), have completed the USD 330 million financing for the expansion of the Takoradi 2 power plant in Ghana.

The expansion project will convert the existing gas-fired plant into a combined cycle unit, increasing its output from 220 megawatts (MW) to approximately 330 MW without requiring additional fuel. This represents an addition of 50% capacity without increasing carbon dioxide emissions. The extra energy will be sold to VRA under the terms of a revised 25-year power purchase agreement. The plant was recently converted from primarily an oil-fired plant to one fuelled by natural gas as part of a considered effort within Ghana’s power generation industry towards cleaner-burning fuel.

The USD 330 million project financing is being provided by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions led by FMO, a development bank majority-owned by the Dutch government that supports sustainable private sector growth in emerging markets. The lenders participating in the consortium include the African Development Bank, Deutsche Investitions-und Entwicklungsgesellschafte, Emerging Africa Infrastructure Fund, ICF-Debt Pool and Proparco. The Opec Fund for International Development and the Canada Climate Change Program are participating alongside IFC.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “We are proud to have brought so many respected lenders together for this strategic energy project. This expansion will help Ghana’s growing population meet their energy needs and provide the power needed for economic growth.”

The Takoradi 2 plant is Ghana's first independent power project (IPP) and currently represents approximately 15% of Ghana’s installed capacity. The Takoradi 2 plant is also the first IPP in Ghana to utilise project financing. It is owned by Takoradi International Company, a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility.

The engineering, procurement and construction contract with an approximate value of USD 260 million was awarded to a consortium comprising Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011. Construction started in 2012 following cabinet and parliamentary approvals by the Government of Ghana, and the signature of financing agreements in July 2012.  The expanded plant is scheduled for commissioning in 2015.

- ENDS -

Contact Information for Media:

Abu Dhabi

Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA confirms initial flows in Brent pipeline system 17 Jan 2013
TAQA confirms that initial flows of crude oil have resumed in the Brent pipeline system following a precautionary shutdown on Monday.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) confirms that initial flows of crude oil have resumed in the Brent pipeline system following a precautionary shutdown on Monday.

The pipeline system, which is operated by TAQA and runs through the Cormorant Alpha platform, was halted after hydrocarbons were detected inside one of the platform’s legs. The process of restarting the Brent pipeline system followed a thorough technical evaluation and safety assessment.

The Cormorant Alpha platform normally handles about 90,000 barrels per day (bpd) of crude oil feeding the Brent pipeline system, including approximately 10,000 bpd of Cormorant Alpha production. Crude oil flows in the Brent pipeline system are expected to rise to approximately 80,000 bpd as other platforms in the Brent system return to normal operations.

Cormorant Alpha production remains closed while evaluations and work on the platform leg continues. The hydrocarbons released are fully contained within the Cormorant Alpha platform leg, and there has been no leak to the external environment. Work so far has mitigated the release and plans are being assessed for the repair of the affected line, which is not connected to the Brent pipeline system.

There were 159 people on board Cormorant Alpha when the release was discovered on Monday. On Tuesday, 92 non-core personnel left the platform and three specialists came aboard to help resolve the incident. All these people are accounted for and safe.

Cormorant Alpha is operated by TAQA Bratani Ltd and is located 232 miles from Peterhead, Scotland and 94 miles from Lerwick in the Shetland Islands.

Contacts

Aberdeen
Britta Hallbauer
+44 1224 275 275
Lucy Buglass
+44 1224 737 645

Abu Dhabi
Allan Virtanen
+971 2 691 4850

TAQA starts pilot for solar cooling technology in Abu Dhabi 14 Jan 2013
TAQA and Chromasun Inc., the California-based solar panel manufacturer, have begun a pilot project for roof-top solar air-conditioning in Abu Dhabi.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) and Chromasun Inc. (Chromasun), the California-based solar panel manufacturer, have begun a pilot project for roof-top solar air-conditioning in Abu Dhabi.

TAQA installed 27 Chromasun Micro-Concentrator (MCT) solar panels on the rooftop of Abu Dhabi Transmission & Despatch Company (TRANSCO) in Abu Dhabi on 13 January 2013. The concentrated solar panels will provide clean renewable solar energy to the building’s air-conditioning system during peak demand hours. 

The Chromasun MCT technology is designed specifically for rooftop application and operation in high temperatures and dusty conditions, producing more energy per unit of roof area than many other technologies.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of the Energy Solutions division, commented: “We are delighted to see the Chromasun MCT technology being tested in the UAE. In addition to significant energy savings, roof top solar cooling technology has great potential for peak-shaving which will result in reduced emissions and better grid efficiency.”

David Copestake, Managing Director of TRANSCO said: “We continuously seek ways to use advanced technology to achieve better efficiency in Abu Dhabi’s power generation networks so we are immensely proud and honoured to be participating in such an initiative.”

TAQA is an investor in Chromasun and currently holds an 8% stake as part of its efforts to develop post-pilot phase alternative energy technologies with breakthrough potential. TAQA and Chromasun will test the technology during the next 16 months with the aim of proving its commercial viability.

-ENDS-

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations 
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders. 

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.  

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA expands in India with hydroelectric project 13 Jan 2013
TAQA has acquired an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100 megawatt (MW) hydroelectric plant in the northern Indian state of Himachal Pradesh.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has acquired an interest in Himachal Sorang Power Limited (HSPL), the developer of a 100 megawatt (MW) hydroelectric plant in the northern Indian state of Himachal Pradesh.

Construction of the Sorang hydroelectric project is 90% complete and the plant is expected to begin operations in 2013. It will be powered by the Sorang Khad, a river originating in the Himalayas, and will supply electricity to the northern states of India, a region currently facing power shortages. It uses run-of-the-river technology to convert the river’s natural water flow to electricity, eliminating the need for a reservoir.

The acquisition was made by TAQA Jyoti Energy Ventures Pvt. Ltd. (TAQA Jyoti), a joint venture with Jyoti Structures Ltd. (JSL), an Indian power infrastructure company. JSL signed a Memorandum of Understanding with TAQA in July 2011 to explore investment opportunities in the sector. TAQA already operates a 250 MW lignite power station in the Neyveli region of southern India.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “This investment will both complement our existing power generation business in India and support TAQA’s nascent renewable energy stream. It also reflects our confidence in the Indian market.”

TAQA Jyoti has initially bought a minority stake in HSPL, which is owned by a consortium comprising NCC Infrastructure Holdings Ltd. and IL&FS Energy Development Company Ltd. Subject to the satisfaction of certain conditions precedent and compliance with applicable regulatory requirements, TAQA and JSL will progressively acquire 100% of the share capital of HSPL and jointly operate the plant. TAQA will hold a majority stake in the joint venture.

-ENDS-

Contact Information for Media: 

Abu Dhabi
Taryam Al Subaihi
Head of External Relations 
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen 
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com  

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders. 

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.  

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA expands in North America with wind power investment 9 Jan 2013
Abu Dhabi National Energy Company PJSC (TAQA) has agreed to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF).

January 09, 2013, Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has agreed to buy a 50% interest in the 205.5 megawatt (MW) Lakefield wind project located in the Midwestern United States from a subsidiary of France-based utility Electricite de France SA (EDF).

The fully operational Lakefield wind project, located in Jackson County, Minnesota, consists of 137 General Electric 1.5 MW wind turbines with the capacity to generate 205.5 MW of emissions-free electricity for more than 68,000 homes. The electricity is sold to Indianapolis Power & Light Company, a subsidiary of the AES Corporation, under a 20-year power purchase agreement. The Lakefield wind project has been supplying the regional transmission system covering the Midwestern United States and Manitoba, Canada since 2011.

Under the terms of the agreement, EDF will continue to provide operation, maintenance and related services.

Dr Saif Al Sayari, TAQA’s Executive Officer and Head of the Energy Solutions division, said: “The Lakefield acquisition is a first step in the evolution of TAQA’s global strategy for alternative energy sources. It complements our existing assets in North America and gives us a foothold in the fast-growing global wind market. The knowledge and international footprint established with this transaction will enable us to take a leading role in developing other international projects.”

TAQA currently has operations in western Canada and the northern United States where it produced 88,100 barrels of oil equivalent per day in 2011. TAQA also has an interest in a tolling agreement for the Red Oak power plant in Sayreville, New Jersey. TAQA’s total global power generation capacity in 2011 was 15,413 MW.

Subject to fulfilment of conditions precedent, including customary regulatory and third party approvals, the acquisition of the Lakefield wind project is expected to close in the first quarter of 2013.

This agreement follows the launch of TAQA’s Energy Solutions division in January 2012. It was established to invest in alternative energy projects such as wind, solar, geothermal, waste-to-energy and hydropower, as well as unconventional fossil-fuel projects such as shale gas and using CO2 for enhanced oil and gas recovery in TAQA’s existing geographies. This initiative supports TAQA’s position as a leading operator of assets through the energy value chain.

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA enters exclusive talks for major Turkish power development 3 Jan 2013
The Republic of Turkey and the United Arab Emirates today signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey.

January 3, 2013, Ankara, Turkey – The Republic of Turkey and the United Arab Emirates today signed an Intergovernmental Agreement for the development of power plants and associated mines in the Afsin-Elbistan region of Turkey. The agreement marks the start of exclusive negotiations between Abu Dhabi National Energy Company PJSC (TAQA), Turkey’s Electricity Generation Co. Inc. (EÜAŞ) and the Turkish government for the project with a combined power generation capacity of up to 7,000 MW.

TAQA and EÜAŞ have been selected as the government-related entities responsible for implementing the project. The two companies have signed a Memorandum of Understanding for the establishment of a project company in which TAQA and any future partners would retain the majority shareholding.

In accordance with the Intergovernmental Agreement, the project company will acquire, modernise and expand the existing 1,400 MW Plant B and develop several new power plants and associated mines in sectors C, D, E and G of the Afsin-Elbistan region in southern Turkey. Preparatory work on Plant B and the feasibility study for the planned 1,440 MW Plant C and associated mine development will start immediately.

His Excellency Mohamed bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates, said: “This agreement further strengthens the bond between Turkey and the UAE, adding an important commercial dimension to this strategic relationship.”

The Intergovernmental Agreement follows the signing of a joint declaration between the Emirate of Abu Dhabi and the Government of the Republic of Turkey on October 9, 2012 and meetings held between His Highness General Sheikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, His Excellency Abdullah Gul, the President of the Republic of Turkey, and His Excellency Recep Tayyip Erdogan, the Prime Minister of the Republic of Turkey in February 2012.

The Agreement was signed by His Excellency Taner Yıldız, Minister of Energy and Natural Resources of Turkey and His Excellency Mohamed bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates. The event was held in the presence of His Excellency Abdulla Saif Al Nuaimi, Director General of Abu Dhabi Water and Electricity Authority (ADWEA) and Vice-Chairman of TAQA; and His Excellency Khaled Al Mu’alla, Ambassador of the United Arab Emirates to the Republic of Turkey.

His Excellency Hamad Al-Hurr Al-Suwaidi said: “We are delighted to be part of this historic partnership which will achieve progress for both our nations. At TAQA, part of our strategy is to take our global expertise from Abu Dhabi to the world. As an emerging market with a positive outlook, Turkey is perfectly aligned with TAQA’s growth strategy. The country is creating the right conditions to attract foreign direct investment to develop its indigenous energy resources.”

Carl Sheldon, Chief Executive Officer of TAQA, said: “As a full-scale energy company, TAQA offers Turkey a durable partner to develop this strategic project enhancing Turkey’s energy security. This agreement paves the way for TAQA to enter an emerging merchant market for power, demonstrating TAQA’s increasing maturity as a developer and operator of assets through the energy value chain.”

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 % of Turkey's lignite is located in the Afşin-Elbistan basin.

The negotiations will lead to the signing of a Host Government Agreement in the second quarter of 2013, establishing more detailed terms.

– ENDS –

Contact Information for Media:

Abu Dhabi
Taryam Al Subaihi
Head of External Relations
Tel +971 2 691 4803
Mob + 97156 219 5195

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA launches new global stakeholder magazine 18 Dec 2012
Abu Dhabi National Energy Company PJSC (TAQA) has published the first edition of its new global magazine.

December 18, 2012, Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has published the first edition of its new global magazine.

Named TAQAWORLD, the magazine offers readers a fresh perspective on issues affecting our industry. It seeks to capture the broad mix of talent we have in our organisation, while also reflecting our sense of identity and purpose.

Carl Sheldon, TAQA's Chief Executive Officer, commented: “I am delighted to launch the first edition of TAQAWORLD, our new global magazine for employees, partners and friends. As our business evolves, we want to demonstrate that we have the knowledge, skills and determination to lead our industry. This and subsequent issues of TAQAWORLD aim to do just that.”

The magazine is available in English and Arabic. The editorial team can be contacted at taqa.world@taqaglobal.com

Download TAQAWORLD Issue 1 here

Gas Storage Bergermeer sells out capacity offered in 2012 Open Season 17 Dec 2012
17 December 2012, The Hague, Netherlands – Abu Dhabi National Energy Company PJSC (TAQA) is pleased to announce that it completed its 2012 Open Season, selling the full 3 TWh of long term storage capacity delivered at the TTF to four customers.

Gas Storage Bergermeer’s second Open Season provided the market with another opportunity to secure standard capacity bundles for multiple years. Bidders were able to select service periods between three to nine years, with initial services beginning April 2015. All the capacity was allocated as indexed price lots. This reflects a strong demand for this pricing mechanism where the storage fees are adjusted annually based on an average of the Title Transfer Facility (TTF) summer-winter spread. Following two bidding rounds, four customers were successful in acquiring the long term storage capacity.

Parties interested in acquiring storage capacity at Gas Storage Bergermeer on the primary or secondary markets can sign a Standard Storage Services Agreement that provides access to interruptible capacity through Bergermeer’s secondary trading platform of APX-ENDEX, and the opportunity to bid at future auctions. Gas Storage Bergermeer currently has Standard Storage Services Agreements in place with twelve customers.

Gas Storage Bergermeer has a total working gas volume of 46TWh. In total 33 TWh has now been contracted to various parties on a long term basis. The remaining thirteen TWh will be offered annually on a short term basis, with the first auction planned for September 2014.

Jan Willem van Hoogstraten, Managing Director TAQA Energy: “I am very pleased to congratulate our four long term customers and welcome the large variety of customers who have already expressed interest and commitment by signing Standard Storage Services Agreements with us.” 

TAQA acquires operating interest in Kurdistan block 1 Dec 2012
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has signed an agreement to acquire a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings, LLC.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has signed an agreement to acquire a 53.2% interest in the Atrush block in the Kurdistan region of Iraq from General Exploration Partners, Inc., an affiliate of Aspect Holdings, LLC.

Carl Sheldon, Chief Executive Officer of TAQA, said: “Atrush is a highly prospective block in a new growth area with significant upside potential. This entry into a pure exploration play demonstrates how TAQA is leveraging its experience as an operator of complex oil and gas assets. It fits our strategy to build on the UAE’s strong bilateral bonds in the Middle East and North Africa (MENA), and to become an operator of scale in the markets we choose to compete in.”

In April 2012 TAQA announced its agreement to acquire a 50% interest in the 1,000 MW Sulaymaniyah gas-fired power plant in the Kurdistan region of Iraq.

The Atrush acquisition adds a new MENA dimension to TAQA’s operated oil and gas business, which is currently focused on North America, the United Kingdom and the Netherlands. TAQA produced in excess of 134,400 barrels of oil equivalent per day during the first nine months of 2012.

David Cook, Executive Officer and Head of Oil & Gas, said: “The addition of Atrush to TAQA’s oil and gas portfolio is perfectly in line with our growth strategy. This opportunity builds on our capabilities, and underscores our ability to evolve TAQA’s operating position in the MENA region.”

The acquisition will be funded from corporate resources and is expected to close in December 2012. Subject to consent by the partners and the Kurdistan Regional Government, TAQA aims to become operator of the block.

- ENDS -


 

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA disposes of stake in WesternZagros 30 Nov 2012
Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) today disposed of its entire holding in WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) today disposed of its entire holding in WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.

TAQA purchased 74 million common shares in WesternZagros at CDN$0.63 per share for a total amount of CDN$46.6 million in October 2011. TAQA completed the disposal in a single block trade prior to the opening of the TSX Venture Exchange on 30 November for a total consideration of CDN$85.1 million. Prior to the disposal, TAQA held 17.98% of WesternZagros’ issued and outstanding common shares.

- ENDS -

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA expands North Sea position with acquisition of BP assets 28 Nov 2012
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC ("TAQA") has today agreed to buy from BP oil and gas assets in the UK North Sea worth more than $1 billion.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC ("TAQA") has today agreed to buy from BP oil and gas assets in the UK North Sea worth more than $1 billion.

This investment secures thousands of jobs that TAQA supports in the North Sea, and reinforces the status of TAQA, a company based in Abu Dhabi, as the leading UAE investor in the UK. It follows a constructive dialogue between the oil and gas industry and the UK Treasury, that resulted in changes to the tax treatment of North Sea assets.

Hamad Al Hurr Al Suwaidi, Chairman of TAQA, Chairman of Abu Dhabi Department of Finance and Member of the Executive Council of Abu Dhabi Emirate said: “We are pleased to have this opportunity to continue investing in our UK business. This investment shows our commitment to the future of the North Sea. It is underpinned by the UK Government’s commitment to long term fiscal stability.”

Welcoming the announcement, Prime Minister David Cameron said: "I’m delighted that following my recent visit to Abu Dhabi to spearhead greater commercial ties, TAQA have decided to invest in their North Sea operations. This is a vote of confidence in the UK economy and once again, highlights the North Sea’s position as a global energy hub. We’re committed to making Britain the investment destination of choice and today’s announcement shows how recent changes to the North Sea tax regime are helping to create and sustain thousands of jobs in Scotland and across the rest of the UK, ensuring we thrive in the global race."

Carl Sheldon, Chief Executive Officer of TAQA, said: "This investment is a great strategic fit for TAQA, ensuring growth for our UK business and establishes TAQA as a leading operator in the UK North Sea."

The UK Chancellor of the Exchequer, George Osborne, said: “Oil and gas is one of the UK’s greatest industrial success stories, supporting a third of a million jobs. That is why we’ve introduced measures to give companies the certainty they need for continued investment in the North Sea, and to ensure we get the most out of existing fields and infrastructure in the UK Continental Shelf. I welcome TAQA’s announcement today, which shows that the action we’ve taken is making a real difference.”

The acquisition consists of interests in the Harding (70%), Maclure (37.03%), and Devenick (88.7%) fields in the Central North Sea. TAQA will also increase its non-operated interests in the Brae area and associated transport infrastructure including the SAGE system, Forties-Brae and Forties-Braemar pipelines.

On completion, the acquisition is expected to increase TAQA’s net production by approximately 21,000 barrels of oil equivalent per day (boe/d), and will add a second major development hub to TAQA’s UK North Sea business, which is currently centred around the Northern sector.

Leo Koot, Managing Director of TAQA’s UK operations, said: "This transaction will provide us with new exploration and development opportunities in the central sector of the UK North Sea. By leveraging the skills we have built in developing mature North Sea assets, we are confident we can safely generate significant value from these assets over many years to come.

"This acquisition opens up new investment opportunities for TAQA, such as infill drilling on Harding, the ability to unlock significant discovered gas resources together with other adjacent field owners, and the development of the Morrone field, for which a field development plan will be submitted in the very near future."

The  total  consideration for the transaction is $1,058 million, plus certain potential contingent payments. The base consideration will be allocated 50% to plant and machinery for tax purposes and has an effective date of 1 January 2012 (except in respect of Devenick). The transaction is being funded from existing operating cash flow and credit lines. The acquisition is subject the satisfaction of pre-emption rights as well as government and certain third party approvals. It is expected to complete in Q2 2013.

Evercore Partners acted as financial adviser to TAQA in relation to this transaction.

- ENDS -

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Notes to editors

About the fields

The Harding field, operated by BP, lies within Block 9/23b, 320 km north east of Aberdeen. Harding is a jack-up production unit and, under the agreement, certain BP offshore staff on Harding will transfer to TAQA following completion of the acquisition and transfer of operatorship, expected for mid-2013. The Morrone field, drilled from Harding, lies 5 km south of the installation.

The Maclure Field is located in Block 9/19, 11 km north east of Harding. Maclure is a BP-operated subsea tie-back to the Maersk operated Gryphon floating production, storage and offloading unit.

Devenick is a gas condensate field located in Blocks 9/24b and 9/29a. The field came on stream in September 2012 and is a single well subsea tie-back to the Marathon-operated East Brae platform.  TAQA will acquire BP’s 88.7% operated interest in the unitised Devenick field area but has entered into an agreement to share net cash flows to provide BP with exposure to the future performance of this field.

The Brae area is divided into three licenses: Block 16/7a; East Brae, and Braemar. TAQA currently holds 18%, 16.89% and 13% respectively in these licenses. Following the acquisition of BP’s share, this increases to 45.7%, 50.1%, and 65% respectively.

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA is the largest investor from the United Arab Emirates in the UK, having invested more than USD 3 billion in four years, including USD 1.2 billion in taxes to the UK Government.
TAQA’s UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73% interest in the Dana-operated Hudson field and a 24% interest in the Sullom Voe Terminal. TAQA also operates the Brent Pipeline System.
Worldwide, TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.
TAQA is the largest independent power producer in the MENA region  and the majority owner of the facilities that provide 98% 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 USA.
TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation with operations in Canada, UK, the Netherlands, USA and Iraq
TAQA also has an Energy Solutions unit dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Nine Month 2012 Results 14 Nov 2012
Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its operational and financial results for the third quarter and the nine months to 30 September 2012.

Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its operational and financial results for the third quarter and the nine months to 30 September 2012.

 

Q3 2012

Q3

2011

% change

9M 2012

9M

2011

% change

Total assets

114,666

114,200

-

114,666

114,200

-

Total revenues

8,833

6,168

+43%

20,618

18,743

+10%

     Power & Water (1)

2,094

1,998

+5%

6,086

5,575

+9%

     Oil & Gas (2)

2,973

3,012

-1%

8,828

9,011

-2%

     Fuel revenue

952

1,158

-18%

2,890

4,157

-30%

     Construction revenues

2,814

0

n/a

2,814

0

n/a

Total Cost of sales

6,718

3,724

+80%

14,412

11,713

+23%

     Cost of sales

     (excl construction costs)

3,987

3,724

+7%

11,681

11,713

-

     Construction costs

2,731

0

n/a

2,731

0

n/a

EBITDA

3,290

3,727

-12%

9,786

10,670

-8%

Profit before tax

695

1,513

-54%

3,196

3,851

-17%

Net profit after minority interests

(288)

537

 

693

1,124

-38%

Basic earnings per share (AED)

(0.05)

0.09

 

0.11

0.19

-42%

Net debt/EBITDA (times)

 

 

 

5.3

4.9

 

Net debt to capital (%)

 

 

-

77%

77%

-

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue and includes net liquidated damages in relation to Shuweihat 2

(2) Includes Gas Storage and Other Operating Revenue

Executive Summary

The global economy continued to be volatile in the third quarter, particularly with respect to commodity prices. Both Brent and WTI crude oil saw softening compared with the same period last year and North American natural gas prices were 40% lower, though some improvement has been seen post period.

TAQA’s nine month results demonstrated the resilience of its global portfolio with a strong performance from Power & Water helping to ease the effect of weaker commodity prices – particularly in North America.

Power & Water delivered a solid operational performance, with forced outage rates at Shuweihat 2 and Jorf Lasfar, in particular, well below best in class worldwide standards.

Oil & Gas had mixed results, with a solid performance from the UK and Dutch entities, although North America continued to show weak results.

TAQA has taken a number of actions to position its North American portfolio to weather the low part of the cycle:

  • Firstly, Ed LaFehr was appointed President and he brings a wealth of regional experience
  • Secondly, TAQA will continue to review its portfolio, either to monetise non-core acreage or, where valuations are low, acquire acreage and production in core areas.
  • Thirdly, TAQA will continue to evaluate the economics of its on-going operations and future capital programme: year to date approximately 1,500 boe/d of unprofitable production has been shut-in. Additionally, the 2013 capital programme has been reduced by 30% compared with 2012, subject to approval from the Board of Directors in December.
  • Finally, the business will be subject to continuous cost review to ensure it maximises the efficiency of its operational costs and overhead.

In terms of liquidity, TAQA is well positioned for the future, with approximately AED 18 billion in cash and unused credit facilities at the end of the third quarter. TAQA recently launched the syndication of the refinancing of its $2 billion revolving credit, which has been well received in the market.

Looking forward, TAQA is well positioned for growth, with the following post-period developments:

  • In October, the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration regarding investment in power generation and mining in southern Turkey.
  • In the Kingdom of Saudi Arabia, TAQA, along with consortium partners, submitted the lowest tariff proposal for the development of the 2,000 MW Rabigh 2 plant.
  • TAQA announced the discovery of a new oil accumulation in the UK Northern North Sea Contender Block that is expected to correspond to 10-30 million barrels of oil in place.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“We have had a strong performance from across our power businesses, with over 95% availability from our domestic fleet a testament to their operational excellence. Similarly, in the UK North Sea, we have seen a good performance at Brae and Tern help to offset an unexpected shutdown at North Cormorant and weather delays at Pelican. The resilience of our global portfolio has helped to ease the effect of the weaker commodity price environment – particularly in North America, where natural gas prices have nearly halved over the last year, requiring us to make some tough choices on shutting-in uneconomic production and cutting capital expenditures related to dry natural gas.

“We continue to make good progress on our strategic goal of building out our operational footprint in MENA and our recent agreement with the Turkish Government, and our proposed power project in the Kingdom of Saudi Arabia, reiterate the strength of our passport to do business in the region.”

Stephen Kersley, Chief Financial Officer of TAQA, said:

“Our financial performance over the last quarter has been impacted by a series of one-off items – both cash and non-cash, which have suppressed our net result. We have taken pragmatic action to address the impact of weaker commodity prices and will continue to monitor North American gas prices particularly closely in the context of capital plans for 2013. That notwithstanding, we have strong liquidity which we continue to manage prudently.”

Financial Summary: 9M 2012 versus 9M 2011

Total revenues for 9M 2012 were AED 20.6 billion, 10.0% higher year-on-year, compared with total revenues of AED 18.7 billion in 9M 2011, largely due to higher power and construction revenues, offset by lower supplemental fuel revenues and oil and gas revenues.

Total Oil & Gas revenues (including gas storage and other income) decreased from AED 9.0 billion to AED 8.8 billion for 9M 2012. Much of this decline is due to a weakening of commodity pricing in Q3 2012, and particularly weak natural gas prices in North America, which declined by 37% year-on-year. As a consequence, TAQA has disposed of non-core assets to consolidate its footprint and shut-in uneconomic wells, leading to lower production in North America.

Total Power & Water revenues (excluding supplemental fuel income), increased to AED 6.1 billion in 9M 2012 from AED 5.6 billion in 9M 2011. This 9% year-on-year increase was primarily due to the contribution from Shuweihat 2, which became fully operational in Q3 2011.

Fuel income decreased 31% year-on-year, due to the availability of natural gas and consequent lower use of alternative fuel supplies at TAQA’s domestic power plants. This decrease, combined with the related decreased in fuel expenses, reduced the margin that TAQA had benefitted from by AED 81 million during Q3 2012 compared with the same quarter of last year.

Cost of sales increased by 22.6% from AED 11.8 billion to AED 14.4 billion, primarily due to the construction costs associated with Units 5 and 6 at Jorf Lasfar in Morocco. Operating expenses decreased by 2.6%, while depreciation, depletion and amortisation increased 4.3%, reflecting TAQA’s increased asset base.

Falling aluminium prices have impacted earnings from TAQA’s investment in the Sohar Aluminium LLC plant, which fell from AED 242 million in 9M 2011 to AED 119 million during the same period in 2012, including a AED 76.4 million decline in Q3 2012 alone.

While there was a positive foreign exchange effect of AED 66 million in 9M 2012, compared with a positive impact of AED 53 million in 9M 2011, in Q3 2012 the weakening of the US Dollar against the Moroccan Dirham, Indian Rupee, Euro and Sterling resulted in a post-tax impact of AED 92 million.

Due to a prolonged downturn in the value of certain investments in TAQA’s Carlyle Fund portfolio, a AED 83 million impairment was booked in September in line with IFRS accounting standards.

Profit before tax was AED 3.2 billion, 17% lower year-on-year, principally driven by lower production and revenues in our oil and gas business, due to weaker North American gas prices.

Net profit after minority interests decreased year-on-year to AED 693 million for 9M, versus AED 1.1 billion for 9M 2011.

TAQA has strong liquidity with cash and cash equivalents of AED 3.5 billion.

Total debt of AED 72.9 billion in 9M 2012 decreased by 1% from AED 73.5 billion in the same period last year, and net debt of AED 69.3 billion in line year-on-year with AED 69.5 billion in 9M 2011. However, TAQA’s Net Debt/Capital ratio decreased slightly to 76.7% from 77.3% in 9M 2011. Net Debt/EBITDA increased from 4.9x to 5.3x.

Operational Highlights

Power & Water

TAQA’s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators

 

9M

2012

9M

2011

% change

Total revenues in AED million

(excluding supplemental fuel and construction revenue)

 

6,086

5,575

+9%

% of overall revenues

(excluding supplemental fuel and construction revenue)

 

41%

38%

+3%

Total generation capacity (MW)

Global

17,162

16,334

+5%

Domestic

12,494

12,494

-

International

4,668

3,840

+22%

Total power production (GWh)

Global

58,097

47,360

+23%

Domestic

42,272

36,678

+15%

International

15,825

10,682

+48%

Technical availability of power generation business (%)

Global

 

 

 

Domestic

95.6

94.5

+1%

International

94.4

90.3

+5%

Water desalination capacity (MIGD)

Total

887

887

-

Total water desalination (MIG)

Total

179,915

163,931

+10%

TAQA produced 15,825 GWh of electricity and 179,915 MIG of water, generating total revenues of AED 6.1 billion for the 9M 2012. The 9% increase in revenues compared to the same period last year, reflects the contribution from Shuweihat 2 which came into full production in October 2011. Global technical availability was 95.3% for the period, in line with the excellent performance of TAQA’s power assets in previous periods.

Domestic

During this period of high demand, TAQA’s domestic power plants generated 42,272 GWh of power and desalinated 179,915 MIG of water. Technical availability was high at 95.6%, with a particularly strong performance in the third quarter reflecting the quality of TAQA’s domestic power plants, somewhat offset by forced outages at Fujairah 2. In particular, Shuweihat 2 recorded an excellent performance, with a forced outage rate of only 0.5% for the quarter, a strong performance considering it is such a new plant.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia, Oman, Iraq and the USA, generated 15,825 GWh of power during the first nine months, an increase of 48% over 9M 2011 due to the resumption of operations at Takoradi, which had been suspended in 2011. International technical availability was 94.4%.

In Morocco, the Jorf Lasfar plant performed extremely well, recording a forced outage rate of only 3% during the third quarter of 2012. The expansion project is proceeding well with 73% of construction complete. As a result, TAQA has recorded AED 2.7 billion in construction costs, as all critical sourcing, design and engineering activities have been completed. Corresponding construction revenue of AED 2.8 billion, including a construction margin of 3% (AED 83 million), has been recognised.

In July, TAQA announced that it had secured the requisite parliamentary approval and has signed financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana.  The TAQA-operated T2 power plant currently represents 15% of Ghana’s installed power production capacity.

Results from the Sohar aluminium plant in Oman were AED 119 million, a decrease of AED 123 million compared with the same period last year due to a worldwide drop in aluminium prices, partially offset by lower costs of raw materials, as well as a planned turnaround to refurbish one smelter pot.

TAQA’s Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets across North America, the UK North Sea and the Netherlands.

Key Performance Indicators

 

 

9M 2012

 

9M 2011

% change

Total revenues in AED million

 

8,828

9,011

-2%

% of overall revenues

(excl. supplemental fuel and construction revenue)

 

59%

62%

-3%

Total production

(mboe/day)

Global

134.4

137.7

-2%

North America

84.5

87.6

-4%

UK

42.6

42.0

+1%

Netherlands

7.4

8.1

-9%

Average net realized price of crude oil sold

(US$ per barrel)

North America

78.3

84.9

-8%

UK

112.1

112.9

-1%

Netherlands

105.6

99.7

-6%

Average net realized price of gas sold

(US$ per thousand feet)

North America

2.42

4.16

-42%

UK

10.14

9.05

+12%

Netherlands

10.44

10.41

-

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 8.8 billion for 9M 2012, a decrease of 2% compared to 9M 2011.  This decline was driven primarily by the sharp fall in North American gas prices and lower production in North America.

Commodity pricing environment

While the period has seen oil prices remaining at similar levels year on year, there has been a sharp weakening of North American gas prices, with Henry Hub averaging US$2.67/mmbtu during the period, compared to US$4.26/mmbtu for the equivalent period in 2011.

Oil prices have been largely flat year on year, with the WTI price averaging US$96.54/bbl for the 9M 2012 compared with US$95.88/bbl in the same period in 2011. Similarly, Brent crude averaged US$111.96/bbl in 9M 2012 vs US$111.35/bbl in 9M 2011.

North America

Production in North America declined by 4% to 84.5 mboe/day, principally reflecting the impact of non-core asset disposals and the shut-in of uneconomic production. North American natural gas prices were 42% lower during the third quarter of 2012 compared with the same quarter last year, though some improvement has been seen post period.

This prolonged cycle of low natural gas prices has presented a number of arbitrage opportunities, particularly in switching from coal to natural gas-fired power plants. There are reasons to believe that the wide discounts for North American natural gas will diminish in the long term, particularly with the emergence of LNG export projects from Western Canada.

Notwithstanding this outlook, TAQA has taken a number of actions to position its portfolio to weather the low part of the cycle. Firstly, a new President, Ed LaFehr, was appointed during the quarter to run the North American business. Mr LaFehr was previously Senior Vice President at Talisman Energy Inc. and brings a wealth of operational experience in the Western Canada Sedimentary Basin.

Secondly, TAQA will continue to review its portfolio, either to monetise non-core acreage or, where valuations are low, acquire acreage and production in core areas. In October, TAQA completed an acquisition of oil and gas assets in central Alberta, Canada from NuVista for approximately C$162 million. The acquisition includes 45,700 hectares of land rights and approximately 5,800 boe/d of natural gas production rich in high-value liquids located adjacent the company’s existing portfolio.

Third, TAQA will continue to evaluate the economics of its on-going operations and future capital programmes. Year to date, the Company has shut-in approximately 1,500 boe/d of unprofitable production. Additionally, the 2013 capital programme has been reduced by 30% compared with 2012, subject to approval from the Board of Directors in December.

Finally, the business will be subject to continuous cost review to ensure it maximises the efficiency of its operational costs and overhead.

UK

Production volumes in the UK North Sea were 42.6 mboe/day during the period, a 1% increase compared to the same period last year. Production in the UK North Sea was affected by an unplanned platform shutdown at North Cormorant and weather delays at Pelican, offset by higher production at Tern and Brae.

Earnings were impacted by the enactment during Q3 2012 of the 2011 tax increase in respect of asset retirement obligations. Following pressure from TAQA and other industry participants, this was more favourable than had originally been announced in respect of tax treatment of abandonment expenses, but has still resulted in a one off charge of AED 272 million.

Netherlands

Production in the Netherlands averaged 7.4 mboe/day, a 9% decrease compared to the same period last year, reflecting the mature nature of the fields.

In the Netherlands, the Bergermeer Gas Storage project is proceeding on time and on budget. Construction of civil works is on-going and the drilling program is expected to commence in the fourth quarter of the year. A new, open registration for 3TWh (terawatt hours) is currently under way.

Post Period Developments

In the Power & Water business, TAQA announced that the Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi signed a joint declaration expressing their strong support for the co-operation between EـAھ (Electricity Generation Co. Inc.) and TAQA regarding an investment in, and optimisation of, existing lignite power plants in the Af؛in-Elbistan region of southern Turkey and the development of mining sites and new power generating facilities in the same region.

In the Kingdom of Saudi Arabia TAQA, along with consortium partners Qatar Electricity and Water Company and Samsung Engineering, submitted the lowest tariff proposal for the development of the Rabigh 2 Independent Power Project in the Kingdom of Saudi Arabia. Rabigh 2 is a proposed greenfield heavy fuel oil power plant project with a capacity of approximately 2,000 MW. The project will be developed on a build-own-operate basis.

In the Oil & Gas business, TAQA announced the discovery of a new oil accumulation in the UK Northern North Sea Contender Block. The exploration well was drilled from TAQA’s North Cormorant platform and encountered an oil accumulation that is expected to correspond to 10-30 million barrels of oil in place. The field is expected to be processed through the North Cormorant platform. TAQA owns a 60% interest in and is the operator of the block.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

www.taqaglobal.com

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA optimistic about future investment in the UK oil and gas sector 6 Nov 2012
His Excellency Hamad Al-Hurr Al-Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Energy Company PJSC (TAQA) expressed optimism about the future of the UK''s North Sea oil and gas industry, where the company is a major investor.

November 6, 2012, Abu Dhabi, United Arab Emirates – His Excellency Hamad Al-Hurr Al-Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Energy Company PJSC (TAQA) expressed optimism about the future of the UK's North Sea oil and gas industry, where the company is a major investor.

He made the comments after a meeting with His Excellency David Cameron, Prime Minister of the United Kingdom of Great Britain and Northern Ireland. Carl Sheldon, TAQA’s Chief Executive Officer, was also present at the meeting today in Abu Dhabi.

TAQA is one of the fastest-growing exploration and production companies working in the UK North Sea. TAQA has invested over USD 4 billion in the business since 2007, doubling output from five offshore oilfields, and paid almost USD 1.2 billion in UK tax.

His Excellency Hamad Al-Hurr Al-Suwaidi said: "TAQA is already the largest UAE investor in the UK. We are optimistic about the future of Britain's North Sea oil and gas industry as long as the right incentives for future investment exist.”

Carl Sheldon, TAQA’s Chief Executive Officer said: “We are actively looking at further investments in the North Sea and we look forward to continuing to strengthen our dialogue with the UK Government to ensure the market structure remains open to UAE investment.”

TAQA’s targeted investments and technical expertise have extended the life of its mature North Sea assets, raising production from 20,000 boe/d to 45,000 boe/d and safeguarding hundreds of jobs.

TAQA is continuing to invest, increasing its stake in the Cladhan development in April 2012 and assuming operatorship in October this year. TAQA is also operator of the Brent Pipeline System.

-ENDS-

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL 

Groundbreaking Ceremony: Official Start of Construction Work on TAQA’s Dutch Gas Storage Facility 30 Oct 2012
Abu Dhabi National Energy Company PJSC (TAQA) has hosted guests in the Netherlands during a ceremony to mark the ground-breaking for the construction of Bergermeer Gas Storage, the largest open access natural gas storage facility in northwest Europe.

Alkmaar, the Netherlands 30 October, 2012 – Abu Dhabi National Energy Company PJSC (TAQA) has hosted guests in the Netherlands during a ceremony to mark the ground-breaking for the construction of Bergermeer Gas Storage, the largest open access natural gas storage facility in northwest Europe.

Present at the ground breaking ceremony were His Excellency Maxime Verhagen, Minister of Economic Affairs, Agriculture and Innovation and Deputy Prime Minister of the Netherlands; His Excellency Abdalla Hamdan Alnaqbi, Ambassador of the United Arab Emirates to the Kingdom of the Netherlands; His Excellency Abdulla Saif Al Nuaimi, Director-General of the Abu Dhabi Water and Electricity Authority and Vice-Chairman of TAQA; His Excellency Ahmed Mohamed Matar Al Mehairi, Board Member of TAQA; His Excellency Abdul Aziz Al Al Hemaidi, Board Member of TAQA; Carl Sheldon, TAQA CEO; members of the Dutch national, regional and local Governments, representatives from TAQA’s project partners EBN and Gazprom.

During his speech, His Excellency Maxime Verhagen, Minister of Economic Affairs, Agriculture and Innovation and Deputy Prime Minister of the Netherlands said: "We are delighted with this investment by our friends from Abu Dhabi. The Dutch gas industry plays a leading role in our top sectors policy. We are doing everything we can to create an optimum business climate. The doors are wide open to foreign investors. And we’re happy TAQA spotted that. What makes their investment so special is that it serves our international, national and local interests."

Carl Sheldon, TAQA CEO, commented: “As the world’s energy needs grow, natural gas will play an increasingly important role. Gas is the only fossil fuel expected to increase its share of demand in the years to come. Gas is key to the long-term strategy of TAQA -- and Bergermeer is the centrepiece of this strategy.”

Underground gas storage is a significant contributor to European energy security. It will offer greater gas supply flexibility in northwest Europe at a time when domestic reservoirs are becoming depleted. It complements increasing demand and enables gas to fill gaps left by intermittent renewable energy.

With a working volume of 4.1 billion cubic metres (i.e. the average annual gas consumption of 2.5 million households in the Netherlands), the Bergermeer Gas Storage facility is intended to be the largest accessible gas storage facility in Europe. Bergermeer Gas Storage will double the capacity in the Netherlands for seasonal storage and make an important contribution to the development of the Netherlands’ ambition to become the northwest European gas hub. Natural gas is the cleanest of all the fossil energy fuels and is vital to future sustainability of the energy supply in the Netherlands.

TAQA and its partner EBN will invest more than EUR 800 million in the drilling of 14 new wells, the construction of the gas treatment installation in Alkmaar and the intervening pipelines. Bergermeer Gas Storage will give the development of the energy industry in the vicinity of Alkmaar a significant boost. In total, the installation of the gas storage facility will provide 3,300 man-years of work, 2,650 in the Netherlands.

- ENDS -

Contact Information for Media:

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

www.taqaglobal.com

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Discovery of a new oil accumulation by TAQA Contender Well 22 Oct 2012
TAQA Bratani Limited, the wholly owned subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), today announced the discovery of a new oil accumulation by well 211/21-N94 known as the Contender prospect, in the UK Northern North Sea Block 211/22a [Contender Area].

22 October 2012 - TAQA Bratani Limited, the wholly owned subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), today announced the discovery of a new oil accumulation by well 211/21-N94 known as the Contender prospect, in the UK Northern North Sea Block 211/22a [Contender Area].

The well was drilled from TAQA’s North Cormorant platform and the field is expected to be developed under the new field name ‘Cormorant East’. Production will be processed through the North Cormorant platform. The target for the well was located in the Jurassic Brent sandstones to the North East of the Cormorant North field and encountered an oil accumulation that is expected to correspond to 10-30 million barrels of oil in place.

Leo Koot, managing director at TAQA Bratani Limited, comments: “This project underpins our commitment to realise the full potential from our acreage. The exploration of near-field potential close to operated fields has benefitted from good co-operation between TAQA and DECC and we look forward to working with our partners to further explore the reservoir.”

TAQA earned a 60% interest and operatorship in the Contender Block by committing to pay the drilling cost of the well as a farm in obligation to the  211/22a joint venture.  The participating interests in Block 211/22a Contender Area are:

60% TAQA Bratani Limited

20% Dana Petroleum (E&P) Limited

8.4 Antrim Resources (N.I.) Limited

7.6% First Oil Expro Limited

4% Bridge Energy UK Limited

-Ends-

TAQA receives South Korea delegation in Abu Dhabi 16 Oct 2012
Abu Dhabi National Energy Company PJSC (TAQA) today received a private-public delegation from the Republic of Korea. The visit is part of a series of meetings to foster cooperation between Abu Dhabi and South Korea in global energy investments and follows a visit by a TAQA delegation to South Korea in September 2012.

October 16, 2012, Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) today received a private-public delegation from the Republic of Korea. The visit is part of a series of meetings to foster cooperation between Abu Dhabi and South Korea in global energy investments and follows a visit by a TAQA delegation to South Korea in September 2012.

Carl Sheldon, Chief Executive Officer of TAQA, commented: “We look forward to deepening our ties with Korea in global energy initiatives. The competitiveness of Korean EPC contractors and TAQA’s unique global footprint and unique ties to governments in the MENA region is a winning combination to drive new business.”

The South Korean delegation was led by the Deputy Minister for International Affairs of the Ministry of Knowledge Economy and included representatives of the Embassy of the Republic of Korea to the United Arab Emirates; Korea Trade-Investment Promotion Agency; Korea Electric Power Corporation (KEPCO), Korea Investment Corporation; Samsung; Daewoo; Doosan; Hana Financial Group and Korea Plant Industries Association.

TAQA already works in partnership with Korean companies KEPCO, Daewoo, Samsung, SK Group, Doosan and Export-Import Bank of Korea (Korea EximBank) in its power generation and water desalination operations and new business development opportunities in the United Arab Emirates and internationally.

Korea EximBank is a long-term strategic partner providing financing for new power generation projects including the landmark USD 1.4 Billion project financing arrangements for TAQA’s Jorf Lasfar power plant expansion in Morocco. This was the first time the Korean export credit agency had participated in a project finance transaction in Morocco.

-ENDS-

Contact Information for Media:

Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA advances strategic Turkish power project with EUAS 9 Oct 2012
Ankara, Turkey – Abu Dhabi National Energy Company PJSC (TAQA) has completed a pre-feasibility study and prepared an investment model for a major power project in the Af‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EUAS).

Ankara, Turkey – Abu Dhabi National Energy Company PJSC (TAQA) has completed a pre-feasibility study and prepared an investment model for a major power project in the Af‏in-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EUAS).

The Government of the Republic of Turkey and the Government of the Emirate of Abu Dhabi today signed a “joint declaration” in which they expressed their strong support for the co-operation between EUAS and TAQA regarding investment in and optimisation of an existing lignite power plant in the Af‏in-Elbistan region; the development of mines; and the establishment of new power plants in the same region. Negotiations towards an Intergovernmental Agreement related to the project are continuing in the hope of completing it before the end of 2012, the declaration states.

The declaration was signed on behalf of the two governments by His Excellency Taner Yildiz, Turkey’s Minister for Energy and Natural Resources, and His Excellency Hamad Al-Hurr Al-Suwaidi, Member of the Executive Council of the Emirate of Abu Dhabi and Chairman of the Department of Finance of Abu Dhabi ‎n the presence of His Excellency Khaled Al Mu’alla, Ambassador of the UAE to the Republic of Turkey.

His Excellency Al-Suwaidi said: “This joint declaration further strengthens the relationship between Turkey and Abu Dhabi, and has been a successful follow-up to the official visit made by His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.” His Excellency Al-Suwaidi is also Chairman of TAQA.

The joint declaration follows meetings held between His Highness Sheikh Mohammed bin Zayed Al Nahyan, His Excellency Abdullah Gul, the President of the Republic of Turkey, and His Excellency Recep Tayyip Erdogan, the Prime Minister of the Republic of Turkey in February 2012 and a subsequent agreement to explore energy investment opportunities in Turkey, announced in May 2012.

Carl Sheldon, Chief Executive Officer 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.” 

In accordance with the framework agreed by the two governments, TAQA signed a memorandum of understanding with EUAS in August. TAQA has now completed the investment model and pre-feasibility study for the project with the support of expert teams from TAQA’s existing coal and lignite power plants in Morocco and India.

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 per cent of Turkey's lignite is located in the Af‏in-Elbistan basin.

-ENDS-

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894

Mob +971 56 685 2717

Allan.Virtanen@taqaglobal.com 

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA joins Abu Dhabi Sustainability Group 26 Sep 2012
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has become a member of the Abu Dhabi Sustainability Group (ADSG). ADSG was established by the Environment Agency - Abu Dhabi, with the support of the Executive Council of Abu Dhabi Emirate, to integrate sustainability into the Emirate’s economic and social development programmes.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) has become a member of the Abu Dhabi Sustainability Group (ADSG). ADSG was established by the Environment Agency - Abu Dhabi, with the support of the Executive Council of Abu Dhabi Emirate, to integrate sustainability into the Emirate’s economic and social development programmes.

ADSG is a membership-based organisation whose mission is to promote sustainability management in Abu Dhabi by providing policy support, learning and knowledge sharing opportunities for government, private companies and not-for-profit organisations in a spirit of cooperation and open dialogue.

TAQA strengthens the security and resilience of Abu Dhabi’s growth by developing its energy infrastructure and diversifying its sources of supply.

Carl Sheldon, TAQA’s Chief Executive Officer, said: “Sustainability is of paramount importance to TAQA. As a global energy company we have a responsibility to look after our people as well as the communities and environments in which we operate. Supporting economic and social development and protecting the environment are fundamental to the way we behave as a business. I am therefore delighted we have joined the Abu Dhabi Sustainability Group, and I look forward to working with the Group’s members to further TAQA’s sustainability efforts.”

Huda Al Houqani, Director of Abu Dhabi Sustainability Group, said: “We live in an age where financial profitability and efficiency key performance indicators are no longer enough. We encourage other organisations to follow TAQA’s example.”

TAQA’s Energy Solutions division is responsible for deploying advanced technology in energy production and establishing alternative energy operations including wind, solar, geothermal, hydropower and waste-to-energy. In June TAQA joined forces with The Centre of Waste Management Abu Dhabi to evaluate the feasibility of developing one of the world’s largest waste-to-energy facilities in Abu Dhabi. Such a facility would divert up to 1 million tonnes of waste from landfills every year, meeting one objective laid out in the Plan Abu Dhabi 2030.

Dr Saif Al Sayari, Executive Officer and Head of TAQA’s Energy Solutions division, said: “Membership of the Abu Dhabi Sustainability Group will provide better access to learning and knowledge sharing opportunities. Sustainability management helps TAQA to achieve its long-term goals and support the Abu Dhabi Economic Vision 2030.”

-ENDS-

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

About the Abu Dhabi Sustainability Group The Abu Dhabi Sustainability Group (ADSG) is a membership organisation whose mission is to promote sustainability management in Abu Dhabi by providing learning and knowledge sharing opportunities for government, private companies and not for profit organisations in a spirit of cooperation and open dialogue.

The ADSG was established in June 2008 as a forum of members who have signed the ADSG Declaration, committing to adopt best practices of sustainability management and reporting and to actively participate in ADSG activities.

For more information about ADSG visit: www.adsg.ae

Gas Storage Bergermeer reveals 2012 Open Season details 25 Sep 2012
I am pleased to announce the details of the 2012 Open Season for long term capacity in Gas Storage Bergermeer. In this email you will find references to the product characteristics, the auction process, our webcast and a detailed timeline of the 2012 Open Season.

The following email has been sent out to our relations today.

I am pleased to announce the details of the 2012 Open Season for long term capacity in Gas Storage Bergermeer. In this email you will find references to the product characteristics, the auction process, our webcast and a detailed timeline of the 2012 Open Season.

Product characteristics & auction process:

In its 2012 Open Season, Gas Storage Bergermeer will offer the opportunity to book long-term storage services delivered at the TTF. On offer is a working volume of 3TWh with a tenor of three to nine storage years, starting 1st of April 2015. This capacity is offered in 12 equal sized lots of 0.25TWh. One lot equals 250,000 standard bundled units (SBU’s), each SBU having 1,000kWh of space, 0.579kW withdrawal capacity and 0.427kW injection capacity.

On our website (www.gasstoragebergermeer.com) the following documents are now available:
2012 Open Season brochure,
Standard Storage Services Agreement (SSSA),
Practical operational examples,
Allocation Rules, Bidding Process & Timetable,
Power of Attorney (PoA) - authorization to represent or act on behalf of the customer.
Potential customers that execute a confidentiality agreement may receive:
A detailed explanation and legal advice from Allen & Overy on the security structure that ensures redelivery of gas,
The Long Term Customer Supplemental Agreement (LTCSA) – allowing the use of the SSSA for multi-year contracts.

Webcast 2012 Open Season: 1st of October at 14.00 CET

You are invited to our explanatory webcast to be held on 1st of October at 14.00 CET, for which we invite you to register via our website. During this interactive webcast we present the SSSA, Allocation Rules, Bidding Process, practical operational examples and the procedure for establishing an initial credit limit.

The Timeline of 2012 Open Season is as follows:

1st of October 14:00 CET: Webcast 2012 Open Season
October: Further bilateral explanations
Mid November: Customer execution of PoA, SSSA, LTCSA including setting an initial credit limit; after which a confirmation of qualification for the auction follows
On Monday 3rd and Friday 7th of December: 2012 Open Season 1st and 2nd auction round.
We are looking forward to welcoming you to our webcast. Should you have any questions in the meantime please contact myself or Tjaard Vermeulen (+31 888 272 588).

Kind regards,

Adri Pols
Commercial Manager
Gas Storage Bergermeer, TAQA Energy B.V.
Bergermeer.Sales@taqaglobal.com

Please click here to update your contact details or to unsubscribe from this mailing list.

Edward LaFehr appointed President TAQA North Ltd.; Frédéric Lesage named Chief Strategy Officer 18 Sep 2012
Abu Dhabi, United Arab Emirates – TAQA North Ltd. (“TAQA North”), a wholly-owned subsidiary of Abu Dhabi National Energy Company PJSC (“TAQA”), has appointed Edward LaFehr to the position of President of TAQA North, succeeding Frédéric Lesage who has been appointed to the newly created role of Chief Strategy Officer of TAQA, with both appointments effective October 9, 2012.

Abu Dhabi, United Arab Emirates – TAQA North Ltd. (“TAQA North”), a wholly-owned subsidiary of Abu Dhabi National Energy Company PJSC (“TAQA”), has appointed Edward LaFehr to the position of President of TAQA North, succeeding Frédéric Lesage who has been appointed to the newly created role of Chief Strategy Officer of TAQA, with both appointments effective October 9, 2012.

Mr LaFehr, currently Senior Vice President at Talisman Energy Inc. (“Talisman”), will be based in Calgary, Canada and responsible for the company’s North American oil and gas operations. In his present role at Talisman, Mr LaFehr is responsible for the company’s Canadian business with assets across Alberta, Saskatchewan and northeast British Columbia. Prior to Talisman, Mr LaFehr held a variety of positions with BP in the United States, Egypt, the North Sea and Trinidad and Tobago. Mr LaFehr holds a Master of Science in Geophysics from Stanford University and a Master of Science in Mineral Economics from the Colorado School of Mines.

Mr Lesage will be responsible for TAQA’s portfolio alignment and group strategy in his new role based in Abu Dhabi. Mr Lesage joined TAQA in 2007 as Group Vice President, Integration and Optimisation, before moving to Canada in 2008 as Managing Director and then President of TAQA North. While at TAQA North, he successfully consolidated three North American companies acquired by TAQA in 2007 and 2008 into a single exploration and production company.

Carl Sheldon, CEO of TAQA, said: “I would like to congratulate Frédéric on his new role. I look forward to Fred joining my executive team in Abu Dhabi where he will be ideally placed to ensure an efficient execution of our strategy across the Group at what is a very exciting time for the company.”

David Cook, TAQA Executive Officer and Head of Oil and Gas, added: “Edward LaFehr is a well-rounded senior executive who brings to TAQA leadership and operational experience from large and complex operations in various geographies. We are pleased Ed is joining our team.”

- ENDS -

Contact Information for Media:

Abu Dhabi

Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com 

Calgary

Leroy McKinnon
Tel:+1 403 724 5035
Leroy.McKinnon@taqa.ca

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Launches Abu Dhabi Chartered Accountant Training Programme 12 Sep 2012
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) is the first non-accounting firm to offer the Associate Chartered Accountant (ACA) training programme in Abu Dhabi. ACA-qualified accountants are entitled to offer their services as a 'Chartered Accountant' and can use the designated letters ACA after their names. Faisal Foulad, who recently completed the TAQA UAE National Graduate Trainee Programme, is TAQA’s first ACA candidate

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) is the first non-accounting firm to offer the Associate Chartered Accountant (ACA) training programme in Abu Dhabi. ACA-qualified accountants are entitled to offer their services as a 'Chartered Accountant' and can use the designated letters ACA after their names. Faisal Foulad, who recently completed the TAQA UAE National Graduate Trainee Programme, is TAQA’s first ACA candidate.

Faisal Foulad commented: “The programme’s perfect mix of knowledge and work experience is what differentiates it from the others and makes it stand above the rest. The ACA qualification will fast track my way to a successful international career.”

TAQA launched the ACA training programme following its certification as an Authorised Training Employer by the Institute of Chartered Accountants in England and Wales (ICAEW), the largest accountancy body in Europe. TAQA had to meet a number of strict training criteria and underwent a detailed review by ICAEW in order to be eligible and recognised as an ACA Authorised Training Employer.

Stephen Kersley, TAQA CFO and ACA Training Programme Advisor, said: “We are pleased to have received this recognition from such a prestigious international institution. Through our new ACA training programme we hope to attract new talent to benefit from our highly skilled team of qualified financial professionals in Abu Dhabi.”

The ACA qualification from ICAEW is internationally recognised and valued around the world in business and the public sector. The ACA training programme teaches a wide range and depth of finance and business knowledge and the practical application of these skills. It also focuses on ethics training and professional skills development. In order to obtain the ACA qualification, candidates such as Mr Foulad are required to complete 450 days of applicable work experience, pass 15 examinations, meet initial professional development requirements and complete structured training in ethics.

Ken Boyle, TAQA Group Vice President Human Resources, commented further: “At TAQA we are committed to providing an environment that is conducive to learning. Our international senior management team will be on hand to mentor our ACA trainees through their studies and monitor their career development. We expect the programme to be very popular with UAE Nationals in particular who wish to acquire formal qualifications in accounting and deepen their knowledge of the energy sector whilst working in an international environment.”

Interested applicants should contact Tatyana Hamid, Qualified Person Responsible for Training (QPRT), in Abu Dhabi at +971 2 691 4834 or Tatyana.Hamid@taqaglobal.com
 

- ENDS -

Contact Information for Media:

Tom Ashby
GVP Corporate Communications
Tel +971 2 691 4802

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA selects APX-ENDEX as its secondary capacity trading platform for Gas Storage Bergermeer 10 Sep 2012
TAQA Gas Storage B.V., a subsidiary of Abu Dhabi National Energy Company PJSC (TAQA), has selected the energy exchange APX-ENDEX as a provider of an electronic trading platform for customers to buy and sell previously issued storage capacity at Gas Storage Bergermeer in the Netherlands.

Underground gas storage capacity is being made available to customers through open seasons for longer-term capacity, annual auctions and secondary capacity trading. The APX-ENDEX secondary trading platform will allow customers of Gas Storage Bergermeer to anonymously trade their primary capacity rights at the Title Transfer Facility (TTF). TAQA will be the central counterparty to all on-screen trades.

Secondary trades can consist of standard bundled units, injection capacity, withdrawal capacity, space and gas-in-storage. All products will be listed on APX-ENDEX day-ahead market. In addition the product suite for standard bundled units will also include week, month, quarter and balance of storage year contracts. Customers of APX-ENDEX will be able to trade Gas Storage Bergermeer capacity products on Trayport Global Vision and will not incur any trading fees for these trades.

In addition to APX-ENDEX’s on-screen secondary trading platform, TAQA will also offer customers bilateral trading in the form of Notified Trades and Register Transfers. For such trades, customers will be charged a handling fee in line with fees charged for comparable services offered by brokers on the over-the-counter (OTC) market.

Adri Pols, Commercial Manager Gas Storage Bergermeer, says: “Gas Storage Bergermeer will be Europe’s largest open access gas storage facility and a key source of flexibility for gas market participants in Northwest Europe. TAQA chose to partner with APX-ENDEX because they’re the most liquid exchange on the TTF and we share the vision of a highly liquid virtual trading hub”.

Bert den Ouden, CEO of APX-ENDEX, continues: “We are delighted with this new opportunity to contribute to TAQA’s philosophy of liberalised access to gas storage markets. Our cooperation will also serve as a positive example for other gas storage facilities in Europe. There is no doubt our joint approach will contribute to further development of APX-ENDEX TTF market.”

TAQA Gas Storage B.V., the contracting party for all Gas Storage Bergermeer commercial operations, has recently contracted, amongst others, Statoil and Vattenfall as long term primary capacity holders.

The construction of Gas Storage Bergermeer began in June 2012. Commercial storage operations will start in 2014 with full capacity available in 2015. Once completed, Gas Storage Bergermeer will play an important part in securing the Netherlands’ gas supply and the country’s ambition to become the gas hub for Northwest Europe. In total, the facility will provide 46 TWh (4.1 BCM) of seasonal flexibility, almost doubling the gas storage capacity in the Netherlands.

TAQA has a 60% stake in Gas Storage Bergermeer and is the operator and marketing agent for all storage capacity that is available for third parties. EBN B.V., a key player in the Dutch oil and gas sector with the Dutch State as its sole shareholder, holds a 40% stake in Gas Storage Bergermeer. Together, TAQA and EBN are investing € 800 million in the design and construction of the gas storage facility.

TAQA Appoints Tom Ashby as GVP Corporate Communications 1 Aug 2012
TAQA has appointed Tom Ashby as its Group Vice President, Corporate Communications, effective August 1, 2012. In the newly created role, Mr. Ashby will oversee all global internal and external communications, marketing and sustainable development efforts.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) is pleased to announce the appointment of Tom Ashby as its Group Vice President, Corporate Communications, effective August 1, 2012. In the newly created role, Mr. Ashby will oversee all global internal and external communications, marketing and sustainable development efforts.

Mr. Ashby brings more than two decades of global media industry experience, including 15 years at the international news agency Reuters. Most recently he served as Business Editor of Abu Dhabi’s first English-language newspaper, The National. Previously, Mr. Ashby held a variety of leadership editorial positions in Europe, South America and Africa specialising in the energy industry and emerging markets.

Carl Sheldon, Chief Executive Officer, said: "I am thrilled to welcome Tom to TAQA. Tom brings us strong communication expertise, international media experience and a solid understanding of the industry. We are proud that he will lead our global communications team. He will be an important asset as we develop our global brand and grow our operational hub in Abu Dhabi.”

Mr. Ashby will lead a global communications team including TAQA Group Public Relations, Group Internal Communications, Group Marketing and Sustainable Development. He will also lead the regional communications teams and work closely with the executive management and country managers to deploy regional communications strategies. He will be based at TAQA’s HQ in Abu Dhabi and report to Carl Sheldon, Chief Executive Officer.

Mr. Ashby holds a Bachelor of Arts degree with Honours from Sussex University and is a UK national.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Gas Storage Bergermeer Offering Long Term Capacity 23 Jul 2012
Gas Storage Bergermeer is pleased to announce that it will offer long term storage capacities in a new Open Season 2012. The total volume on offer this year will be 3 TWh of working gas, available from April 2015 on a long term basis.

Open Season 2012; what is new?

  • In May this year the Dutch Council of State has published their final ruling reconfirming the permits for development of Gas Storage Bergermeer. This approval allows us to offer storage services now without any uncertainty around permitting.
  • Following the irrevocable permits, TAQA and its project partner EBN have started construction of the gas storage facility, which will be operational in 2014 with full commercial operations in 2015.
  • Cushion gas injection has steadily progressed with 75% of the 4.3BCM already injected.
  • Together with our launching customers the legal framework including a Gas Foundation has been finalized, securing title to working gas volume for our existing and future storage customers.
  • In addition, the minimum storage auction lot size will be reduced.

The high level planning of Open Season 2012 is as follows:

  • Now: Gas Storage has published the following documents on its website:
    Final Standard Storage Services Agreement (SSSA)– as signed by our launching customers.
    Explanatory note to SSSA – providing several practical examples that help place the SSSA in operational reality
  • July: Potential customers that execute a confidentiality agreement may receive a detailed explanation and legal advice from Allen & Overy on the security structure that ensures redelivery of gas.
  • September: publication of detailed timelines, of product characteristics and of capacity allocation rules 2012
  • September and October: bilateral explanations
  • November: execution of SSSA and Long Term Customer Supplement Agreement
  • December: capacity auction

More information? If you have specific questions, comments or you would like to be kept informed about progress of the project, please do not hesitate to get in contact by filling in the form contact the Commercial Department BGS.

Parliamentary Approval for Ghana Power Plant Expansion 16 Jul 2012
TAQA today announced securing the requisite parliamentary approval and signing financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 power plant in Ghana.
  • Parliamentary approval to expand Takoradi 2 power plant from 220 MW to 330 MW
  • USD 355 million of project financing provided by IFC and international development institutions
  • Mitsui & Co (Japan) and KEPCO E&C (Korea) to start construction this month
  • Ghanaian Energy Minister Dr Joe Oteng-Adjei visits TAQA headquarters in Abu Dhabi

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”) today announced securing the requisite parliamentary approval and signing financing arrangements for the 110 MW expansion of the gas-fired Takoradi 2 (T2) power plant in Ghana.

The expansion of the T2 power plant follows the announcement on June 20, 2012 that TAQA completed financing arrangements for USD 1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of the TAQA-operated Jorf Lasfar power complex in Morocco, the largest coal-fired power complex in the MENA region.

The TAQA-operated T2 power plant currently represents 15% of Ghana’s installed power production capacity. The expansion project will convert the existing plant to operate as a combined cycle power plant increasing its output from 220 MW to approximately 330 MW without requiring additional fuel, therefore adding 50% more capacity without increasing carbon dioxide (CO2) emissions. The additional energy will be sold via an existing off-take agreement with Volta River Authority (“VRA”), under the terms of a revised 25-year power purchase agreement effective from commercial operations date (COD). The recent conversion of the plant to natural gas from oil as the primary fuel was also part of a considered effort within Ghana’s power generation industry towards cleaner fuel, thereby reducing CO2 emissions.

The T2 power plant is owned by Takoradi International Company LLC (TICO), a joint venture between TAQA (90%) and VRA (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility through its wholly owned subsidiary TAQA Generation International Operating Company LLC.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “We are delighted to have jointly developed this landmark project with our partner VRA and the Government of Ghana. This is the culmination of hard work by all parties to ensure that we deliver the best possible deal for the Ghanaian consumer in an environmentally responsible way. We have played a vital role during the last ten years in delivering a reliable source of electricity to the population with an excellent safety record, and this project will enable us to continue to do so for another 25 years.”

Kweku Awotwi, CEO of VRA, said: “We welcome the conclusion of the negotiations for this important infrastructure project for VRA and the people of Ghana and look forward to continue working in partnership with TAQA. The expansion is expected to save Ghana USD 30 million a year in fuel costs and will help ensure that the power generation capacity develops at a pace to meet Ghana’s sustainable growth ambitions.”

Project financing is being provided by the International Finance Corporation (IFC), a member of the World Bank Group, and a consortium of international development finance institutions, led by FMO, the majority Dutch Government owned development bank supporting sustainable private sector growth in developing and emerging markets. The consortium of international development finance institutions include the African Development Bank (AfDB), Agence Française de Développement (AFD), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG). The project financing arrangements represent a total of USD 355 million.

The expansion is expected to be commissioned in 2015. The EPC contract with an approximate value of USD 260 million has been awarded to Mitsui & Co (Japan) and KEPCO E&C (Korea) in 2011. Construction will start later this month (July 2012).

In a further sign of the growing co-operation with the Ghanaian Government, TAQA was delighted to welcome the Ghanaian Minister for Energy H.E. Dr Joe Oteng-Adjei to its Abu Dhabi headquarters last week during an official state visit to the United Arab Emirates. The Minister’s visit included an inspection of the Fujairah 2 power and water plant in the United Arab Emirates, TAQA’s flagship facility which generates 2,000 MW of electricity and 130 MIGD of desalinated water.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
 Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA and CWM Abu Dhabi to Develop Waste to Energy Plant 20 Jun 2012
TAQA and The Centre of Waste Management Abu Dhabi have signed of a Memorandum of Understanding for the joint development of a 100mw Waste to Energy facility in Abu Dhabi by 2015/16.

Abu Dhabi National Energy Company PJSC (“TAQA”) and The Centre of Waste Management Abu Dhabi (“CWM”) today announced the signing of a Memorandum of Understanding for the joint development of a 100mw Waste to Energy facility in Abu Dhabi by 2015/16.

Having developed the concept over the past twelve months, TAQA and CWM have agreed to work together to create one of the largest Waste to Energy plants in the world, and the first of its kind in The United Arab Emirates. The facility will be capable of processing up to a million tonnes of municipal solid waste per annum, contributing towards CWM’s stated target of 80% diversion of waste from landfill, which falls within the Abu Dhabi Vision 2030 objectives. TAQA’s experience of building, owning and operating thermal power facilities means that Waste to Energy is a natural addition to its fleet.

HE Mohammed Al Bawardi, Chairman of The Centre of Waste Management Abu Dhabi said, “Keeping up with the Abu Dhabi Vision 2030 requires the concerted efforts of various departments and national institutions to develop in a sustainable and environmentally responsible way. In signing this Agreement, we at the Centre of Waste Management see cooperation with TAQA as the mainstay of a sustainable waste management strategy, focusing on our goal of 80% diversion of waste from landfill.”

Commenting on this new initiative, HE Hamad Al Hurr Al Suwaidi, Chairman of the Board of Directors of TAQA, said, “A strategic partnership between our two entities to divert waste from landfill and create a long-term source of energy is a major step forward in Abu Dhabi’s vision for a cleaner and more sustainable environment, and demonstrates our commitment to energy security through non-traditional means of power generation. We see this as the first of its kind in Abu Dhabi, with more to follow, utilising waste as a resource and working as a team to provide employment and technological advancement in the region.”

-Ends-

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Completes USD 1.4 Billion Project Financing Arrangements for Morocco power plant expansion 20 Jun 2012
TAQA today announced that its wholly-owned subsidiary, Jorf Lasfar Energy Company 5&6 SA, has signed financing arrangements for USD 1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”), today announced that its wholly-owned subsidiary, Jorf Lasfar Energy Company 5&6 SA, has  signed financing arrangements for USD 1.4 billion equivalent of 16-year, multi-currency non-recourse project financing for the 700 MW expansion of TAQA’s Jorf Lasfar coal-fired power complex in Morocco.

BNP Paribas, Société Générale and Standard Chartered Bank are the mandated lead arrangers for the international debt facilities, while Morocco’s Banque Centrale Populaire (BCP) is the mandated lead arranger for the Moroccan Dirham credit facilities, representing approximately 40% of the total debt. Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) will provide direct loans and loan guarantees for more than 50% of the total project debt. This is the first time the Japanese and Korean export credit agencies have participated in a project finance transaction in Morocco.

Jorf Lasfar is the largest coal-fired power complex in the MENA region and the first independent power producer (IPP) in Morocco. The expansion is a key infrastructure project for Morocco’s energy strategy intended to meet the needs of ONEE (Office National de l’Electricité & de l’Eau Potable) and to increase the country’s installed electricity generation capacity. The 700 MW expansion will bring Jorf Lasfar’s gross capacity to 2,056 MW.

TAQA’s roots lie in the provision of power generation and water desalination capabilities in Abu Dhabi, and this has remained a key part of its business. TAQA brings world class technical and operational expertise and a proven track record in developing challenging power projects. TAQA’s growing international power business is a core part of TAQA’s expanding portfolio across the MENA region.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “This announcement marks a significant milestone in TAQA’s development as a major provider of power generation in Morocco and across the MENA region. We are excited to play a crucial role in the national energy strategy of a rapidly growing country like Morocco. Despite the on-going instability in global financial markets we have successfully secured sophisticated international financing arrangements from Asian, European, and Moroccan lenders across multiple currencies totalling USD 1.4 billion equivalent. Our profile, as the sponsor, developer, and operator of this significant infrastructure project together with ONEE and the Moroccan Government's support, has undoubtedly helped secure favourable terms.”  

The long-term debt, maturing in 2028, represents the equivalent of USD 1.3 billion. The medium-term debt, maturing in 2014, will amount to the equivalent of USD 100 million.

The expansion units 5 and 6 are scheduled to be commissioned in December 2013 and April 2014 respectively. The EPC contract for the expansion was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea) in 2010. The expansion is expected to generate 3,000 direct jobs and 2,000 indirect jobs during construction. In the long term, the new units are expected to provide 135 jobs while providing indirect employment to 1,000 people.
 

-Ends-

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Tanis Thacker
TAQA Investor Relations, Abu Dhabi
Tel +971 2 691 4900
Tanis.Thacker@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.  

BNP Paribas, Société Générale and Standard Chartered Bank are the mandated lead arrangers for the international debt facilities, while Morocco’s Banque Centrale Populaire (BCP) is the mandated lead arranger for the Moroccan Dirham credit facilities, representing approximately 40% of the total debt. Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and Export-Import Bank of Korea (Korea Eximbank) will provide direct loans and loan guarantees for more than 50% of the total project debt. This is the first time the Japanese and Korean export credit agencies have participated in a project finance transaction in Morocco. 

Jorf Lasfar is the largest coal-fired power complex in the MENA region and the first independent power producer (IPP) in Morocco. The expansion is a key infrastructure project for Morocco’s energy strategy intended to meet the needs of ONEE (Office National de l’Electricité & de l’Eau Potable) and to increase the country’s installed electricity generation capacity. The 700 MW expansion will bring Jorf Lasfar’s gross capacity to 2,056 MW.

TAQA’s roots lie in the provision of power generation and water desalination capabilities in Abu Dhabi, and this has remained a key part of its business. TAQA brings world class technical and operational expertise and a proven track record in developing challenging power projects. TAQA’s growing international power business is a core part of TAQA’s expanding portfolio across the MENA region.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said: “This announcement marks a significant milestone in TAQA’s development as a major provider of power generation in Morocco and across the MENA region. We are excited to play a crucial role in the national energy strategy of a rapidly growing country like Morocco. Despite the on-going instability in global financial markets we have successfully secured sophisticated international financing arrangements from Asian, European, and Moroccan lenders across multiple currencies totalling USD 1.4 billion equivalent. Our profile, as the sponsor, developer, and operator of this significant infrastructure project together with ONEE and the Moroccan Government's support, has undoubtedly helped secure favourable terms.”  

The long-term debt, maturing in 2028, represents the equivalent of USD 1.3 billion. The medium-term debt, maturing in 2014, will amount to the equivalent of USD 100 million.

The expansion units 5 and 6 are scheduled to be commissioned in December 2013 and April 2014 respectively. The EPC contract for the expansion was awarded to Mitsui & Co (Japan) and Daewoo Engineering & Construction (Korea) in 2010. The expansion is expected to generate 3,000 direct jobs and 2,000 indirect jobs during construction. In the long term, the new units are expected to provide 135 jobs while providing indirect employment to 1,000 people.
 
-Ends-

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Tanis Thacker
TAQA Investor Relations, Abu Dhabi
Tel +971 2 691 4900
Tanis.Thacker@taqaglobal.com

Meryem Benzakour
TAQA North Africa / Jorf Lasfar Energy Company (JLEC), Casablanca
Tel: +212 522 977 380
meryem.benzakour@jlec.ma

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA and Turkey form Committee for Joint Energy Investments 15 May 2012
A delegation from TAQA has made a formal visit to Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and to identify investment opportunities in Turkey’s energy sector.

Abu Dhabi, United Arab Emirates – A delegation from Abu Dhabi National Energy Company PJSC (“TAQA”) has made a formal visit to Turkey to discuss ways of developing the relationship between Abu Dhabi and Turkey and to identify investment opportunities in Turkey’s energy sector.

The TAQA delegation was led by H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of TAQA’s Board and Chairman of the Abu Dhabi Department of Finance. Also present were the UAE’s ambassador to Turkey H.E. Khalid Khalifa Al Mualla; Vice-Chairman of TAQA’s Board H.E. Abdulla Saif Al-Nuaimi; CEO of TAQA Carl Sheldon, and TAQA’s Executive Officer Power & Water Frank Perez.

The programme for the visit included meetings between the TAQA delegation and representatives from the Turkish Energy Ministry, led by the Turkish Energy Minister Taner Yildiz. As a result of these meetings, TAQA and the Turkish Energy Ministry have agreed to form a joint committee to discuss the investment opportunities available in the energy sector in Turkey. During the visit a meeting also took place between TAQA’s H.E. Hamad Al-Hurr Al-Suwaidi and Turkey’s Minister of Finance Mehmet ھim؛ek.

H.E. Hamad Al-Hurr Al-Suwaidi, Chairman of TAQA said: “This visit has further strengthened the relationship between Turkey and Abu Dhabi, and has been a successful follow-up to the official visit made in March by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.”

Carl Sheldon, CEO of TAQA 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. We look forward to working more closely with the Turkish Energy Ministry in the future.”

-Ends-

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Relocate Global HQ to Sowwah Square, Abu Dhabi 13 May 2012
TAQA is pleased to announce it is consolidating its global corporate functions and moving to its new headquarters at Sowwah Square in Abu Dhabi.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce it is consolidating its global corporate functions and moving to its new headquarters at Sowwah Square in Abu Dhabi. TAQA is joining a select number of leading entities at the new central business district developed as part of the Abu Dhabi 2030 Plan.

TAQA plays a large role in implementing the 2030 policy through its majority-ownership interest in all of Abu Dhabi’s gas-fired power generation facilities providing 98% of the water and electricity requirements in Abu Dhabi.

As one of the largest independent power producers in the world and an established global oil and gas operator, TAQA will bring all Abu Dhabi-based employees together under one roof and establish its global headquarters at Sowwah Square, Abu Dhabi’s new central business district. The new office, due to open later this year, will be on three floors in Al Maqam Tower at Sowwah Square, the commercial heart of Al Maryah Island.

Commenting on the announcement, Carl Sheldon, Chief Executive Officer, said: “We have made significant progress in developing Abu Dhabi as the operational centre of our global operations. And as our operation grows, we made it a priority to upgrade our headquarters to a space that best reflects the maturity of TAQA and its position as a leading integrated global energy company. We run our global business through well-resourced centres of excellence which, in turn, leads to efficient management of our global portfolio of assets. Sowwah Square offers us the best business infrastructure and facilities enabling us to effectively manage our growing global operations from the heart of Abu Dhabi.”

TAQA’s new headquarters is being designed to reflect the company’s heritage and commitment to the Emirati culture. The offices cover more than 5,400 square metres, designed to accommodate more than 200 Abu Dhabi-based employees.

Ali Khouri, Head of Purchasing and Office Management, added, “Through our relocation to Sowwah Square, we reaffirm our commitment to supporting the ambitious development projects currently being undertaken by the Abu Dhabi Government and we look forward to contributing to the future development of Abu Dhabi as an international financial centre.”

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Q1 2012 Financial Results 10 May 2012
Abu Dhabi, United Arab Emirates - TAQA, the global integrated energy company, today reported its Q1 2012 operational and financial results.
  • Revenue and EBITDA up 5%
  • Profit before tax up 46%
  • Earnings per share increased by 250%

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Q1 2012 operational and financial results.

  Q1 2011 Q1 2012 % +/-
Total assets 114,693 116,151 1
Total revenues 5,480 5,743 5
Power & Water (1) 1,674 1,898 13
Oil & Gas (2) 2,881 2,886 -
Fuel revenue 925 959 4
Cost of sales 3,374 3,482 3
EBITDA 3,283 3,449 5
Profit Before Tax 961 1,405 46
Net profit After Minority Interests 152 534 251
Basic earnings per share (AED) 0.025 0.088 252
Net Debt/EBITDA (times) 5.4 5.0 7
Net debt to net capital (%) 77.0 75.8 1

All amounts in AED million unless otherwise stated

  1. Excludes fuel revenue but includes certain other operating revenue relevant to the Power & Water business.
  2. Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

Carl Sheldon, Chief Executive Officer of TAQA, said:

،°The first quarter of 2012 has seen steady performance from our portfolio of assets, against the backdrop of a stronger global oil price and weak North American gas prices.  This performance has seen revenues and EBITDA grow by 5%, and our profit before tax, which incorporates the benefit of asset disposals, jump by 46%.

،°We remain focused on our strategy of delivering organic growth with our key projects, such as the expansion at Jorf Lasfar in Morocco, where construction of Units 5 and 6 continued on time and budget, and at Bergermeer gas storage, where last week we secured final approval from the Dutch Council of State to proceed with construction. In addition to this organic growth, we continue to seek ways of streamlining and enhancing our portfolio, and during the quarter this included the monetisation of non-core land holdings in North America at an attractive price, and acquiring acreage adjacent to our facilities in the UK North Sea.

،°As a respected global operator, we are increasingly seeing more and more opportunities and  the joint venture agreement that we signed with Mass Global Investments Company Limited in the Kurdistan region of Iraq to acquire a 50% stake in a 1,000 MW power station at Sulaymaniyah reflects this.،°

Stephen Kersley, Chief Financial Officer, said:

،°We have seen our financial performance boosted during the quarter by our new capacity at Fujairah 2 and Shuweihat 2 contributing to 5% growth in our EBITDA year on year. We continue to enjoy record levels of liquidity with nearly AED 20 billion available to the business and with no significant short term refinancing requirements. While relatively small, our recent maiden Malaysian Ringgit sukuk is indicative of the increasing optionality we have in respect of financing.،±

Financial summary: Q1 2012 versus Q1 2011

Total revenues for Q1 2012 were AED 5.7 billion, an increase of 5% compared with Q1 2011.

Total Power & Water revenues (excluding supplemental fuel income but including other operating revenues) increased from AED 1.7 billion in Q1 2011 to AED 1.9 billion in Q1 2012. This 13% year-on-year increase was primarily due to the contribution from Fujairah 2 and Shuweihat 2.

Supplemental fuel income increased 4% year-on-year due to higher fuel prices at the international plants, notably Jorf Lasfar and Takoradi, and was partly offset by lower fuel revenues at the U.A.E. subsidiaries due to lower use of back up fuel.

Total Oil & Gas revenues (including gas storage and other income) was flat at AED 2.9 billion in Q1 2012. This reflects continued strong production and oil prices in the UK North Sea, offset by weaker North American gas prices.

Total cost of sales increased by 3% to AED 3.5 billion from AED 3.4 billion in Q1 2011. Fuel expenses were AED 959 million in the first quarter of 2012 compared with AED 925 million in 2011. Increases were mostly due to higher fuel prices at Jorf and Takoradi, and were partly offset by reductions at U.A.E. subsidiaries due to lower use of back up fuel in the current year.

Operating expenses for Power & Water (which excludes fuel costs) increased from AED 386 million for Q1 2011 to AED 417 million in Q1 2012 due to the addition of Shuweihat 2.

Oil & Gas operating expenses, including gas storage expenses, decreased from AED 844  million in Q1 2011 to AED 825 million in Q1 2012 due to lower costs in North America mainly due to lower volume, offset by higher labour expenses in the UK North Sea and stock movements in the Netherlands.

EBITDA during the period increased 5% in Q1 2012 to AED 3.4 billion. The increase was driven by strong performances in our domestic power business, primarily through the contribution of Fujairah 2 and Shuweihat 2, and in our UK and Netherlands oil and gas businesses, in part offset by the impact of weaker gas prices in our North America business.

Depreciation, Depletion and Amortisation (،°DD&A،±) expenses for Power & Water were AED 447 million in Q1 2012 compared with AED 386 million in Q1 2011, principally due to Shuweihat 2. For Oil & Gas, the DD&A expense was effectively flat, at AED 892 million in Q1 2012.

During the period, TAQA disposed of certain non-core assets in Canada which resulted in a gain upon disposal of AED 378 million. In addition, TAQA had a bargain purchase gain of AED 92 million as a result of the change in fair values between the economic date of its initial agreement to acquire the Otter field in the UK North Sea (1 September 2009) and the legal completion date when purchase accounting was applied.

Finance costs increased from AED 1.1 billion in Q1 2011 to AED 1.3 billion in Q1 2012, largely due to the addition of the project financing related to the completion of Fujairah 2 and Shuweihat 2.

Profit Before Tax was AED 1.4 billion in Q1 2012, 46% higher year-on-year than AED 961 million in Q1 2011, due to higher revenues as a result of the higher oil price, stronger production in the UK North Sea, the increased power revenues due to Shuweihat 2 and Fujairah 2, and the gain on the disposal of North American non-core assets.

TAQA،¯s income tax expense was AED 724 million in 2012 compared to AED 650 million, an effective tax rate of 52% in Q1 2012, compared with 68% in Q1 2011.

Net Profit After Minority Interests increased by 251% year-on-year, to AED 534 million for Q1 2012, versus AED 152 million for Q1 2011.

TAQA،¯s Net Debt/Capital ratio was 78% at the end of the period and Net Debt/EBITDA improved to  5.0 times.

Financing

Year on year total debt has remained stable at AED 74.0 billion whilst overall Net Debt decreased by AED 1.3 billion in part due to the cash proceeds received from the disposal of non-core Canadian acreage.

Consolidated cash on hand as at 31 March 2012 was AED 5.2 billion, compared with AED 4.4 billion at the end of Q1 2011. TAQA had unused credit lines of AED 14.7 billion at the end of Q1 2012, compared to AED 7.3 billion at the end of Q1 2011, and total available liquidity of AED 19.9 billion compared to AED 11.7 billion for Q1 2011.

On 26 February 2012, MYR 650 million (USD 215 million) was issued under the MYR 3.5 Billion (USD 1.1 billion) Sukuk programme TAQA had established in November 2011. The 10 year Sukuk was raised with a profit rate of 4.65% with a full swapped rate to US Dollars of 5.3%.

Operational Review

Power & Water

TAQA،¯s Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   Q1 2011 Q1 2012 % +/-
Total revenues in AED million
(excluding supplemental fuel revenue)
  1,674 1,898 13
% of overall revenues
(excluding supplemental fuel revenue)
  37 40 3
Total generation capacity (MW) Global 13,907 15,413  
Domestic 10,994 12,494  
International 2,919 2,919  
Total power production (GWh) Global 11,480 14,172 23
Domestic 7,314 9,075 24
International 4,166 5,097 22
Technical availability of power generation business (%) Global 90.3 91.3 1
Domestic 89.9 90.8 1
International 90.6 93.4 3
Water desalination capacity (MIGD) Total 787 887  
Total water desalination (MIG) Total 53,380 54,114 1

TAQA produced 14,172 GWh of electricity and 54,114 MIG of water during Q1 2012, generating total revenues of AED 1.9 billion. The 13% increase in revenues compared to the same period last year, reflects the contribution from Shuweihat 2 which was fully operational in October 2011. Global technical availability was 91.3% for Q1 2012.

Domestic

TAQA،¯s domestic portfolio of assets generated 9,075 GWh of electricity and 54,114 MIG of water during Q1 2012, reflecting the additional capacity of Shuweihat 2, which was completed in October 2011, adding 1,500 MW of power generation and 100 MIGD of water desalination capacity. Domestic availability was 90.8%.

International

TAQA،¯s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the United States, generated 5,097 GWh of power during the year. International technical availability was 93.4%, higher than the same period last year.

In Morocco, construction is proceeding at Units 5 and 6 of the Jorf Lasfar plant within budget and on schedule. Commissioning and takeover of Units 5 and 6 is planned for the end of 2013 and early 2014, respectively.

TAQA،¯s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q1 2011 Q1 2012 % +/-
Total revenues in AED million   2,881 2,886 -
% of overall revenues
(excluding supplemental fuel revenue)
  63 60 3
Total power production (GWh) Global 138.8 134.2 3
North America 87.3 86.3 1
UK 42.3 41.0 3
Netherlands 9.1 6.9 24
Average net realized price of crude oil sold
(US$ per barrel)

 

North America 78.88 84.74 7
UK 105.55 117.74 12
Netherlands 91.64 113.07 23
Average net realized price of natural gas sold
(US$ per thousand feet)
North America 4.12 2.57 38
UK 8.02 10.47 31
Netherlands 9.63 10.69 11

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 2.9 billion for Q1 2012, flat compared to Q1 2011. This was driven primarily by the increase in realised crude oil prices in the UK and Dutch North Sea, offset by lower North American gas prices. Total average global daily production for Q1 2012 decreased to 134.2 mboe/day, compared to 138.8 mboe/day in Q1 2011.

North America

Production in North America decreased slightly year-on-year at 86.3 mboe/day, reflecting the divestment of approximately 4.0 mboe/day that closed in early March. TAQA sold non-core acreage in North America for a total of AED 1,717 million, resulting in a gain of AED 378 million, which is recognised in the consolidated income statement. 

UK

Production in the UK North Sea averaged 41.0 mboe/day during the quarter, 3% lower than the first quarter of 2011 due to the overrun of a planned shutdown at Cormorant Alpha, as well as some technical issues at North Cormorant and Pelican that affected production. These issues have now been resolved and production has returned to budgeted levels.

In February 2012, TAQA announced two farm-in agreements with a subsidiary of Fairfield Energy Limited for oil and gas licences in the UK North Sea. The agreements will result in TAQA, acquiring a 50% interest in licences P184, P474 and P1634, which include the Darwin oil discovery and prospective exploration acreage south of Darwin. The licences are located next to the TAQA operated North Cormorant and Pelican fields in the Northern North Sea.

Also in February, TAQA acquired a further 50% interest in the Otter field, to add to the 31% already held. Otter is tied back to TAQA،¯s Eider platform.

Netherlands

Production in the Netherlands averaged 6.9 mboe/day, a 24% decrease compared to the same period last year due natural declines.

During the quarter, TAQA commenced its onshore exploration campaign with the first of four proposed targets drilled near Alkmaar, the Netherlands.

During the quarter, the oil price continued to have a favourable impact on TAQA،¯s financial results, although this was offset by weaker North American gas prices.  

The WTI oil price averaged US$104.03 in the first quarter of 2012, compared with US$94.60 for the same period in 2011. Prices for Brent crude increased to an average US$118.45 for the first quarter, up from US$105.52 for the same period last year.

NYMEX gas prices for Q1 2012 averaged US$2.50, compared with US$4.20 for Q1 2011.

Post-period corporate developments

On 8 April 2012, TAQA signed a joint venture agreement with Mass Global Investments Company Limited, Under the agreement, TAQA will acquire a 50% interest in the 1,000 MW gas fired IPP situated near Sulaymaniyah, in the Kurdish region of the Republic of Iraq. The power plant has been operating from 2009 and has a capacity of 750 MW with additional 250 MW under construction. The transaction is subject to the fulfilment of certain conditions.

On 8 April 2012, TAQA successfully completed the sale of all its holding in Tesla Motors for a total consideration of AED 956 million (USD 260 million) realizing a gain of AED 415 million.

On 2 May 2012 the Dutch Council of State delivered its judgment upholding the central government،¯s land-use plan for the Bergermeer Gas Storage facility. The Council of State ruling is not appealable and the project will now go ahead.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA's business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA's vision is to deliver 'Energy for Growth': growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi's economic vision 2030, working towards sustainable economic development. 

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Bergermeer Gas Storage Project Receives Approval 2 May 2012
TAQA is pleased to announce it has today received approval from the Dutch Council of State for the development of the Bergermeer Gas Storage facility.

Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce it has today received approval from the Dutch Council of State for the development of the Bergermeer Gas Storage facility. TAQA and its project partner EBN can commence construction of the gas storage.

The decision of the Council of State is the final stage of a transparent and meticulous process in which environmental concerns have been of the absolute highest priority. TAQA has taken every possible measure to implement the project in a safe and responsible way and to minimise any disturbance.

Among others, agreements have been reached concerning the efficient handling of any property damage related to the project, compensation measures for nature and the restriction of noise during construction.

Ten of the eleven competent authorities had earlier approved the Bergermeer Gas Storage project and the national parliament has also approved the project

TAQA will shortly commence preparatory work. Work on the well site will start after the meadow birds breeding season (in July).

With a working volume of 4.1 billion cubic metres (i.e. the average annual gas consumption of 2.5 million households in the Netherlands), the Bergermeer Gas Storage facility is intended to be the largest accessible gas storage facility in Europe.

Bergermeer Gas Storage will double the capacity in the Netherlands for seasonal storage and make an important contribution to the development of the Netherlands’ ambition to become the Northwest European gas hub.

Natural gas is the cleanest of all the fossil energy fuels and is vital to future sustainability of the energy supply in the Netherlands.

TAQA and EBN will invest more than EUR 800 million in the drilling of 14 new wells, the construction of the gas treatment installation in Alkmaar and the intervening pipelines.

Bergermeer Gas Storage will give the development of the energy industry in the vicinity of Alkmaar a significant boost. In total, the installation of the gas storage facility will provide 3,300 man-years of work, 2,650 in the Netherlands.

- ENDS -

For further information:
TAQA Media Relations, Abu Dhabi
Allan Virtanen
Tel +971 2 691 4894
Mob +971 5 66 852 717
firstname.surname@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com / www.bergermeergasstorage.com or Twitter: @TAQAGLOBAL

TAQA Full Year 2011 Financial Results 14 Mar 2012
TAQA today reported its full year 2011 operational and financial results.

Proposed dividend of AED 0.10 per share

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC ("TAQA" - ADX: TAQA), the global integrated energy company, today reported its full year 2011 operational and financial results.

  2010 2011 % +/-
Total assets 116,059 114,693 1
Total revenues 21,401 24,187 13
Power & Water (1) 6,857 7,436 8
Oil & Gas (2) 9,201 11,983 30
Fuel revenue 5,343 4,768 11
Cost of sales (14,250) (15,687) 10
EBITDA 10,804 14,008 30
Profit Before Tax 3,035 4,118 36
Net profit After Minority Interests 1,019 744 27
Basic earnings per share (AED) 0.17 0.12 29
Net Debt/EBITDA (times) 6.6 5.0 23
Net debt to capital (%) 78 78 -

All amounts in AED million unless otherwise stated

  1. Excludes fuel revenue but includes net liquidated damages in relation to Shuweihat 2 in 2011 and Fujairah 2 in 2010. Also includes certain other operating revenue relevant to the Power & Water business.
  2. Includes gas storage plus certain other operating revenue relevant to the Oil & Gas business.

Summary

2011 was another year of strong operational performance for TAQA, with total revenues growing by 13%. There was growth in both the Power & Water and Oil & Gas divisions, from new generating capacity and higher production in the UK North Sea. However, while high oil prices buoyed performance, this was offset by weakening North American gas prices. The decline in total assets and net profit was principally due to the lower gas price environment in North America, which led to a one-off impairment following the annual revaluation of TAQA،¯s portfolio. The net impairment of AED 470 million reflected an impairment of AED 616 million, offset by a deferred tax benefit of AED 146 million.

In addition, increased taxes on oil and gas production in the UK North Sea led to a higher effective tax rate which depressed TAQA's net result.

During the year, TAQA maintained a strong level of liquidity. In December, TAQA successfully issued US$1.5 billion in 5 and 10-year bonds at extremely attractive prices, taking advantage of strong market conditions to pre-finance maturities due in Q4 2012.

As a result of this positive performance and given its confidence in TAQA's position, the Board of Directors is proposing a dividend of AED 0.10 per share, subject to approval at the Annual General Meeting on 17 April 2012.

Carl Sheldon, Chief Executive Officer of TAQA, said:

"In 2011, we had a strong operational performance across our business, successfully growing both our Power & Water and Oil & Gas segments. During the year, we brought 3,500 MW of additional power production on line at Shuweihat 2 and Fujairah 2, and commenced construction on the project to increase the capacity of our power plant in Morocco.

"In Oil & Gas, we recovered from a difficult drilling season in Canada to maintain production levels. While weak North American gas prices have affected our performance, we are focusing our investment on liquid rich assets and monetising non-core acreage to mitigate this. In the UK North Sea, we grew production by 15% and added attractive acreage to our footprint, which, in line with our strategy, lies adjacent to our existing assets for cost effective development.

"Safety remains a core focus for TAQA and I am pleased that our recordable injury rate fell by 11% during the year and that our expansion project in Morocco recorded over 1 million man-hours without a single lost-time incident.

"In this 40th anniversary year of the UAE, TAQA remains committed to Abu Dhabi's vision and values, characterised by progressive development, investment and the pursuit of the highest global standards."

Stephen Kersley, Chief Financial Officer, said:

"Despite a strong operational performance, the impact of both the impairment in North America and increased taxes in the UK North Sea can be seen in our net financial result. We are committed to managing our portfolio of assets as effectively as possible to mitigate the effect of this, through tight cost control and judicious deployment of capital to those projects with the greatest return.

"Following a successful programme of debt refinancing and restructuring, TAQA is well placed for the future. The market's recognition of TAQA's strengths can be seen in how efficiently this was achieved and the attractive pricing we secured during our US$1.5 billion bond refinancing. This has left us in a strong position with nearly AED 18 billion of available liquidity."

Financial summary: 2011 versus 2010

Total revenues for 2011 were AED 24.2 billion, 13% higher year-on-year, compared with total revenues of AED 21.4 billion in 2010.

Total Power & Water revenues (excluding supplemental fuel income but including net liquidated damages and other operating revenues) increased from AED 6.9 billion in 2010 to AED 7.4 billion in 2011. This 8% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011, and Shuweihat 2 which began production in the second quarter 2011 and was fully commissioned in October 2011. These were partly offset by a decrease at Um Al Naar, where an amendment to the PWPA reduced capacity income from 7 December 2010.

Supplemental fuel income decreased 11% year-on-year due to lower use of alternative fuel supplies at TAQA's domestic power plants, in particular at Um Al Naar and Taweelah A1. This was offset by an increase at both Fujairah 2 and Shuweihat 2 as they were commissioned. Fuel is charged to the plants at cost, so a decline in revenues does not impact TAQA's profitability.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 9.2 billion in 2010 to AED 12.0 billion for 2011. This 30% increase versus the same period last year, was driven by stronger crude oil prices and higher production in the UK North Sea, offset by weaker North American gas prices. Within this, other operating revenue of AED 887 million in 2011, was higher mainly due to trade sales in the Netherlands and higher processing income and sulphur sales in North America.

Cost of sales increased by 10% from AED 14.3 billion to AED 15.7 billion. Fuel expenses were AED 4.2 billion in 2011 compared with AED 4.8 billion in 2010 due to reduced capacity at Um Al Naar, which was partly offset by an increase at Fujairah 1 and other UAE plants. At TAQA's international fleet, an unplanned outage at Takoradi reduced the fuel cost by AED 501 million, although this was offset by a AED 381 million increase at other plants - mainly in Morocco due to higher coal prices.

Operating expenses for Power & Water (which excludes fuel costs) increased from AED 1.8 billion for 2010 to AED 2.0 billion in 2011, due to the commissioning of Fujairah 2 and Shuweihat 2. Oil & Gas expenses rose from AED 3.4 billion in 2010 to AED 3.5 billion in 2011 due to higher gas costs at in the Netherlands for trade sales and higher power, fuel and lease costs in North America. These were mitigated by a AED 450 million reduction in the UK due to crude inventory movements.

Depreciation, Depletion and Amortisation ("DD&A") expenses for Power & Water were AED 1.6 billion in 2011 compared with AED 1.2 billion in 2010, principally due to Fujairah 2 and Shuweihat 2. For Oil & Gas, the DD&A expense rose to AED 3.7 billion in 2011 from AED 3.2 billion in 2010, due to higher production at in the UK and higher DD&A rates in North America and the UK, combined with an increase in abandonment liabilities in the Netherlands.

Finance costs increased from AED 4.0 billion in 2010 to AED 4.6 billion in 2011, largely due to the addition of the project financing related to the acquisition of Fujairah 2 and Shuweihat 2.

Profit Before Tax was AED 4.1 billion in 2011, 36% higher year-on-year than AED 3.0 billion in 2010, due to higher revenues as a result of the oil price, higher production in the UK North Sea, plus the positive impact of derivatives associated with Red Oak plant in the US.

Due to the tax increase in the UK North Sea, TAQA's effective tax rate rose to 62% in 2011, compared with 38% in 2010. The tax expense of AED 2.5 billion for 2011 compares with AED 1.2 billion in 2010, and also reflects higher earnings from the UK.

Net Profit After Minority Interests decreased 27% year-on-year, totalling AED 744 billion for 2011, versus AED 1.0 billion for 2010.

TAQA's Net Debt/Capital ratio was 78% at the end of the period and Net Debt/EBITDA improved to 5.0 times for 2011, versus 6.6 times for 2010.

Financing

Total debt of AED 73.9 billion was reduced from AED 76.8 billion following a buy-back of bonds worth AED 2.2 billion and repayment of the revolving credit facility.

In April 2011, TAQA successfully extended the maturity of its CDN$1 billion revolving credit facility in Canada to 2014.

On 2 October 2011, TAQA announced it had established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) as it continues to diversify its financing options. Post-period, on 5 March 2012, TAQA issued MYR650m under this programme. This was up scaled from MYR500m due to strong demand and achieved attractive pricing at a profit rate of 4.65%.In December 2011, TAQA raised US$1.5 billion in five and ten-year bonds in the international bond market at very low rates. A portion of the proceeds were used to buy back US$589 million of notes due in October 2012.

Consolidated cash on hand as at 31 December 2011 was AED 3.8 billion, compared with AED 5.5 billion at the end of 2010. TAQA had unused credit lines of AED 14.0 billion at the end of 2011, compared to AED 8.3 billion at the end of 2010, and total available liquidity of AED 17.9 billion compared to AED 13.8 billion for 2010.

Operational Review

Power & Water

TAQA's Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   2010 2011 % +/-
Total revenues in AED million
(excluding supplemental fuel revenue)
  6,857 7,436 8
% of overall revenues
(excluding supplemental fuel revenue)
  43% 39%  
Total generation capacity (MW) Global 15,905 15,412 3
Domestic 10,994 12,494 14
International 4,911 2,919 41
Total power production (GWh) Global 68,490 67,390 1
Domestic 39,397 48,087 22
International 29,093 19,303 33
Technical availability of power generation business (%) Global 92.5 92.4 -
Domestic 93.8 93.0 1
International 88.5 90.3 2
Water desalination capacity (MIGD) Total 787 887 13
Total water desalination (MIG) Total 195,415 220,530 13

TAQA produced 67,390 GWh of electricity and 220,530 MIG of water during 2011, generating total revenues of AED 7.4 billion for the year. The 8% increase in revenues compared to the same period last year, reflects the contribution from Fujairah 2, operational from January 2011 and Shuweihat 2 which had partial production from May 2011 and was fully operational in October 2011. Global technical availability was 92.4% for 2011.

Domestic

TAQA's domestic portfolio of assets generated 48,087 GWh of electricity and 220,530 MIG of water during 2011, reflecting the additional capacity of Fujairah 2 and Shuweihat 2. Domestic availability was 93.0%.

Supplemental fuel revenues decreased from the peaks recorded over the past 12 months as a result of less demand for back-up fuel at TAQA's UAE domestic assets.

Fujiarah 2, a 2,000 MW and 130 MIGD plant in Fujairah, was completed in July 2011 ¨C it is the second largest combined power and water plant in the world. In October, Shuweihat 2 in Abu Dhabi was completed, adding 1,500 MW of power generation and 100 MIGD of water desalination capacity.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the United States, generated 19,303 GWh of power during the year. International technical availability was 90.3%, higher than the same period last year, despite an outage at Takoradi in Ghana resulting from a generator rotor ground fault. The issue was fixed within three months, half the typical time, and the plant was fully back in service by early October.

In Morocco, construction began on the expansion of the Jorf Lasfar plant, which is proceeding within budget and on schedule. Commissioning and takeover of units 5 and 6 is planned for the end of 2013 and early 2014, respectively. By 31 December 2011, over 1 million man-hours had been spent on the project without a single lost time incident.

In India, TAQA signed a Memorandum of Understanding in June with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA's existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

TAQA's Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   2010 2011 % +/-
Total revenues in AED million   9,201 11,983 30
% of overall revenues
(excl. supplemental fuel income)
  57% 61%  
Total production
(mboe/day)
Global 134.6 139.1 3
North America 88.6 88.1 1
UK 37.3 42.9 15
Netherlands 8.7 8.1 7
Average net realized price of crude oil sold
(US$ per barrel)
North America 67.82 86.11 27
UK 80.34 112.18 40
Netherlands 82.61 98.97 20
Average net realized price of natural gas sold
(US$ per thousand feet)
North America 4.21 4.02 5
UK 6.81 9.28 36
Netherlands 7.75 10.63 37

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 12.0 billion for 2011, an increase of 30% compared to 2010. This uplift was driven primarily by the increase in realised crude oil prices and higher production in the UK North Sea, offset by lower North American gas prices. Other operating revenues were boosted by gas sales in the Netherlands and higher processing income and sulphur sales in North America.

Total average global daily production for 2011 increased to 139.1 mboe/day, compared with 134.6 mboe/day in 2010, within guidance for 2011.

In October, TAQA made a strategic investment of US$46.6m for a 19.9% stake in WesternZagros, an exploration company with operations in the Kurdistan region of Iraq.

North America

Production in North America was flat year-on-year at 88.1 mboe/day. This was primarily due to the cold weather issues experienced early in the year, where a prolonged break-up period hampered drilling. However, through swift reallocation of capital to projects in less affected areas much of this shortfall was made up.

UK

Production volumes in the UK North Sea averaged 42.9 mboe/day during the year, a 15% increase compared to the same period last year and at the top of production guidance for the year, due to two key additions:

  • In July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.
  • Also in July, TAQA acquired an initial 31% interest in the Otter field from Total and took over as operator of the field. Otter is tied back subsea to the TAQA operated Eider platform. The acquisition of Total's remaining 50% stake in Otter was completed in Q1 2012, taking TAQA's stake to 81%.

On 15 November 2011 TAQA announced the conditional acquisition for a consideration of $54.8 million including an allocation for tax allowances of a 16.6% interest in the North Sea Cladhan oil discovery from Premier Oil plc (Premier), which Premier was expected to own following completion of its proposed acquisition of Encore Oil plc. Since 1 January 2012, Premier has completed the acquisition of Encore, and completion of the Cladhan asset acquisition by TAQA is expected shortly. The blocks are located 18 kilometres southwest of the TAQA-operated Tern platform.

Netherlands

Production in the Netherlands averaged 8.1 mboe/day, a 7% decrease compared to the same period last year, but slightly ahead of management guidance for the year. Our Peak Gas Installation facility performed well, maintaining its track record of 100% availability.

In respect of the Bergermeer Gas Storage project, following the Dutch Parliament approval of the project in Q2 2011, the Council of State suspended the final permits pending a review of the appeals. TAQA expects a final ruling on the appeals in early 2012.

TAQA continues with the preparatory activities for the project, and some 10TWh made available in the first open season has been forward sold, in anticipation of final approval of the project.

Commodity price environment

During the quarter, the oil price continued to have a favourable impact on TAQA's financial results, although this was offset by weaker North American gas prices.

The WTI oil price averaged $95.01/bbl for 2011 compared with $79.40/bbl in 2010. Prices for Brent crude increased to an average of $109.22/bbl in 2011 versus $86.16/bbl in 2010.

NYMEX gas prices for 2011 averaged $3.98/mmbtu, versus $4.37/mmbtu for 2010.

Post-period corporate developments

In January 2012, Dr Saif Al Sayari was appointed Executive Officer Energy Solutions, responsible for developing the company's alternative and technology-driven energy solutions.

Also, in January 2012, TAQA divested non-core land holdings and operating assets in North America for a total of AED 1,835 million.

On 30 January 2012, TAQA entered into two farm in agreements with a subsidiary of Fairfield Energy Limited to acquire a 50% working interest in UK North Sea licences P184, P474 and P1634 which includes the Darwin oil discovery and related exploration acreage, adjacent to the North Cormorant and Pelican fields. The transactions are subject to government and certain third party approvals and are expected to complete in the coming months.

In February 2012, TAQA completed the acquisition of Total's 81% stake in Otter field in the UK North Sea.

In March 2012, TAQA completed a MYR 650m issuance within its MYR 3.5 billion Sukuk programme at a profit rate of 4.65%, with a fully swapped rate to US$ of 5.3%.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi
Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include oil and gas, power generation and water desalination across four continents.

TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, 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.

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of its business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA to Sponsor Zayed University’s Women as Global Leaders Conference 5 Mar 2012
TAQA today announced its sponsorship of Zayed University’s 4th Women as Global Leaders Conference, making TAQA the conference’s official Exclusive Partner Sponsor

TAQA to Sponsor Zayed University’s Women as Global Leaders Conference

  • TAQA’s support part of commitment to increase the number of Emiratis in leadership positions within the company’s global business
  • 4th annual event to be held in Abu Dhabi 13-15 March under the patronage of HH Sheikha Fatima Bint Mubarak and HE Sheikh Nahayan Mabarak Al Nahayan

Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA, ADX: TAQA), the global integrated energy company, today announced its sponsorship of Zayed University’s 4th Women as Global Leaders Conference, making TAQA the conference’s official Exclusive Partner Sponsor.

The 4th Women as Global Leaders Conference seeks to promote greater opportunities for female Emirati students and will be held under the patronage of Her Highness Sheikha Fatima Bint Mubarak, Supreme Chairperson of the Family Development Foundation, Chairperson of UAE Women’s General Union and Supreme Council for Motherhood and Children; and His Excellency Sheikh Nahayan Mabarak Al Nahayan, Minister for Higher Education & Scientific Research and President of Zayed University.

The Women as Global Leaders Conference will be held in Abu Dhabi, March 13 through March 15, 2012. The conference is expected to draw UAE and international students and scholars from more than 40 different countries. Speakers for this year's conference will include: Her Royal Highness Princess Lolowah Al Faisal (member of the Saudi Arabian Royal family); Her Highness Sheikha Saif Bint Saif Mohammed Al Nahayan; Her Excellency Raja Easa Al Gurg (Managing Director of Easa Al Gurg Group); Her Excellency Razan Al Mubarak (Secretary-General of the Environment Agency Abu Dhabi); Dr. Isobel Coleman (senior fellow at the Council on Foreign Relations, New York); Zeinab Badawi (BBC World News anchor); Hala Gorani (CNN anchor); and Sigourney Weaver (award-winning actress and humanitarian).

Commenting on the sponsorship, Carl Sheldon, CEO of TAQA, said: “We have adopted a multi-faceted Emiratisation strategy to deliver on a plan to recruit, train, develop and integrate UAE nationals at all levels in our business. This sponsorship of Zayed University’s Women as Global Leaders Conference reaffirms our commitment to support the Abu Dhabi Government’s initiative and is a step towards developing a broader range of areas of cooperation with Zayed University and other educational institutions in Abu Dhabi to further our Emiratisation goals. It is an honour and a privilege to partner with Zayed University for this important programme."

Dr. Sulaiman Al Jassim, Vice President of Zayed University, said: “The Women as Global Leaders Conference continues the University’s commitment to the development and promotion of women’s leadership. Zayed University is appreciative of TAQA's visionary thinking and their commitment to increasing the number of Emiratis in leadership positions within the energy sector makes them an ideal partner for this event. We are thankful for TAQA’s generous support and delighted to be working alongside the nation’s energy champion."

TAQA is creating opportunities for UAE nationals with the goal of increasing the number of Emiratis in leadership positions in the company’s global businesses. Some of these initiatives include the Emiratisation Trainee Programme; a two-month internship programme, and the TAQA Leadership Programme which aims to create opportunities for experienced UAE nationals.

- ENDS -

Contact Information for Media – TAQA Global Media Relations

Allan Virtanen
Head of Corporate Communications
Mobile: +971 (0) 56 685 2717
Tel: +971 2 691 4900
Email: allan.virtanen@taqaglobal.com

Chaza Eskandar
Associate-Public Relations & Corporate Communications
Mobile: +971 (0) 50 811 9686
Tel: +971 (0) 2 691 4962
Email: ceskandar@taqaglobal.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents.

With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA wins Scottish Business Award 28 Feb 2012
There was success for TAQA at the 2012 Scottish Business Awards when it was named winner of the ‘Growth Strategy of the Year’ category.

There was success for TAQA at the 2012 Scottish Business Awards when it was named winner of the ‘Growth Strategy of the Year’ category.

TAQA came out top in a very competitive field of eight companies to be presented with the accolade at an awards dinner in Edinburgh.

The Scottish Business Awards is the country's premier cross-industry business awards programme, recognising the people and companies that are changing the face of Scotland with the goods, services and innovations they provide.

"This award is a fantastic tribute to everyone associated with TAQA Bratani and our rise from being a new entrant in our industry to becoming one of the major players in the nation’s oil and gas sector," says managing director Leo Koot. "It is due first and foremost to our people and their commitment to doing things the TAQA Way."

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. 

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA completes successful issuance of MYR650 million Sukuk 26 Feb 2012
TAQA today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its MYR3.5 billion Sukuk programme established in November 2011.

Issuance expanded from MYR500 million due to strong demand

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), the global integrated energy company (ADX: TAQA), today announced that it has successfully completed a MYR650 million Sukuk (c.US$215 million) issuance, as part of its MYR3.5 billion Sukuk programme established in November 2011.

The issue saw strong interest from a well-diversified group of top Malaysian asset management companies and quality Islamic investors. Against an overwhelming demand, TAQA priced an additional MYR150 million and accordingly upsized the issue to MYR650 million.

The 10 year Sukuk has been raised with a profit rate of 4.65% with a full swapped rate to US dollars of 5.3%.

TAQA is the first non-financial institution in the MENA Region to complete a Ringgit Sukuk issuance.

Standard Chartered Saadiq Berhad, acted as the Lead Arranger in this transaction.

Stephen Kersley, Chief Financial Officer, said: “This successful transaction opens up a new market and debt structure for TAQA. The significant demand, attractive pricing and speed of turnaround from the Malaysian market, enhances our future financing flexibility and underlines the confidence of global markets in our business”

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations
Tel +971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
Tel +971 2691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi

Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971566852717
firstname.surname@taqaglobal.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents.

With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

About TAQA’s Ringgit programme

TAQA established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) in November 2011 to continue to diversify its financing options in various markets. The programme will allow TAQA to issue debt swiftly when market conditions are optimal.

In January 2012, RAM Ratings assigned a preliminary AA1 rating to TAQA’s MYR3.5 billion Islamic debt facility.

TAQA Preliminary Financial Results for FY 2011 14 Feb 2012
TAQA today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

TAQA delivers robust operational performance
Gross profit up 20%, Net profit affected by one-off impairment plus increase in UK taxes

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

14 February 2012, Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), the international energy company (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2011.

Comprehensive, audited full year 2011 results are due to be published on 14 March 2012.

(AED million) FY 2010 Actual FY 2011 Preliminary % Change
Total assets 116,059 114,848 -1%
Revenues 24,401 24,360 +14%
Gross Profit 7,151 8,557 +20%
Net Profit 1,019 752 -26%
Earnings per share (fils) 17 12 -24%

TAQA recorded a strong top line performance with a 14% increase in revenues due to higher oil prices, plus growth in its Power & Water portfolio. Gross Profit increased 20% compared with 2010 despite an impairment charge taken in North America. Net Profit decreased by 26% to AED 752 million in 2011 compared to 2010. The basic earnings per share decreased from 17 fils to 12 fils. Total assets decreased by 1% to reach AED 114,848 million in 2011.

The decline in total assets and net profit was partially due to a one-off impairment charge at TAQA North, following the annual revaluation of TAQA’s portfolio. The net impairment charge of AED 528 million, or 8 fils per share, reflects an impairment of AED 706 million, offset by a deferred tax benefit of AED 178 million.

In addition, profits were affected by additional taxes on UK oil and gas producing companies which came into effect on 24 March 2011. Income tax expense for the UK was AED 1,588 million higher in 2011, compared with 2010.

Comment

Carl Sheldon, Chief Executive Officer of TAQA, said:

“TAQA’s performance during 2011 is evidence of our operational maturity and our ability to identify new, exciting opportunities for growth. Across every aspect of our business we have continued to focus on driving these efficiencies while harnessing the opportunities our portfolio offers. An excellent example of this is the Falcon Field in the UK North Sea, which we identified and brought on-stream within two years, a record for the region, adding new production to our Oil & Gas portfolio.

“While financial performance was ultimately dampened by external factors beyond our control, our vigorous focus on costs and our proven ability to exploit opportunities, combined with the steps we have already taken to secure our future growth and financing, position TAQA for a strong start to 2012.”

Corporate activity during 2011

During the 12 month period, TAQA completed the following corporate initiatives:

  • December: TAQA raised US$ 1.5 billion in five and ten-year bonds in the international bond market. A portion of the proceeds of this issuance were used to pay back US$ 589 million of notes due in October 2012.
  • October: Carl Sheldon appointed as Chief Executive Officer following H.E. Abdulla Saif Al Nuaimi’s decision to focus on his role at ADWEA.
  • May: Stephen Kersley is appointed as Chief Financial Officer following Doug Fraser’s decision to retire and return to Canada.

In addition to the above, TAQA achieved the following milestones during 2011:

Oil & Gas

  • December: 90% of the total 11TWh (1 BCM) of first season storage capacity is pre-sold at the Bergermeer Gas Storage facility in the Netherland to its three launch customers for durations of 4 – 10 years, subject to positive conclusion of regulatory appeal process.
  • November: In the UK North Sea, TAQA complimented its existing operations by acquiring adjacent North Sea assets from Premier Oil PLC.
  • October: TAQA made a strategic investment of $46.6mm in WesternZagros a Canadian based company with holdings in the Kurdistan region of Iraq. The acquisition expanded TAQA’s footprint to include oil & gas operations in the Greater MENA region.
  • May: Final Bergermeer Gas Storage permits and approvals received to construct and operate the gas storage facility. A regulatory appeal process is outstanding and is expected to be resolved in the first half of 2012.
  • Continued progress in the disposal of non-core assets in the North American portfolio, in line with the focussed strategy.

Power & Water

  • October: Completion of Shuweihat 2 plant in Abu Dhabi, adding 1,500 MW of electricity generation and 100 MIGD of desalination capacity.
  • July: Completion of Fujairah 2, a new 2,000 MW, 130 MGID plant in Fujairah.
  • July: Signed a Memorandum of Understanding with Jyoti Structures Limited (Jyoti) to explore opportunities in the power sector in India, as well as to double TAQA;s existing 250MW plant at Neyveli.
  • March: Broke ground on TAQA’s expansion project at the Jorf Lasfar plant in Morocco, which will increase capacity by 700 MW.

Post-period items

  • January: Appointment of Dr Saif Al Sayari as Executive Officer Energy Solutions responsible for developing the Company’s alternative and technology-driven energy initiatives, reporting to Carl Sheldon, CEO. The Energy Solutions business has been created as part of TAQA’s strategy to compliment its existing operations with alternative and technology-driven energy initiatives.
  • January: Two divestments totalling AED 1,835 million were agreed in North America relating to certain non-core land holdings and operating assets

Comprehensive, audited full year 2011 results are due to be published on 14 March 2012.

– ENDS –

For further information:
TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
Tel +971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
Tel +971 2 691 4964
firstname.surname@taqaglobal.com

TAQA Media Relations, Abu Dhabi
Allan Virtanen, Head of Corporate Communications
Tel +971 2 691 4894
Mob +971 56 685 2717
firstname.surname@taqaglobal.com

About TAQA

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents.

With operations in the UK, the Netherlands, North America, the company’s Oil & Gas business includes exploration and production, storage and pipelines. TAQA produces almost 137,000 barrels of oil equivalent per day as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is one of the largest independent power producers in the world with power plants located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA Announces UK North Sea Farm-in Agreements 13 Feb 2012
TAQA today announced two farm-in agreements with a subsidiary of Fairfield Energy Limited (Fairfield) for oil and gas licences in the UK North Sea.

Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced two farm-in agreements with a subsidiary of Fairfield Energy Limited (Fairfield) for oil and gas licences in the UK North Sea.

The agreements will result in TAQA Bratani Limited, a wholly owned subsidiary of TAQA, acquiring a 50% interest in licences P184, P474 and P1634 which include the Darwin oil discovery and prospective exploration acreage south of Darwin in consideration for TAQA undertaking a work programme on the licences and making a cash payment to Fairfield. The licences are located next to the TAQA operated North Cormorant and Pelican fields in the Northern North Sea and cover blocks 211/27a, 211/27c and 211/27e.

Leo Koot, managing director of TAQA Bratani Limited said: “These licences are located adjacent to our existing core infrastructure and represent an excellent opportunity for TAQA to expand its footprint in the Northern North Sea. Darwin has very exciting exploration and development potential and we look forward to working with Fairfield to appraise the opportunity. The activity that will result from this transaction and other agreements we have entered into during the past year speak directly to our long-term commitment to the region.”

The transactions are subject to government and certain third party approvals and are expected to complete in the coming months.

- ENDS -

Contact Information for Media:

TAQA Global Media Relations
Allan Virtanen
Global Head of Corporate Communications
Mobile: +971 56 685 2717Tel: +971 2 691 4900
allan.virtanen@taqaglobal.com

TAQA UK Media Relations
Britta Hallbauer
Corporate Communications Manager
Tel: +44 1224 275565
britta.hallbauer@taqaglobal.com

Note for Editors

About TAQA - www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. TAQA’s main activities include the oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

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

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA Appoints Dr Saif Al Sayari as Executive Officer Energy Solutions 22 Jan 2012
Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that the Board of Directors has appointed Dr Saif Al Sayari as Executive Officer responsible for developing TAQA’s alternative and technology-

Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that the Board of Directors has appointed Dr Saif Al Sayari as Executive Officer responsible for developing TAQA’s alternative and technology-driven energy initiatives, reporting to Carl Sheldon, CEO of the company.

Carl Sheldon, CEO, TAQA, commented: “As part of our strategy TAQA will compliment existing operations with alternative and technology-driven energy initiatives. We are currently pursuing several alternative energy initiatives at different levels and Dr Al Sayari will help us realise these projects within a single focused global team based at our headquarters in Abu Dhabi.”

Dr Al Sayari has over 12 years experience in the energy business, having previously worked at Abu Dhabi National Oil Company (ADNOC) where he held a variety of technical and managerial positions. Dr Al Sayari previously served as Vice President Operations Technology and Innovations for TAQA’s Oil & Gas business stream.

Dr Al Sayari and the newly developed Energy Solutions business stream will continue to develop TAQA’s centre of excellence in advanced technology solutions for TAQA’s global Oil & Gas and power generation operations.

Dr Al Sayari holds a PhD in Petroleum Engineering from Imperial College London.

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

TAQA Announces Bergermeer Launch Customers 19 Dec 2011
Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange (ADX: TAQA), and partner EBN B.V. (EBN), an independent company with the Dutch State as its sole shareholder, are pleased to welcome three launch customers for the Bergermeer Gas Storage facility in the Netherlands.

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange (ADX: TAQA), and partner EBN B.V. (EBN), an independent company with the Dutch State as its sole shareholder, are pleased to welcome three launch customers for the Bergermeer Gas Storage facility in the Netherlands.

Statoil ASA (Statoil), Vattenfall Energy Trading Netherlands N.V. (Vattenfall) and a third European energy company have together secured more than 90% of the total 11 TWh (1 BCM) of annual storage capacity made available as part of the 2011 Bergermeer Gas Storage Open Season. The three launch customers secured both fixed price and indexed price long-term contracts with durations between 4 and 10 years as of April 2015. The indexed price agreements are based on a multiplier of the annual summer-winter price spread at the Dutch TTF gas trading hub.

Carl Sheldon, CEO, TAQA: “We are very pleased to welcome three of Europe’s largest energy companies as launch customers for Bergermeer Gas Storage. The vast market demand for our storage capacity is proof of northwest Europe’s need for the seasonal flexibility offered by this project. Bergermeer is coming to market at the right time and will be a game changer.”

Jan Dirk Bokhoven, CEO, EBN: “It is our aim to make profitable use of the Dutch subsurface, also when domestic gas production declines in the future. Bergermeer Gas Storage is an excellent example of doing just that. By our participation EBN will secure optimal benefits for Dutch society.”

Rune Bjّrnson, Senior Vice President Natural Gas, Statoil: “Statoil is pleased to have secured a launching position in the Bergermeer Gas Storage facility which will play an important role in the further development of the European gas business.”

Stephen Asplin, Head of Vattenfall Energy Trading: “Bergermeer Gas Storage will provide additional tools to Vattenfall's extensive portfolio ensuring security of gas supply. Additionally it will enhance liquidity and further improve the functioning of the Dutch gas market."

Bergermeer Gas Storage is essential for the Netherlands’ plan to enhance security of energy supply and become the gas hub of Northwest Europe. Bergermeer Gas Storage will have a total working volume of 46 TWh (4.1 BCM). It will be Europe’s largest open access gas storage facility and double the Netherlands’ total seasonal storage capacity. The total working volume of Bergermeer Gas Storage is the equivalent of the annual gas consumption of more than 2.5 million Dutch households.

The project’s USD 1.1 Billion final investment decision was taken by the Bergermeer Gas Storage project consortium in 2009. The 2011 Open Season was launched in May 2011 following the Dutch government’s approval of the permits for constructing and operating Bergermeer Gas Storage. The Dutch Council of State is currently reviewing appeals and a verdict is expected in early 2012.

Bergermeer Gas Storage is planned to become operational in 2014, with full capacity available as of 2015. Remaining available working volume will be made available closer to the start of commercial operations.

- ENDS -

Contact Information for Media:

TAQA Global Media Relations

Allan Virtanen
Manager Group Corporate Communications
Mobile: +31 64 61 47 448
Tel: +971 2 691 4900
allan.virtanen@taqaglobal.com

Note for Editors

About TAQA - www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. TAQA’s main activities include the oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, Morocco, Oman, Saudi Arabia, Ghana, India, and the United States.

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

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

About EBN - www.ebn.nl

EBN is active in the exploration for, production of and trading in oil and gas in the Netherlands. Together with other national and international oil and gas companies EBN invests in exploration and production and in gas storage facilities in the Netherlands. EBN does not aim to be the operator in the joint ventures, but invests, facilitates and shares its knowledge. EBN is also involved in selling Dutch natural gas via its interest in GasTerra. EBN distributes all the profits from these activities to the State, our sole shareholder. EBN also advises the government on the mining climate in the Netherlands and on new applications of the subsurface.

About Bergermeer Gas Storage - www.bergermeergasstorage.com

Bergermeer Gas Storage is necessary for the Netherlands’ security of supply and is an essential component of the Netherlands’ plan to become the gas hub of Northwest Europe. Bergermeer Gas Storage will be Europe’s largest open access gas storage facility and will double the Netherlands’ total seasonal gas storage capacity.

TAQA, with a 60% stake, is the operator of the Bergermeer Gas Storage facility and also acts as the marketing agent for all storage capacity. EBN B.V., an independent company with the Dutch State as its sole shareholder, holds a 40% stake in the Bergermeer Gas Storage project.

Flexible gas infrastructure will also enable further growth of intermittent renewable energy sources such as wind energy.

TAQA Third Quarter 2011 Results 15 Nov 2011
TAQA today reported its Second Quarter 2011 operational and financial results.

Strong financial results underpinned by robust operational performance and positive oil price environment

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its third quarter 2011 operational and financial results.

  Q3 2011 Q3 2011 % Change 9M 2011 9M 2010 % change
Total Assets 114,200 105,289 8% 114,200 105,289 8%
Total Revenues 6,168 5,201 19% 18,743 15,118 24%
Power & Water (1) 2,000 1,917 4% 5,575 5,041 11%
Oil & Gas (2) 3,010 1,757 71% 9,011 6,292 43%
Supplemental fuel revenue 1,158 1,527 24% 4,157 3,785 10%
Cost of sales (3,731) (3,327) 12% (11,760) (10,187) 15%
EBITDA 3,727 2,900 29% 10,670 7,987 34%
Profit Before Tax 1,513 679 123% 3,851 2,094 84%
Net profit After Minority Interests 537 218 146% 1,124 676 66%
Basic earnings per share (AED) 0.09 0.04 125% 0.19 0.11 73%
Net Debt/EBITDA (times) 4.7 5.6 26% 4.9 6.5 20%
Net debt to capital (%) 81% 82% 1% 81 82% 1%

All amounts in AED million unless otherwise stated

  1. Excludes supplemental fuel revenue but includes net liquidated damages in relation to Shuweihat 2 in 2011 and Fujairah 2 in 2010. Also includes certain Other Operating Revenue relevant to the Power & Water business.
  2. (2) Includes Gas Storage plus certain Other Operating Revenue relevant to the Oil & Gas business.

Brief summary of results

During the third quarter of 2011 TAQA generated total revenues of AED 6.2 billion, resulting in EBITDA of AED 3.7 billion and Net Profit after Minority Interests of AED 537 million - more than double the profit for the same period last year.

Key drivers for this strong performance were the impact of positive oil prices, plus the net impact of TAQA's expanded Power & Water operations, and a small increase in global oil and gas production led by TAQA's UK North Sea operations.

Comment

H.E Abdulla Saif Al Nuaimi, Vice Chairman of TAQA, said:

"TAQA's growth and exceptional operational performance is evident in this positive set of results, which reflect the continued commitment of the Board and management team in building TAQA into a world-class, diversified energy company."

Carl Sheldon, Chief Executive Officer of TAQA, said:

"Global demand for fuel and power continues to grow, with Middle Eastern markets, in particular, demonstrating attractive supply/demand dynamics. TAQA's operational excellence and experience positions us well to meet this demand. The recently announced WesternZagros deal in the Kurdish region of Iraq is an example of us growing our footprint in the IMENA region and entering new countries with attractive market dynamics, in line with our stated strategy."

"While delivering our growth strategy in the medium and long-term is the priority for TAQA, I am particularly pleased with our quarterly and nine month performance, which has been excellent on both a financial and operational level."

Stephen Kersley, Chief Financial Officer of TAQA, said:

"Once again, these results demonstrate the benefit we derive from TAQA's diversified business model. With continued strong revenue growth and careful cost control, the third quarter characterises TAQA's performance for 2011 so far."

"Equally, we continue to manage our finances prudently. While our cash position remains strong and we have comfortable levels of undrawn credit facilities, we continue to watch the markets closely to ensure we prudently manage our re-financing obligations coming due in October 2012."

Financial summary: Q3 2011 versus Q3 2010

Total revenues for Q3 2011 were AED 6.2 billion, 19% higher year-on-year, compared with total revenues of AED 5.2 billion in Q3 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 1.8 billion to AED 3.0 billion for Q3 2011. This 71% increase, versus the same period last year, was driven by stronger crude oil prices, plus higher production in the UK North Sea.

Total Power & Water revenues (excluding supplemental fuel income but including net liquidated damages) increased from AED 1.9 billion in Q3 2010 to AED 2 billion in Q3 2011. This 4% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011, and Shuweihat 2 which began production in the second quarter 2011 and is expected to be fully commissioned by the end of November.

Supplemental fuel income decreased 24% year-on-year due to lower use of alternative fuel supplies at TAQA's domestic power plants. Fuel is charged to the plants at cost, so a decline in revenues does not impact TAQA's profitability.

Cost of sales increased 12% from AED 3.3 billion to AED 3.7 billion. Within this, fuel expenses and gas storage costs were in line with revenues received. Operating expenses (which excludes fuel and gas storage costs) increased from AED 866 million for Q3 2010 to AED 1.4 billion in Q3 2011. However, this increase reflects the impact of inventory movements in the UK and Dutch North Seas. Underlying operational expenses were in line with TAQA's budget despite operating in a more competitive market where overall operational costs are increasing.

Depreciation, depletion and amortisation increased 24%, reflecting TAQA's increased asset base, including Fujairah 2 and Shuweihat 2, plus higher production at TAQA's UK North Sea fields.

Profit Before Tax was AED 1.5 billion, 123% higher year-on-year, due to higher revenues as a result of the oil price, higher production in the UK North Sea plus the positive impact of derivatives and foreign exchange.

Net Profit After Minority Interests increased 146% year-on-year, totalling AED 537 million for Q3 2011, versus AED 218 million for Q3 2010.

TAQA's Net Debt/Capital ratio was 81% at the end of the third quarter reflecting higher total debt due to the transfer of the revenue-generating assets (Fujairah 2 and Shuweihat 2), plus decreased equity resulting from foreign exchange movements. Net Debt/EBITDA improved to 4.7 times for Q3 2011, versus 5.6 times at the end of Q3 2010.

Operational highlights

Power & Water

TAQA's Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability.

Key Performance Indicators   Q3 2010 Q3 2011 % change
Total revenues in AED million
(excluding supplemental fuel revenue)
  2,000 1,917 4%
% of overall revenues
(excluding supplemental fuel revenue)
  40% 52% 12%
Total generation capacity (MW) Global 16,334 16,903 3%
Domestic 12,494 10,775 16%
International 3,840 6,128 37%
Total power production (GWh) Global 20,514 16,750 22%
Domestic 16,865 12,878 31%
International 3,649 3,872 6%
Technical availability of power generation business (%) Global 96% 97% 1%
Domestic 96% 99% 3%
International 91% 90% 1%
Water desalination capacity (MIGD) Total 884 784 13%
Total water desalination (MIG) Total 57,272 47,047 22%

TAQA produced 20,513 GWh of electricity and 57,272 MIG of water during Q3 2011, generating total revenues of AED 2 billion for the third quarter. The 4% increase in revenues compared to the same quarter last year reflects the contribution from Fujairah 2, operational from January 2011 and Shuweihat 2 which had partial production from May 2011. Global technical availability was 96% for the third quarter of 2011, once again reflecting the excellent performance of TAQA's power assets.

Domestic

TAQA's domestic portfolio of assets generated 16,865 GWh of electricity and 57,272 MIG of water during the third quarter of 2011, reflecting the additional capacity of Fujairah 2 and a partial contribution from Shuweihat 2.

The first unit of the Shuweihat 2 plant was fully operational in July 2011. The second unit of the plant commenced production in July 2011 and is expected to reach full production by the end of November 2011.

Supplemental fuel revenues decreased from the peaks recorded over the past 12 months as a result of slightly less demand for back-up fuel at TAQA's UAE domestic assets.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the USA, generated 3,649 GWh of power during the third quarter. International technical availability was 91%, a slight increase compared to the same period last year despite an outage at Takoradi in Ghana resulting from a generator rotor ground fault. The issue has now been fixed and the plant was fully back in service in early October.

In Morocco, the expansion of the Jorf Lasfar plant is proceeding within budget and on schedule. Commissioning and takeover of units 5 and 6 is planned for the end of 2013 and early 2014, respectively.

In India, TAQA signed a Memorandum of Understanding in June with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA's existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centres of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q3 2010 Q3 2011 % change
Total revenues in AED million   3,010 1,757 71%
% of overall revenues
(excluding supplemental fuel income)
  60% 48% 12%
Total production (mboe/day) Global 138.5 136.8 1%
North America 87.4 88.2 1%
UK 43.5 40.2 8%
Netherlands 7.6 8.4 10%
Average net realized price of crude oil sold North America 82.01 65.15 26%
UK 114.81 77.24 49%
Netherlands 102.40 92.18 11%
Average net realized price of natural gas sold (US$ per thousand feet) North America 4.14 3.70 12%
UK 9.50 6.71 42%
Netherlands 10.74 7.29 47%

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 3.0 billion for Q3 2011, an increase of 71% compared to Q3 2010. This uplift was driven primarily by the increase in realised crude oil prices and higher production in the UK North Sea.

Total average global daily production for Q3 2011 marginally increased to 138.5 mboe/day, compared with 136.8 mboe/day in Q3 2010, within guidance for FY 2011.

North America

Production in North America was flat year-on-year primarily as a result of the cold weather issues experienced early in the year.

UK

Production volumes in the UK North Sea averaged 43.5 mboe/day in the third quarter, an 8% increase compared to the same period last year due to two key additions.

In July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.

Also in July, TAQA completed of the first phase of its acquisition of the Otter field and at the same time has taken over as operator. The field is tied back subsea to the TAQA operated Eider platform. This is the first phase of the transaction which was signed between Total and TAQA in October 2010, which will eventually result in TAQA taking ownership of Total's entire equity stake of 81% in production licenses for two blocks.

Netherlands

Production in the Netherlands averaged 7.6 mboe/day, a 10% decrease compared to the same period last year but within management guidance for the year.

Regarding the Bergermeer Gas Storage project, following the Dutch Parliament approval of the project in Q2 2011, the Council of State suspended the final permits pending a review of the appeals. TAQA expects a final ruling on the appeals in early 2012.

TAQA continues with the preparatory activities for the project, including cushion gas injection, contract awards and the 2011 open season for long-term capacity.

During the quarter, the oil price continued to have a favourable impact on TAQA's financial results.

WTI oil price averaged $89.54/bbl for Q3 2011, compared with $76.96/bbl in the same period last year. Prices for Brent crude increased to an average of $112.09/bbl in Q3 2011, versus $76.21/bbl in Q3 2010.

The North American natural gas prices remained consistent year-on-year, with NYMEX gas prices for Q3 2011 averaging $4.06/mmbtu, versus $4.24/mmbtu for the equivalent period in 2010.

Post-period corporate developments

In October TAQA made three significant announcements:

  • On 2 October, TAQA announced it had established a 3.5 billion Malaysian Ringgit programme ($1.1 billion) as it continues to diversify its financing options. The programme will allow TAQA to issue debt swiftly when market conditions are optimal.
  • Secondly, on 17 October, TAQA announced a strategic investment agreement with WesternZagros Resources Ltd. Under the terms of this agreement, TAQA will purchase shares for a total of CDN$46.6 million or 19.9% of the company. The proceeds from the private placement will be used towards WesternZagros's 2011/2012 capital and operating program in Kurdish region of Iraq, in line with TAQA،¯s stated strategy to start building its Oil & Gas footprint in the IMENA region.
  • Finally, on 26 October, Carl Sheldon was appointed Chief Executive Officer of the company. Carl was previously the General Manager for TAQA since October 2009 and is a member of TAQA's Board of Directors.

In November, TAQA announced the intention to acquire a 16.6% non-operated working interest in Blocks 210/29a and 210/ 30a in the Cladhan area of the UK Northern North Sea for a consideration of $54.8 million. The blocks are located 18 kilometers southwest of the TAQA-operated Tern platform, TAQA has also agreed to farm-in to Blocks 28/5, 29/1d and 28/10a located in the Central North Sea, which includes the Coaster prospect.

- ENDS -

For further information:
TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

About TAQA

www.taqaglobal.com

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA's power plants are located in the United Arab Emirates, 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.

Its entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA reaches a conditional agreement to acquire North Sea assets from Premier 15 Nov 2011
TAQA Bratani Limited (“TAQA Bratani”), the UK subsidiary of Abu Dhabi National Energy Company PJSC, has agreed to purchase from Premier Oil plc

Aberdeen, U.K- TAQA Bratani Limited (“TAQA Bratani”), the UK subsidiary of Abu Dhabi National Energy Company PJSC, has agreed to purchase from Premier Oil plc (“Premier”) certain assets that Premier will acquire following completion of its acquisition of Encore Oil plc. Under the agreement, TAQA will acquire a 16.6% per cent working interest in the Sterling-operated Cladhan area that is located in Blocks 210/29a and 210/30a in the Northern North Sea 17.5 km southwest of the TAQA operated Tern platform, for a consideration of $54.8 million including an allocation for tax allowances. TAQA has also agreed to farm-in to Blocks 28/5, 29/1d and 28/10a located in the Central North Sea.

Leo Koot, TAQA Bratani's managing director, said: “This agreement reinforces TAQA’s commitment to the North Sea. Cladhan is located adjacent to our existing operations in the Northern North Sea and it is a significant development in the area. The farm-in which includes access to the Coaster prospect, speaks to a further expectation of TAQA's strategy. We are eager to expand our exploration portfolio to include high quality opportunities outside our existing core area. We anticipate drilling the Coaster prospect with Premier next year.”

- ENDS -

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

About TAQA

Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).

TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.

Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% 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 USA.

Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.

Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.

TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.

Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.

For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

Carl Sheldon Appointment as TAQA CEO 26 Oct 2011
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), has appointed Carl Sheldon

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), has appointed Carl Sheldon, Chief Executive Officer of the company. He succeeds H.E. Abdulla Saif Al Nuaimi, who stepped down as TAQA’s Chief Executive Officer in July 2011 to focus on his role as director general of Abu Dhabi Water and Electricity Authority (ADWEA).

H.E Hamad Al Hurr Al Suwaidi, Chairman of the TAQA board, commented: “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 .”

Mr. Sheldon will remain member of the board of directors of TAQA.

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.
TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA’s power plants are located in the United Arab Emirates, 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.
Their entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

For further information please contact:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Mohammed Mubaideen
Investor relations Manager
+971 2 691 4964

TAQA Invests C$46.6 Million in WesternZagros 17 Oct 2011
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce a strategic investment agreement (the “Agreement”) with WesternZagros Resources Ltd

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), is pleased to announce a strategic investment agreement (the “Agreement”) with WesternZagros Resources Ltd. ("WesternZagros" or “the Company”). Under the Agreement, TAQA will purchase, through a private placement, 74 million common shares in the Company at CDN$0.63 per share for gross proceeds of CDN$46,620,000. When this private placement is completed, TAQA will own approximately 19.9% of the Company’s issued and outstanding common shares.

Carl Sheldon, General Manager of TAQA, said “This investment in WesternZagros reflects our focus on developing TAQA’s footprint in the MENA (Middle East-North Africa) region. TAQA brings technical and operational expertise and a proven track record in developing challenging oil and gas projects, while WesternZagros has already built successful operations in the Kurdistan region of Iraq. We believe that the fit between these complementary strengths will yield the potential for significant added value through future developments.

WesternZagros’s Chief Executive Officer, Simon Hatfield adds, “This landmark agreement represents a significant leap forward for us. TAQA is an excellent strategic investor for WesternZagros given their proven track record, their support for our direction and their deep knowledge of our operating region. We are excited about the opportunities we are pursuing in the next twelve months, including further appraisal of the Sarqala and Kurdamir discoveries, and exploration drilling at Mil Qasim. We remain confident that our conservative, step-wise approach to realizing the full potential of our exceptional exploration assets will deliver results for our shareholders in the future."

Under the terms of the Agreement, a representative from TAQA will join WesternZagros’s Board of Directors. In addition, WesternZagros has granted certain rights to TAQA to participate for its pro-rata share in future equity issuances by the Company. The Shares issued under the Agreement will be subject to a hold period until June 30, 2012.

The proceeds from the private placement will be used towards WesternZagros’s 2011/2012 capital and operating program. The Agreement is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Stock Exchange. The closing is expected to occur on or about October 31, 2011.

About WesternZagros Resources Ltd.

WesternZagros is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros’ shares trade in Canada on the TSX Venture Exchange under the symbol “WZR”.

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Main activities include their oil and gas business, power generation and water desalination across four continents.

TAQA is one the largest independent power producer in the world and the majority owner of the facilities that provide 98 per cent of the water and electricity requirements in the Emirate of Abu Dhabi. TAQA’s power plants are located in the United Arab Emirates, 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.

Their entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of their business.

For further information please contact:

Allan Virtanen
TAQA Media Relations, Abu Dhabi

Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Netherlands Council of State Receives Bergermeer Gas Storage Advisory Report 5 Oct 2011
Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government, welcomes the Bergermeer Gas Storage advisory report

Netherlands Council of State Receives Bergermeer Gas Storage Advisory Report

  • TAQA recognises the advice as an endorsement of earlier research
  • Report confirms earlier research into external safety and earth tremor
  • TAQA confident in positive final decision on the appeal

Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government, welcomes the Bergermeer Gas Storage advisory report and recognises the advice as an endorsement of earlier research into safety and the environment on which the government’s permit approvals are based. The advisory report was commissioned by the Council of State and compiled by Stichting Advisering Bestuursrechtspraak (StAB), an independent organisation tasked to advise the administrative jurisdiction division of the Council of State in juridical cases. The advisory report will be used by the Council of State as advice in the court case regarding the 14 appeals submitted against the permits for constructing and operating Bergermeer Gas Storage. The permits were issued by the Dutch Minister of Economic Affairs, Agriculture & Innovation, Minister of Infrastructure & Environment and other authorities in May 2011.

Bergermeer Gas Storage is necessary for the Netherlands’ security of supply. The flexibility offered by indigenous natural gas production in the Netherlands is decreasing and additional gas storage capacity will be needed to ensure sufficient gas supplies in the coming years especially during winter months. Gas storage capacity is also required for the transition to a sustainable energy supply and to guarantee the flexibility needed for a functioning gas market.

The advisory report includes, among other topics, an analysis of the possibility of earth tremors related to Bergermeer Gas Storage. Three independent institutes, Royal Netherlands Meteorological Institute (KNMI), Netherlands Organisation for Applied Scientific Research (TNO) and Massachusetts Institute of Technology (MIT), have concluded that the risk of a light earth tremor is limited. StAB agrees with the previous reports on this topic and concludes that the increase in reservoir pressure will have a positive effect on the reservoir’s geological stability and that any earth tremor would not exceed the maximum limit which has been consistently viewed as acceptable for gas production and storage activity in the Netherlands.

The advisory report also includes an analysis of external safety and effects of Bergermeer Gas Storage on the local environment. The advice confirms that the external safety effects have been sufficiently covered. Some birds could possibly be affected by peak noise levels during the drilling and construction of Bergermeer Gas Storage. Besides technical measures to minimise noise levels, TAQA has agreements in place with the Province Noord-Holland regarding nature compensation. The agreements have been prepared and executed in good cooperation with regional environmental groups.

Bergermeer Gas Storage is an essential component of the Netherlands’ plan to become the gas hub of Northwest Europe. The Bergermeer Gas Storage project will, as part of the gas hub, provide a long-term stimulus for the Dutch economy. The construction of Bergermeer Gas Storage will create 3,300 man-years of new work of which 2,650 will be in the Netherlands. The Dutch gas hub will generate EUR 21 Billion of additional economic activity up to 2020 and more than 13,000 additional jobs.

TAQA is offering a total of 11 TWh of storage capacity for periods of 4 to 10 years under the 2011 and 2012 Open Seasons for longer-term capacity. Bergermeer Gas Storage commercial operations are due to start in April 2014.

TAQA is confident in a positive final decision on the appeals and expects the permits to become irrevocable.

TAQA Media Relations
Allan Virtanen
Manager Group Corporate Communications
+31 64 61 47 448
allan.virtanen@taqaglobal.com
www.taqaglobal.com

Notes to editors

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European gas hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

About Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom Group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage. The majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage B.V. on both a longer-term basis and via annual auctions.

TAQA's lawsuit dismissal alert 29 Sep 2011
TAQA, Abu Dhabi National Energy Company, today announces the dismissal of the US lawsuit brought by former employee Peter Barker-Homek

Abu Dhabi, UAE - TAQA, Abu Dhabi National Energy Company, today announces the dismissal of the US lawsuit brought by former employee Peter Barker-Homek against TAQA, TAQA New World Inc and TAQA General Manager, Carl Sheldon.

The Opinion and Order, issued on September 28th by U.S. District Court Judge John Corbett O’Meara grants the Defendants’ motions to dismiss. The decision follows a hearing before Judge O’Meara in Michigan in June.

Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA, Eneco Gasspeicher and Gasunie Zuidwending Establish Gas Storage Netherlands 28 Sep 2011
THE HAGUE, the Netherlands – TAQA, Eneco Gasspeicher and Gasunie Zuidwending today announced the establishment of Gas Storage Netherlands. Gas Storage Netherlands’ objective is to voice the opinion

THE HAGUE, the Netherlands – TAQA, Eneco Gasspeicher and Gasunie Zuidwending today announced the establishment of Gas Storage Netherlands. Gas Storage Netherlands’ objective is to voice the opinion of its members in discussions related to the Dutch Gas Act and enhance dialogue with the Dutch Government, Netherlands Competition Authority, European Institutions and other stakeholders in relation to development of Dutch gas infrastructure.

Gas Storage Netherlands can act as a representative organisation for any underground natural gas storage facilities connected to the Dutch gas transmission system operated by Gas Transport Services B.V. (GTS). This regards underground natural gas storage and not storage of liquefied natural gas (LNG) or CO2. The establishment of Gas Storage Netherlands will allow early notification in relation to developments at the Netherlands Competition Authority, Gas Transport Services (GTS) and regulation. Gas Storage Netherlands intends to collaborate with other organisations such as GSE (Gas Storage Europe) in achieving common goals.

The indigenous natural gas reserves and flexibility offered by natural gas production in the Netherlands is rapidly decreasing. Transportation routes for gas imports, such as LNG and pipeline gas, are becoming longer while the supply of renewable energy that requires the flexibility offered by natural gas is also increasing. Sufficient natural gas storage capacity is required to guarantee the security of supply and the flexibility needed for a properly functioning gas market. The role of gas storage in securing energy supply will become increasingly important in the Netherlands.

Jan Willem van Hoogstraten, President of Gas Storage Netherlands: “TAQA is focused on being a major contributor to the establishment of the Northwest European gas hub in the Netherlands. Despite improvements over the past decade, there are still significant obstacles to the development of additional capacity in the Netherlands. Gas Storage Netherlands will allow gas storage developers and operators to speak with one voice and together create a favourable climate for new and existing gas storage facilities. Together with our members, we will ensure that issues such as predictable legislation, permitting processes and the creation of a Dutch and European-wide level playing field will rank high on the agenda of the European Institutions, Dutch government and regulators.”

Treasurer Piet Frints: “For Eneco, the combination of gas plants and gas storage facilities forms a very important catalyst for sustainable energy. Since wind and solar power are not available on demand, gas is a vital flexible resource for generating electricity. Gas storage facilities, such as Eneco's Gasspeicher Project, are also important for ensuring the reliable supply of gas during cold winter days. That is why Eneco Gasspeicher aims to bring the specific importance of gas storage to the attention of policy makers. Gas Storage Netherlands offers excellent opportunities in that respect.”

Secretary Willem Faber: “The highly flexible Gasunie Zuidwending underground gas storage is of crucial importance for matching intraday natural gas demand and supply. Natural gas and the flexibility offered by gas storage will offer the required flexibility for the use of sun and wind power as part of the future sustainable energy mix. Gasunie Zuidwending and other gas storage facilities are replacing the swing function of the Groningen gas reservoir and are therefore of essential importance in securing the Netherlands’ security of energy supply and gas infrastructure of the future. The role of Gas Storage Netherlands as a representative organisation is therefore self-evident.”

The Board of Gas Storage Netherlands consists of Jan Willem van Hoogstraten, Managing Director TAQA Energy B.V. (President), Piet Frints, President Eneco Strategic Assets B.V. (Treasurer) and Willem Faber, Director Gasunie Zuidwending B.V. (Secretary).

- ENDS -

CONTACT:

TAQA Media Relations
Allan Virtanen
+31 64 61 47 448
allan.virtanen@taqaglobal.com

ENECO Media Relations
Tom Gordijn
+31 65 31 47 460
t.p.m.gordijn@eneco.nl

Gasunie Zuidwending Communications department
Eleanor Hyde
+31 6 3103 7101
press@gasunie.nl

NOTES TO EDITORS

About Abu Dhabi National Energy Company PJSC (TAQA)

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, a company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European gas hub.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

For more information: www.taqaglobal.com / www.bergermeergasstorage.com

About Eneco Gasspeicher B.V.

Energy company Eneco (www.eneco.nl) produces, trades and supplies energy (electricity, gas and heating & cooling) and implements sustainable energy solutions. Eneco’s ambition is to achieve “sustainable energy for everyone”. In cooperation with partners, Eneco invests in sustainable energy sources such as wind, hydro and solar energy, biomass, heating & cooling and decentralised, local generation of energy. Eneco is active in the North West European market with operations in Belgium, France, Germany and the United Kingdom. Eneco is mission partner of the World Wildlife Fund (WWF) and the world’s first energy company to participate in the international Climate Saver programme. In total, Eneco serves approximately two million business and domestic customers with energy for daily life and work. The company has approximately 3,700 employees. The head office is located in Rotterdam.

About Gasunie Zuidwending B.V.

Gasunie Zuidwending B.V. is the owner and operator of the underground storage facility at Zuidwending. The company is a 100% owned subsidiary of Gasunie and it provides services to third parties, to enable them to respond quickly and flexibly to temporary differences between supply and demand for natural gas. Gasunie is responsible for the management and maintenance of the installation.

TAQA Selects Navita Commodity Trading and Risk Management System for Bergermeer Gas Storage 27 Sep 2011
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government, today announced selecting the Navita Systems AS

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA), a global energy company majority owned by the Abu Dhabi Government, today announced selecting the Navita Systems AS Pomax enterprise-class commodity trading and risk management (ECTRM) solution for TAQA’s Bergermeer Gas Storage in the Netherlands.

TAQA will utilise Pomax ECTRM for all front, mid and back-office activities related to gas trading and nominations at the Title Transfer Facility (TTF), the virtual trading point for natural gas in the Netherlands, and the Bergermeer Gas Storage flange.

TAQA plans to become a gas shipper with programme responsibility in early 2012 to support the execution of transactions for purposes related to Bergermeer Gas Storage operations. TAQA Gas Storage B.V, the contracting party for all Bergermeer Gas Storage operations, will not trade gas stored in Bergermeer Gas Storage for its own account.

Knut Johansen, CEO, Navita Systems AS, said: “This contract with TAQA testifies once again the position of Pomax ECTRM as a market-leading solution for managing the combination of standard trades, complex bilaterals and for managing physical gas contracts. On a personal note I am also happy to see that our intensive investments in Pomax the last two years are being appreciated by the European and the global wholesale gas markets. We are proud to have a global energy company such as TAQA become a customer.”

TAQA is currently offering a total of 11 TWh of storage capacity for periods of between 4 and 10 years in the 2011 Open Season. The start date of the capacity is April 2015 with partial capacity being offered between April 2014 and March 2015. Winning bids will be announced in December 2011.

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. In total, the facility will provide 46 TWh (4.1 billion cubic metres) of seasonal flexibility and almost double the Netherlands' existing underground natural gas storage capacity. The project plays an important role in the Dutch security of gas supply and the Dutch ambition to develop the gas hub for Northwest Europe. Commercial operations are expected to start in 2014 with full capacity being offered to the market in 2015.

TAQA received the final approvals and permits to construct and operate the facility in May 2011 following parliamentary debates in which a large majority of the Dutch national parliament approved the project. The permits were officially published allowing all stakeholders to file appeals at the Council of State. In August 2011, the Council of State suspended the permits for Bergermeer Gas Storage until the Council has come to its final verdict. TAQA expects the permits to become irrevocable following the Council’s final verdict in early 2012.

- ENDS -

Contact:

TAQA Media Relations
Allan Virtanen
Group Corporate Communications Advisor
Tel.: +31 70 33 37 500
Mob.: +31 64 61 47 448
E-mail: allan.virtanen@taqaglobal.com
www.taqaglobal.com

Navita Systems
Anette Nordskog
EVP and Head of Business Development
Tel.: +47 959 35 708
E-mail: anette.nordskog@navita.com
www.navita.com

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

About Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom Group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage. The majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

About Navita Systems

Navita is a leading provider of technology solutions to the energy and wider commodity trading industries. Navita’s Pomax suite delivers market analysis, trading, risk management, logistics, and settlement solutions for both physical and financial market participants and central marketplaces across a wide array of commodity classes. Navita is the continuation of more than 15 years experience within the field of system solutions and services. Navita has its head office in Norway and also has regional offices in London, Edinburgh, Frankfurt, Toronto, Houston, and Los Angeles. More than 100 installations worldwide rely on Navita’s Pomax product in their daily trading operations. Pomax customers include E.ON, Centrica, EDF Trading, Statkraft, Shell, and Bruce Power.

TAQA and Energy Delta Institute Partner to Develop Dutch Gas Hub 22 Sep 2011
TAQA (Abu Dhabi National Energy Company PJSC), a global energy company majority owned by the Abu Dhabi Government, is the latest associate partner to join the internationally renowned Energy Delta Institute (EDI) in a strategic partnership

Abu Dhabi, United Arab Emirates / Groningen, the Netherlands - TAQA (Abu Dhabi National Energy Company PJSC), a global energy company majority owned by the Abu Dhabi Government, is the latest associate partner to join the internationally renowned Energy Delta Institute (EDI) in a strategic partnership. The partnership contract is signed by TAQA's Managing Director for the Netherlands, Mr Jan Willem van Hoogstraten and President of EDI, Mr Eric Dam.

The objective of the strategic partnership is to develop the Netherlands' position in becoming the gas hub of Northwest Europe by addressing the threat of a growing shortage of qualified personnel in the natural gas industry. TAQA and EDI will develop and exchange knowledge and expertise in the challenges associated with the natural gas industry. TAQA will also receive access to staff development and join a growing platform of other EDI partners and international knowledge institutes.

Jan Willem van Hoogstraten, TAQA's Managing Director for the Netherlands, said: "TAQA is committed to develop the Netherlands into the Northwest European gas hub and has chosen the country as its global centre of excellence for natural gas storage and transmission developments and operations. TAQA's Bergermeer Gas Storage is a concrete example of TAQA' commitment to this endeavour. In addition to creating more than 2,600 man-years of employment in the Netherlands, the amount of storage capacity will cement the Netherlands' role as the gas hub for Northwest Europe."

Eric Dam, President of EDI, said: "Partnering with a global energy company such as TAQA will allow us to significantly expand our knowledge network. TAQA will without any doubt considerably contribute to EDI's effort to educate the current and future energy manager. We are very happy to welcome TAQA as an associate partner.”

TAQA's long-term investments in the Netherlands' strategic energy infrastructure are already a major contributor to the development of the country's ambition in becoming the Northwest European gas hub. TAQA's Bergermeer Gas Storage will almost double the Netherlands' existing underground natural gas storage capacity providing security of supply and the flexibility required for a properly functioning gas market. The Bergermeer Gas Storage project will, as part of the gas hub, provide a long-term stimulus for the Dutch economy. The construction of Bergermeer Gas Storage will create 3,300 man-years of new work of which 2,650 will be in the Netherlands. The Dutch gas hub will generate EUR 21 Billion of additional economic activity up to 2020 and more than 13,000 additional jobs.

EDI is an internationally renowned energy business school, with a primary focus on natural gas. EDI’s main objective is to contribute to the professional development of current and future energy managers. EDI coordinates research projects and organizes training programmes with a focus on the economic, management, legal and geopolitical aspects of the energy business. Other EDI partners include: N.V. Nederlandse Gasunie, GasTerra B.V, OA Gazprom, University of Groningen, Shell, DONG energy, Essent and EBN.

For more information:

Energy Delta Institute Media Relations:
Renate Meijering
PR &amp; Communications Manager
+31 (0) 50 524 8314
meijering@energydelta.nl
www.energydelta.org

TAQA Media Relations:
Allan Virtanen
Group Corporate Communications Advisor
+31 64 61 47 448
allan.virtanen@taqaglobal.com
www.taqaglobal.com

Bergermeer Gas Storage Continues 2011 Open Season 19 Aug 2011
The Hague, the Netherlands – Abu Dhabi National Energy Company PJSC (TAQA) today announced that the Open Season for Bergermeer Gas Storage Launching Customers will continue according to schedule in 2011.

The Hague, the Netherlands – Abu Dhabi National Energy Company PJSC (TAQA) today announced that the Open Season for Bergermeer Gas Storage Launching Customers will continue according to schedule in 2011.

This announcement follows a ruling on August 8, 2011 by the Netherlands Council of State suspending site preparation activities for Bergermeer Gas Storage until all appeals regarding the National Zoning Plan have been resolved. The final verdict of the Council of State is expected early 2012.

In 2011, as planned, Bergermeer Gas Storage intends to award up to 11.3 TWh of storage capacity to launching customers for periods of 4 to 10 years, beginning in 2014. An additional open season for longer-term storage capacity starting 2015 will be held in 2012.

The project partners TAQA and EBN are confident that the National Zoning Plan will be upheld in the final appeal decision by the Council of State.

Carl Sheldon, General Manager and Member of the Board of Directors, TAQA said: “Our long-term investment in Bergermeer underpins our ambition to become a major contributor to the establishment of the Northwest European gas hub in the Netherlands. Bergermeer is not only crucial to the future of the Dutch economy but also to securing energy supplies for the entire Northwest European region.”

Jan Dirk Bokhoven, Chief Executive Officer of EBN said: “The ambition of the Dutch State is to have the Netherlands serve as a gas hub for the international transport of natural gas and as a distribution centre for Northwest Europe. EBN’s partnership with TAQA in Bergermeer Gas Storage is a prime example of how we actively support this energy policy. Our investment in Bergermeer Gas Storage will create economic and strategic advantages which will benefit Dutch society as a whole.”

The project has been approved by a large majority in the Dutch Parliament earlier this year following extensive discussions supported by public hearings including multiple subject matter experts. The final approvals and permits to construct and operate Bergermeer Gas Storage were received from the Minister of Economic Affairs, Agriculture & Innovation, Minister of Infrastructure & Environment and other authorities in May 2011.

Bergermeer Gas Storage will provide the Northwest European gas market with 46 TWh of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity. Sufficient natural gas storage capacity is required to guarantee security of supply and ensure the flexibility required for a properly functioning gas market.

The project is one of the Netherlands’ largest private infrastructure projects and will, as part of the gas hub, provide a long-term stimulus for the Dutch economy. The construction of Bergermeer Gas Storage will create 3,300 man-years of new work of which 2,650 will be in the Netherlands. At its peak, the project will directly employ 1,200 workers on site in the Alkmaar region in the Netherlands.

- ENDS -

Contact:

TAQA Media Relations
Allan Virtanen
Group Corporate Communications Advisor
Tel.: +31 70 33 37 500
Mob.: +31 64 61 47 448
E-mail: allan.virtanen@taqaglobal.com
www.taqaglobal.com

Notes to editors:

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

About Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom Group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage. The majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

TAQA Second Quarter 2011 Results 10 Aug 2011
TAQA today reported its Second Quarter 2011 operational and financial results.

Strong quarterly performance, Net Profit After Minority Interests of AED435 million

Strong liquidity and cash position with AED 4.0 billion in cash & cas

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Second Quarter 2011 operational and financial results.

  Q2 2011 Q2 2010 % change H1 2011 H12010 % change
Total assets 117,176 91,834 28% 117,176 91,834 28%
Total revenues 7,069 5,141 38% 12,575 9,917 27%
Power & Water (1) 1,870 1,608 17% 3,538 3,084 14%
Oil & Gas (2) 3,125 2,026 53% 6,038 4,575 32%
Supplemental fuel revenue 2,074 1,507 38% 2,999 2,258 33%
Cost of sales 4,613 3,687 25% 8,029 6,860 17%
EBITDA 3,660 2,498 47% 6,943 5,087 36%
Profit Before Tax 1,377 549 151% 2,338 1,415 65%
Net profit After Minority Interests 435 171 154% 587 458 28%
Basic earnings per share (AED) 0.072 0.028 157% 0.097 0.075 29%
Net Debt/EBITDA (times) 4.9 5.7 14% 5.1 5.6 8%
Net debt to capital (%) 79% 81% 2% 79% 81% 2%

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue and includes net liquidated damages in relation to Shuweihat 2

(2) Includes Gas Storage and Oth

Summary of results

TAQA posted a strong operational and financial performance for Q2 2011, benefitting from higher oil prices and a quarterly increase in UK production, along with higher Power & Water revenue from the Fujairah 2 plant. Combined with a steady cost control, this resulted in a Net Profit After Minority Interests of AED 435 million.

In addition to a positive quarterly performance, TAQA has made progress on its key growth projects in Morocco, the Netherlands, Ghana and India.
TAQA’s cash position and liquidity remains strong with over AED 4.0 billion in cash and cash equivalents, plus AED 11.7 billion in undrawn facilities, as of 30 June 2011.

Comment

Carl Sheldon, General Manager of TAQA, said:

“TAQA’s performance during the second quarter of this year has been strong – both operationally and financially. A consistent and solid operational performance combined with a more favourable commodity pricing has delivered a net result for the first six months of 2011 of which we can be proud.

“Quarterly performance aside, we remain firmly committed to our longer term vision for growth across our key markets. We have made clear that our future will be largely driven by the organic growth opportunities we identify and harness in our existing footprint. Our asset base is already growing as a result of the success in our North American and UK North Sea drilling programmes and all other growth projects have made pleasing progress this quarter. In particular, construction started this year at Jorf Lasfar plant in Morocco for the 700 MW expansion.

This combination of a positive quarterly performance, and continued investment in TAQA’s future, gives me confidence as we move through an exciting period in the company’s development.

Stephen Kersley, Chief Financial Officer of TAQA, said:

"During the quarter, steady production in our Oil & Gas business has enabled TAQA to capture the benefits of a higher commodity price environment, while carefully controlling operational expenditure. This was supported by higher contributions from the Power & Water business due to contributions from Fujairah 2. The result was an increase in gross profit which, in turn, had a direct and positive impact on our bottom line.

“Consistent delivery against our internal targets continues to enhance our overall financial position. TAQA has good available liquidity and a strong cash position, leaving us with ample headroom to continue investing in our organic growth projects and the future of the company.”

Financial Summary

Total revenues for Q2 2011 were AED 7.1 billion, 38% higher year-on-year, compared with total revenues of AED 5.1 billion in Q2 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 2.0 billion to AED 3.1 billion for Q2 2011. This 54% increase versus the same period last year was primarily driven by the increase in crude oil prices, plus higher production in the UK North Sea.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 1.6 billion in Q2 2010 to AED 1.9 billion in Q2 2011. This 17% year-on-year increase was primarily due to the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011.

Supplemental fuel income increased 38% year-on-year due to higher use of alternative fuel supplies at TAQA’s domestic power plants.

Other operating revenue increased due to higher transportation revenues in Canada and the Netherlands.

Cost of sales increased 25% from AED 3.7 billion to AED 4.6 billion. Within this, fuel expenses increased in line with supplemental fuel revenues. Operating expenses increased by 27%, while depreciation, depletion and amortisation increased 21% reflecting TAQA’s increased asset base.

Profit before Tax was AED 1.4 billion, 151% higher year-on-year, due to higher revenues as a result of the oil price, plus tight control over operating expenses.

Net Profit After Minority Interests increased 154% year-on-year, totalling AED 435 million for Q2 2011, versus AED 171 million for Q2 2010.

Total debt and net debt increased year-on-year due to the transfer of interests at Fujairah 2 and Shuweihat 2. However, TAQA’s Net Debt/Capital ratio decreased to 79%. Net Debt/EBITDA reduced to 4.9 times for Q2 2011, versus 5.7 times at the end of Q2 2010.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million (excluding supplemental fuel revenue)   1,870 1,608 16%
% of overall revenues
(excl. supplemental fuel income)
  38% 44% 6%
Total generation capacity (MW) Global 16,334 14,903 10%
Domestic 12,494 8,775 42%
International 3,840 6,128 37%
Total power production (GWh) Global 16,215 15,125 7%
Domestic 12,576 11,435 10%
International 3,639 3,690 1%
Technical availability of power generation business (%) Global 96% 97% 1%
Domestic 97% 99% 2%
International 91% 90% 1%
Water desalination capacity (MIGD) Total 884 654 35%
Total water desalination (MIG) Total 53,280 54,582 2%

TAQA produced 16,215 GWh of electricity and 53,280 MIG of water during Q2 2011, generating total revenues of AED 1.9 billion for the second quarter. The 17% increase in revenues compared to the same quarter last year reflects the contribution from Fujairah 2, operational from January 2011. Global technical availability was 96% for the second quarter of 2011, in line with the excellent performance of TAQA’s power assets in previous quarters.

Domestic

During the summer months, TAQA’s domestic Power & Water assets experienced an increase in demand for their services due to the seasonal effects of higher temperatures in the region.
Throughout this period of high demand, TAQA’s domestic power plants generated 12,576 GWh of power and desalinated 53,280 MIG of water. Technical availability was high at 97%, reflecting the quality of TAQA’s domestic power plants.

Fujairah 2, TAQA’s newest plant, ran at 98% technical availability, generated 2,046 GWh of electricity and produced 5,143 MIG of desalinated water during the second quarter.

Completion of the first of two phases at Shuweihat 2, a 1,500 MW and 100 MIGD plant, was originally scheduled for June but was delayed to mid-July. The first unit (750 MW, 50 MIGD) is now operational and the second unit (750 MW, 50 MIGD) is expected to be completed in October 2011. TAQA received liquidated damages of AED 60 million during Q2 2011 in relation to the slight delay to completion of the first unit. Fujairah 2, a 2,000 MW and 130 MIGD plant located in the UAE, achieved full commercial completion in January 2011, contributing revenues during the quarter for the first time.

International

TAQA’s international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and the USA, generated 3,639 GwH of power during the second quarter. International technical availability was 91%, a slight increase compared to the same period last year.

In Morocco, the Jorf Lasfar plant has continued to perform at a high level of technical availability during the quarter, generating 2,633 GWh of electricity. The Jorf Lasfar 700 MW expansion project continued to progress to schedule with construction commencing on the major civil works for the project earlier this year. Commissioning and takeover of units 5 & 6 is planned for the end of 2013 and early 2014, respectively.

In Ghana, TAQA’s rolling maintenance programme continued with two planned inspections during the quarter, plus three unplanned outages. Two of these were resolved, with one ongoing, for which the fault has been identified and the replacement machinery ordered. The outage has had some impact on technical availability for the plant and is expected to be fully resolved by October

Oil & Gas

TAQA’s Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential across North America, the UK North Sea and the Netherlands.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   3,125 2,026 54%
% of overall revenues (excl. supplemental fuel income)   62% 56% 6%
Total production (mboe/day) Global 135.9 127.5 7%
North America 88.0 87.7 -
  UK 40.1 31.6 27%
  Netherlands 7.8 8.2 5%
Average net realized price of crude oil sold (US$ per barrel) North America 94.19 66.04 43%

UK

118.69 78.74 51%
  Netherlands 109.11 79.86 37%
Average net realized price of gas sold (US$ per thousand feet) Global 4.23 4.09 3%
Domestic 9.95 5.67 75%
International 10.93 7.05 55%

Total Oil & Gas revenues, including gas storage and other operating revenues, were AED 3.1 billion for Q2 2011, an increase of 54% compared to Q2 2010. This uplift was driven primarily by the increase in realized crude oil prices and higher production in the UK North Sea.

Total average global daily production for Q2 2011 increased 7% to 135.9 mboe/day, compared with 127.5 mboe/day in Q2 2010 and within guidance for FY 2011.

North America

Production in North America was slightly below expectations, yet remained consistent at 88 mboe/d. This was due to the harsher-than-normal winter, which caused delays in bringing new projects on-stream. Despite this, operational expenses in North America remained flat.

During the second quarter, TAQA implemented a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, allowing for regular vessel inspections and general plant repairs that are not possible while the plant is operational. The shutdown ran from 29 April to 26 June, slightly longer than expected due to additional maintenance time and capital invested in upgrades, repairs and expansion of the plant process systems.After the close of the quarter, at the end of April, TAQA began a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, which is scheduled to last for one month.The shutdown allows for regular vessel inspections and general plant repairs that are not possible while the plant is operational.

UK

Production volumes in the UK North Sea were 40.1 mboe/day in the first quarter, a 27% increase compared to the same period last year. This increase is primarily a result of more efficient operations, plus water injection issues in the comparable period for Q2 2010.

TAQA’s drilling programme at its Tern platform in the UK North Sea continued during the quarter. Post-quarter, subsea pipeline work and tie-in for Falcon was completed post-quarter with the well opening on 15 July.

Netherlands

Production in the Netherlands averaged 7.8 mboe/day, a slight decrease compared to the same period last year.

TAQA continued to progress the Bergermeer Gas Storage project during Q2 2011 with the announcement that all required statutory approvals and permits to construct and operate the facility have been signed by the appropriate authorities. This followed the Dutch Parliament’s approval of the project and recognition of Bergermeer Gas Storage as essential for the Netherlands’ security of supply. Post-quarter, the Dutch Council of State has subsequently stipulated that early construction work at the site must wait until final appeals have been heard. While disappointed about the delay, TAQA remains confident of a positive outcome of the appeals process.

Commodity pricing environment

Oil prices increased favorably during the quarter. WTI oil price averaged $102.34/bbl for Q2 2011 compared with $78.05/bbl in Q2 2010. Prices for Brent crude increased to an average of $116.99/bbl in Q2 2011 versus $79.41/bbl for the same period last year.

Meanwhile, North American natural gas prices remained consistent year-on-year, with NYMEX gas prices for the quarter averaging $4.38/mmbtu, versus $4.35/mmbtu for Q2 2010.

Significant Activities in the Quarter

Corporate update

Between April and June 2011, TAQA announced two changes to its senior management team, as follows:

On 19 May TAQA announced the appointment of Stephen Kersley to the role of CFO, with more than 20 years’ experience in the oil and gas industry with Shell, following Doug Fraser’s decision to return to Canada. On 28 June TAQA announced that H.E. Abdulla Saif Al Nuaimi, decided to step down effective 1 July from his executive positions at TAQA to allow him to concentrate full time on his role as Director General of the Abu Dhabi Water and Electricity Authority. General Manager, Carl Sheldon, is now leading TAQA and continuing to oversee the company’s strategic direction and global operations.

Additionally, in June, TAQA secured a one-year extension to its existing CAD $1 billion revolving credit facility effectively extending the agreement to May 2014.

Post-period corporate developments

On 4 July, TAQA announced the completion of the first phase of its acquisition of the Otter field and at the same time has taken over as operator. The field is tied back subsea to the TAQA operated Eider platform. This is the first phase of the transaction which was signed between Total and TAQA in October 2010, which will eventually result in TAQA taking ownership of Total’s entire equity stake of 81% in production licenses for the two blocks.

On 18 July, TAQA announced first oil from its new field development in the UK North Sea, the Falcon field, following a record appraisal and development phase of just under two years.

On 21 July, TAQA signed a Memorandum of Understanding with Jyoti Structures Limited (Jyoti) to explore ways to collaborate in the power sector in India. Initially, TAQA and Jyoti will pursue the expansion of TAQA’s existing 250 MW power plant at Neyveli, which is expected to double in capacity through the construction of an additional 250 MW plant.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964

firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, the company's oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the sixth largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA CEO steps down to focus on ADWEA role 28 Jun 2011
Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that its Chief Executive Officer, H.E. Abdulla Saif Al Nuaimi,

Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced that its Chief Executive Officer, H.E. Abdulla Saif Al Nuaimi, has decided to step down effective 1 July from his executive positions at TAQA to allow him to concentrate full time on his role as Director General of the Abu Dhabi Water and Electricity Authority (‘ADWEA’). H.E. Al Nuaimi will continue in his role as Vice-Chairman of TAQA’s board of directors.

TAQA’s General Manager, Carl Sheldon, who was recently appointed to TAQA’s Board of Directors, will lead TAQA and will continue to oversee the company’s strategic direction and global operations.

H.E Hamad Al Hurr Al Suwaidi, Chairman of TAQA, commented:

“H.E. Abdulla Saif Al Nuaimi has been an excellent leader for TAQA during his time as Chief Executive Officer and we are very pleased that he will continue as the company’s Vice Chairman. I wish him the very best in his role as Director General of ADWEA.

“I am proud of what TAQA has achieved over the last 12 months, in particular the recruitment and appointment of such high calibre senior executives. Under the leadership of Carl Sheldon, who will take immediate and full charge of the day-to-day affairs of TAQA, I am confident that we will see this success continued.”

Carl Sheldon, General Manager, commented:

“I would like to thank Abdulla for the major contribution he has made while CEO of TAQA as we have continued to optimise opportunities from our diversified portfolio of oil & gas and power assets. I will miss him, but we are delighted that he will remain our Vice Chairman and we value the insights he will be able to offer both TAQA and ADWEA."

- END -

For further information:

TAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L
Maram Alkadhi on +971 4 367 6160
firstname.surname@capitalmsl.com

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Oman, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

TAQA awards contract to dutch frames for Bergermeer Gas Storage dew point correction units 21 Jun 2011
Abu Dhabi, UAE / Alphen aan de Rijn, the Netherlands - Abu Dhabi National Energy Company PJSC (TAQA) awarded the Dutch company, Frames Process Systems B.V. (Frames), a multi-million Euro contract for the delivery of the Dew Point Correction Units (DPCU) for Bergermeer Gas Storage in the Netherlands.

Abu Dhabi, UAE / Alphen aan de Rijn, the Netherlands - Abu Dhabi National Energy Company PJSC (TAQA) awarded the Dutch company, Frames Process Systems B.V. (Frames), a multi-million Euro contract for the delivery of the Dew Point Correction Units (DPCU) for Bergermeer Gas Storage in the Netherlands.

The scope of supply comprises the design engineering, procurement, manufacturing, prefabrication, inspection, testing, and supplying of the materials for two independent DPCUs. The process installation will include 12 state-of-the-art vertical Silica Gel adsorption towers positioned in two production trains. The DPCU will also include zero emission electrical heaters, heat exchangers and air-coolers. Frames will design and supply the complete process installation in segments which will be assembled on location in Alkmaar. Delivery of the DPCU is expected end 2012 / beginning 2013.

The DPCUs are a crucial element of the zero emission gas treatment and compression facility being built in Alkmaar. The units remove the heavier hydrocarbons and dry the natural gas before it is transferred to the Gas Transport Services (GTS) network for delivery to customers.

Jacques Melman, Managing Director Frames, commented: “After two years of international competition, we are extremely pleased with TAQA’s decision to award this major DPCU purchase order contract to Frames. TAQA continues to set stringent environmental requirements for the project and we believe their decision is testimony to our ability to supply technologies and products that minimise environmental impact during the production and operational stages. With an increasing public focus on environmental protection and sustainable technologies, the demand for cleaner and more efficient processing is growing rapidly.”

This contract follows a long-term partnership involving, among other TAQA oil and gas assets, the TAQA-operated Alkmaar Peak Gas Installation (PGI) in the Netherlands. TAQA’s PGI, operational since 1997, is an underground gas reservoir transformed to store and deliver gas to the Dutch national grid to meet additional consumer demand in the winter months.

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer Gas Storage will provide the Northwest European gas market with 46 TWh (4.1 billion cubic metres) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity. The project is one of the Netherlands’ largest infrastructure projects and will provide a long-term boost for the Dutch economy. The construction of Bergermeer Gas Storage will offer 3,300 man-years of employment of which 2,650 will be performed in the Netherlands.

TAQA received the final statutory approvals and permits to construct and operate the facility in May 2011. Bergermeer Gas Storage operations will start in 2013 with full commercial operations in 2014.

- ENDS -

Contact:

Frames
Sven Lap
Public Relations employee
Tel.: +31 (0)71 58 118 21
E-mail: s.lap@frames-group.com
www.frames-group.com

TAQA Media Relations
Allan Virtanen
Group Corporate Communications Advisor
Tel.: +31 64 61 47 448
E-mail: allan.virtanen@taqaglobal.com
www.taqaglobal.com

Notes to editors:

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

About Frames

Since 1983, Frames has been designing and building technologically advanced high quality process and control systems for the international upstream oil & gas industry. Specialized in the design, fabrication, supply, installation and commissioning of complete systems for oil & gas treatment, separation, heat exchanging, flow control and safeguarding, we continuously expand our technologies as well as our customer base to include virtually all the major oil & gas (production) companies. Frames is privately owned and headquartered in The Netherlands with offices worldwide to better meet local customer demands. Our company mission is to deliver sustainable, reliable and high quality products, from single systems to complete integrated installations. An upfront and down to earth mentality has been, and will continue to be, a crucial quality of Frames. Combined with extensive project experience, know-how and state-of-the-art technologies we are capable of tackling the increasingly difficult challenges the oil & gas industry faces.

About Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom Group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage. The majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

TAQA Promotes Emirati Heritage And Culture In The Netherlands 16 Jun 2011
TAQA Sponors Emirates Heritage And Hosts Largest Dutch Trotting Race Of The Year

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA) today announced its sponsorship of the Emirates Race Day,

From right to left: Mr. Sami Jassim Al Boenain, Chairman of International Federation of Arabian Horse Racing Authorities; Mr. Jan Willem van Hoogstraten, Managing Director TAQA Netherlands; Mr. Morhaf Alassaf,  renowned photographer, H.E. Ali Thani Alsuwaidi, Ambassador of United Arab Emirates to the Kingdom of the Netherlands
Download image (Hi-resolution) download

IMAGE DETAILS

TAQA SPONSORS EMIRATES RACE DAY AND HOSTS LARGEST DUTCH TROTTING RACE OF THE YEAR

Caption: (from right to left) Mr. Sami Jassim Al Boenain, Chairman of International Federation of Arabian Horse Racing Authorities; Mr. Jan Willem van Hoogstraten, Managing Director TAQA Netherlands; Mr. Morhaf Alassaf, renowned photographer, H.E. Ali Thani Alsuwaidi, Ambassador of United Arab Emirates to the Kingdom of the Netherlands.

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (TAQA) today announced its sponsorship of the Emirates Race Day, adopting the patronage of the largest Trotting Race in the Netherlands, which is being held in The Hague on Sunday, 19 June 2011.

TAQA pledged a donation to the Dutch Arabian Horse Racing Committee and will host the ‘TAQA Great Prize of the Lowlands’ trotting race during the Emirates Race Day at the Duindigt Racecourse in The Hague. The ‘TAQA Great Prize of the Lowlands’ race will be broadcast live to the UAE by Abu Dhabi Sports TV. Trotting racing has been a very popular sport in the Netherlands for many centuries and the race is expected to attract more than 5,000 spectators.

The Emirates Race Day is being held as part of the Global Arabian Flat Racing Festival supported by H.H. Sheikh Mansour Bin Zayed Al Nahyan and H.H. Sheikha Fatima Bint Mubarak Al Ketbi and organised by Abu Dhabi Culture and Heritage and Abu Dhabi Sports Council.

To further increase awareness of Emirati culture and heritage within the Netherlands, TAQA is also sponsoring a pavilion for art exhibitions during the Emirates Race Day. The TAQA Pavilion will provide UAE artists a podium to present their exhibitions to the Dutch public, all of which depict Arab horses as part of their art.

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: “At TAQA, we recognise the importance of embracing and celebrating international cultures to help further our ties across our global network. The Emirates Race Day does just this and we are extremely proud to be sponsoring it.”

H.E. Ali Thani Alsuwaidi, Ambassador of United Arab Emirates to the Kingdom of the Netherlands, commented: “I am delighted that TAQA, as the largest UAE investor in the Netherlands, is committed to exhibiting the heritage and culture between the Netherlands and United Arab Emirates. The Emirates Race Day should be a spectacle for all visitors.”

To date, TAQA has completed acquisitions of more than US$2 billion in Europe, and is, together with its partner EBN, currently investing US$1.2 billion in the construction and design of Bergermeer Gas Storage in the Netherlands. The project is one of the Netherlands’ largest infrastructure projects and will increase the Netherlands’ security of energy supply and provide a positive long-term boost for the Dutch economy.

- ENDS -

TAQA Media Relations
Abu Dhabi:
Tanis Thacker
Head of Corporate Communications and Investor Relations
+971 2 691 4933
tanis.thacker@taqaglobal.com

The Netherlands:
Allan Virtanen
Group Corporate Communications Advisor
+31 64 61 47 448
allan.virtanen@taqaglobal.com

Capital MSL:
UAE – Campbell Hood / Maram Alkadhi on +971 4 367 6160

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

www.taqaglobal.com

MAN to deliver compression technology for Bergermeer Gas Storage 8 Jun 2011
TAQA awarded MAN Diesel & Turbo Schweiz AG (MAN) a multi-million Euro contract for delivery of the compression technology for Bergermeer Gas Storage in Alkmaar, the Netherlands.

Abu Dhabi National Energy Company PJSC (TAQA) awarded MAN Diesel & Turbo Schweiz AG (MAN) a multi-million Euro contract for delivery of the compression technology for Bergermeer Gas Storage in Alkmaar, the Netherlands.

The scope of delivery comprises six fully integrated, skid mounted high frequency motor-compressor systems, providing emission-free and highly efficient operation. Each 13 MW motor-compressor unit, with a weight of more than 80 metric tonnes, consists of a tandem compressor arrangement, generating a flow of 540,000 cubic metres gas per hour.

The complete rotating assembly levitates in magnetic bearings and is installed in a hermetically sealed housing, thus eliminating the need for shaft seals and, as a result, emissions to the atmosphere. The entire unit is oil-free and creates no gas emissions, thereby fulfilling stringent environmental requirements set by TAQA. The unit will be part of the state-of-the-art zero emission gas treatment and compression facility being built in Alkmaar, the Netherlands.

Dr. Uwe Lauber, President of MAN Diesel & Turbo Schweiz AG says: "I am pleased with TAQA´s decision to opt for the MAN solution - we proudly recognise the growing interest in our eco-friendly and efficient integrated high-speed compressors within the oil and gas industries."

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer Gas Storage will provide the Northwest European gas market with 46 TWh (4.1 billion cubic metres) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity.

TAQA received the final statutory approvals and permits to construct and operate the facility in May 2011. Bergermeer Gas Storage operations will start in 2013 with full commercial operations in 2014.

- ENDS -

CONTACT:

MAN Diesel & Turbo SE Media Relations
Christoph Speckamp
Head of Corporate Communications & Public Affairs
Tel.: +49 208 692 9569
christoph.speckamp@man.eu
www.mandieselturbo.com

TAQA Media Relations
Allan Virtanen
Group Corporate Communications Advisor
+31 64 61 47 448
allan.virtanen@taqaglobal.com
www.taqaglobal.com

NOTES TO EDITORS

About MAN Diesel & Turbo

MAN Diesel & Turbo SE, based in Augsburg, Germany, is the world’s leading provider of large-bore diesel engines and turbomachinery for marine and stationary applications. It designs two-stroke and four-stroke engines that are manufactured both by the company and by its licensees. The engines have power outputs ranging from 450 kW to 87 MW. MAN Diesel & Turbo also designs and manufactures gas turbines of up to 50 MW, steam turbines of up to 150 MW and compressors with volume flows of up to 1.5 million m³/h and pressures of up to 1,000 bar. The product range is rounded off by turbochargers, CP propellers, gas engines and chemical reactors. MAN Diesel & Turbo’s range of goods includes complete marine propulsion systems, turbomachinery units for the oil & gas as well as the process industries and turnkey power plants. Customers receive worldwide after-sales services marketed under the MAN PrimeServ brand. The company employs around 12,500 staff at more than 100 international sites, primarily in Germany, Denmark, France, Switzerland, the Czech Republic, Italy, India and China. MAN Diesel & Turbo is a company of the Power Engineering business area of MAN SE, which is listed on the DAX share index of the 30 leading companies in Germany.

About TAQA

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

About Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage meaning that the majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

Gazprom and TAQA welcome Bergermeer Gas Storage permits’ 20 May 2011
Gazprom Export and TAQA welcome official publication of all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility. The statutory approvals and permits were signed by Maxime Verhagen (Minister of Economic Affairs, Agriculture and Innovation), Melanie Schultz van Haegen (Minister of Infrastructure and the Environment) and other relevant authorities in the Netherlands.

Gazprom Export and TAQA welcome official publication of all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility. The statutory approvals and permits were signed by Maxime Verhagen (Minister of Economic Affairs, Agriculture and Innovation), Melanie Schultz van Haegen (Minister of Infrastructure and the Environment) and other relevant authorities in the Netherlands.

Bergermeer Gas Storage operations will start in 2013 with full commercial operations in 2014. Bergermeer Gas Storage will almost double the Netherlands’ total storage capacity.

Bergermeer has a strategic location that allows ensuring the operation of the Nord Stream gas pipeline and continuity of gas supplies to the customers in Northwest Europe. In exchange for delivering cushion gas in order to pressurise the reservoir and make commercial operations possible Gazprom Group will receive a share in working capacity and participating interest in the technical operator of the facility. A successful implementation of the project will help Gazprom Group storage capacity in Europe reach 4.9 bcm of storage capacity by 2015.

“Bergermeer Gas Storage will ensure security of Gazprom supplies to Europe under long term contracts as well as safe technical operation of the Nord Stream pipeline,” said Vladimir Khandokhin, Head of Department of Logistics and Gas Procurement, Gazprom Export LLC.

“The cooperation with Gazprom in our development of Bergermeer Gas Storage is not only advantageous to our joint aspirations for security of supply in Northwest Europe, but provides the foundation for exploring further joint opportunities," said David Cook, Executive Officer and Head of Oil & Gas, Abu Dhabi National Energy Company PJSC (TAQA).

NOTES TO EDITORS

Gazprom Export

Gazprom Export is a 100 per cent subsidiary of Gazprom, which specializes in natural gas delivery to foreign countries. Its product portfolio also includes oil and oil products, gas condensate, sulfur, liquefied hydrocarbon gases, black carbon and oil & gas chemicals. Germany, Turkey, Italy, France and Poland are among its main customers. Gazprom Export also operates in new fields, is actively mastering markets in other continents, primarily in Asia.

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Its main activities include oil and gas business, power generation and water desalination across four continents.

Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

11.3 TWh of long-term capacity (4 to 10 years) is intended to be awarded to the customers in November 2011 as a result of open season procedure. The remaining available capacity will be auctioned on an annual basis with the first auction taking place close to the start of commercial operations.

Bergermeer is an open access gas storage meaning that the majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

- ENDS -

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

TAQA CFO to return to Canada; Successor Appointed 19 May 2011
TAQA would like to announce that Doug Fraser, Chief Finance Officer (CFO), is leaving the company to return to Canada.

Abu Dhabi, UAE - The Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), would like to announce that Doug Fraser, Chief Finance Officer (CFO), is leaving the company to return to Canada. Doug announced his intentions earlier this year and the company has used its time to identify the right successor.

Stephen Kersley has been appointed as the CFO, and will take up his duties from 22 May 2011. Stephen's appointment as CFO comes after many years of wide-ranging experience at Shell. He brings more than 20 years of corporate finance, strategic planning and management experience to TAQA, having recently served as Vice President – Finance. Stephen will be based in the company’s corporate headquarters in Abu Dhabi, United Arab Emirates and will provide input and financial leadership to the company and have responsibility for the development and execution of the financial strategy.

H.E. Abdulla Saif Al Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

“Over the past three years, Doug has made a significant contribution to TAQA’s financial management and investor relations. For some time, Doug has made clear his wish to return to Canada, to spend more time with his family. We are grateful to Doug for his service and wish him well in all his future endeavours.”

Carl Sheldon, General Manager, commented:

“We are very appreciative of Doug's contribution to TAQA and we wish him well for the future. We have taken the time to find the right replacement and are pleased to have found someone with Stephen’s knowledge and experience. His expertise and track record at Shell will be a significant asset to TAQA as we continue to deliver the company's strategy and realise our full potential."

Doug Fraser, outgoing Chief Financial Officer, commented:

"It was a very difficult decision to leave and I have enjoyed my time at TAQA, particularly working with my colleagues. My plan is to return home to Canada to be closer to my family, which is a better fit for my goals and aspirations at this stage in my life. I believe TAQA has a bright future and I wish my colleagues all the best."

Stephen Kersley, incoming Chief Financial Officer, commented:

“TAQA has grown tremendously over the last few years, building a robust global energy business. I look forward to working with the team to help take the business through the next stage of its development.”

Doug will remain with the company until 30 June 2011 allowing sufficient time for a seamless transition.

- END -

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

Contact Information for Media:

Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.com

Final Bergermeer Gas Storage Permits and Approvals Received 17 May 2011
ABU DHABI, UAE – Abu Dhabi National Energy Company PJSC (TAQA) today announced that all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility in the Netherlands have been signed by the Minister of Economic Affairs, Agriculture & Innovation, Minister of Infrastructure & Environment and other authorities. The statutory notices have been published in local newspapers today and will be published in the State Gazette on 19 May.

Open Season for Longer-Term Gas Storage Capacity Launched

ABU DHABI, UAE – Abu Dhabi National Energy Company PJSC (TAQA) today announced that all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility in the Netherlands have been signed by the Minister of Economic Affairs, Agriculture & Innovation, Minister of Infrastructure & Environment and other authorities. The statutory notices have been published in local newspapers today and will be published in the State Gazette on 19 May.

Bergermeer Gas Storage operations will start in 2013 with full commercial operations in 2014. Bergermeer Gas Storage will provide the Northwest European gas market with 46 TWh (4.1 billion cubic metres) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity.

“With the open access Bergermeer Gas Storage facility, we are creating the pivot for the success of the Northwest European gas hub in the Netherlands. Sufficient natural gas storage capacity guarantees security of supply and ensures the flexibility required for a properly functioning market.” said Jan Willem van Hoogstraten, Managing Director TAQA Energy B.V.

As an open access gas storage facility, Bergermeer Gas Storage will offer a majority of its total storage capacity to the market. Initially up to 11.3 TWh is being offered for periods of 4 to 10 years as part of the open season launched at the Flame Gas Conference in Amsterdam on 10 May 2011. This longer-term capacity is intended to be awarded to the launching customers in November 2011. The remaining available capacity will be auctioned on an annual basis with the first auction taking place close to the start of commercial operations.

- ENDS -

CONTACT TAQA:

TAQA Media Relations

Allan Virtanen
Group Corporate Communications Advisor
+31 64 61 47 448
allan.virtanen@taqaglobal.com

NOTES TO EDITORS

Abu Dhabi National Energy Company (TAQA)

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange. Our main activities include our oil and gas business, power generation and water desalination across four continents.

We are the sixth-largest independent power producer in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi. Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States.

With operations in the UK, the Netherlands, the United States and Canada, our oil and gas business includes exploration and production, gas storage and pipeline transportation.

In the Netherlands our established gas storage business includes operating the Alkmaar Peak Gas Installation (PGI). With our partner EBN, an independent company with the Dutch State as its sole shareholder, we are also developing the Bergermeer Gas Storage facility. This will make a major contribution to the security of gas supply to Northwest Europe, and provide a strong base for the Northwest European Gas Hub.

Our entrepreneurial culture, along with a commitment to people, safety and the environment, has created strong foundations for the long-term sustainable growth of our business.

Bergermeer Gas Storage

The Bergermeer Gas Storage project will create Europe’s largest open access gas storage facility. Bergermeer will provide the Northwest European gas market with 46 TWh (4.1 BCM) of seasonal storage, thereby almost doubling the Netherlands’ total storage capacity and adding an alternative source of flexibility on the TTF.

The depleted Bergermeer reservoir has the ideal geological characteristics for gas storage and is in a strategically excellent location: well connected to the gas transport network, close to major cities and industrial centres and only 20 km from the BBL pipeline transporting gas between the Netherlands and the UK.

TAQA (operator) and EBN hold 60% and 40% stakes in the Bergermeer Gas Storage project respectively. The design and construction of the facility require a total investment of EUR 800 million and involves drilling 14 high capacity storage wells, building a gas treatment plant and laying almost 40 km of pipeline.

As part of the realisation of this project, an agreement with Gazprom group, one of the world’s largest energy companies, was made in 2009 as a result of an open season procedure. For delivering the required 48.5 TWh of cushion gas to pressurise the reservoir and make commercial operations possible, Gazprom group will receive a minority share of the storage capacity and an interest in the technical operatorship of the facility.

Bergermeer is an open access gas storage meaning that the majority of the storage capacity will be made available to the market via negotiated Third Party Access (TPA). The TPA capacity will be marketed via TAQA Gas Storage BV on both a longer-term basis and via annual auctions.

TAQA First Quarter 2011 Results 11 May 2011
TAQA today reported its First Quarter 2011 operational and financial results.

Total revenues increased 15% to AED 5.5 billion

EBITDA increased 27% to AED 3.3 billion

Solid operational performance plus progress on major growth projects

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (،°TAQA،±), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its First Quarter 2011 operational and financial results.

  Q1 2011 Q1 2010 %
change
Total assets 115,755 94,133 23%
Total revenues 5,506 4,776 15%
Power & Water (1) 1,663 1,475 13%
Oil & Gas (2) 2,918 2,550 14%
Supplemental fuel revenue 925 751 23%
Cost of sales (3,416) (3,173) 8%
EBITDA 3,283 2,589 27%
Profit Before Tax 961 866 11%
Net profit After Minority Interests (3) 152 287 47%
Basic earnings per share (AED) 0.03 0.05  
Net Debt/EBITDA (times) 5.4 5.5 2%
Net debt to capital (%) 79% 80% 1%

All amounts in AED million unless otherwise stated

(1) Excludes supplemental fuel revenue

(2) Includes Oil Storage and Other Operating Revenue

(3) Reflects the impact of increased tax charges in the UK North Sea

Summary

Improved commodity prices, higher oil and gas production and increased power and water revenues due to the commissioning of Fujairah 2 resulted in a solid financial performance for TAQA during the first quarter of 2011. Overall TAQA's total revenues increased 15% year-on-year while tight cost control resulted in a 27% increase in EBITDA to reach AED 3.3 billion.

TAQA's Profit Before Tax was 11% higher year-on-year, dampened by the effect of foreign exchange losses along with lower derivative gains. Net Profit After Minority Interests was AED 152 million, versus AED 287 million in Q1 2010, due to an increase in taxes for operations in the UK North Sea.

TAQA has continued to progress its major organic growth projects with two key developments. Firstly, at the end of the quarter TAQA signed the contract for the construction of two additional power production units in Morocco, a major milestone in taking the project into construction.

Secondly, TAQA continued to progress the Bergermeer Gas Storage project. There is broad support in the Dutch parliament and all required statutory approvals and permits to construct and operate the Bergermeer Gas Storage facility in the Netherlands are expected to be received this month.

Comment

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

°TAQA has made a solid operational start to 2011, with strong performance from our Power & Water business and a higher contribution from our Oil & Gas assets due to a combination of improved commodity pricing and increased production. These positive results also reflect our increased footprint, where new assets ¨C such as Fujairah 2 ¨C are beginning to contribute additional revenues. We continue to be focussed on operational excellence and efficiency right across our business to ensure we deliver the maximum value possible.،±

Carl Sheldon, General Manager of TAQA, said:

°We remain fully committed to our focussed strategy that will enable us to continue building TAQA into a global energy company. As evidence of this, our major organic growth projects in the Netherlands and Morocco have reached significant milestones, while those in Ghana and India have made good progress. In particular, the expected receipt of permits in the Netherlands for operating and constructing Bergermeer in May has enabled us to this week launch the open season for longer-term capacity and start planning the next stage in this flagship project¯s development.±

Financial Summary

Total revenues for Q1 2011 were AED 5.5 billion, 15% higher year-on-year, compared with total revenues of AED 4.8 billion in Q1 2010.

Total Oil & Gas revenues (including gas storage and other income) increased from AED 2.6 billion to AED 3.0 billion for Q1 2011. This 14% increase was primarily driven by the increase in crude oil prices, partially offset by lower North American natural gas prices.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 1.5 billion in Q1 2010 to AED 1.7 billion in Q1 2011. This 13% increase was primarily driven by the contribution from Fujairah 2, which was transferred to TAQA in the third quarter of 2010 and fully commissioned in January 2011. Supplemental fuel income increased 23% year-on-year due to higher use of additional fuel supplies at TAQA's domestic power plants.

Cost of sales increased 8% from AED 3.2 billion to AED 3.5 billion. Within this, operational expenses, excluding fuel and gas storage expenses, reduced 3%. Depreciation, depletion and amortisation increased 16% reflecting TAQA's increased asset base.

Profit before Tax was 11% higher year-on-year, dampened by a loss on foreign exchange plus lower gains on derivatives.

In mid-March the UK government announced changes to the tax regime for the UK North Sea which were backdated to 01 January 2011. This contributed to a 53% year-on-year increase in tax, negatively impacting Net Profit After Minority Interests which totalled AED 152 million, versus AED 287 million for the same period in 2010.

Total debt and net debt increased year-on-year due to the transfer of interests at Fujairah 2 and Shuweihat 2. However, TAQA's Net Debt/Capital ratio decreased to 79%. Net Debt/EBITDA reduced to 5.4 times for Q1 2011, versus 5.5 times at the end of Q1 2010.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   2,918 2,550 14%
% of overall revenues
(excl. supplemental fuel income)
  64% 63% 1%
Total generation capacity (MW) Global 14,834 13,903 7%
Domestic 10,994 8,775 25%
International 3,840 3,691 4%
Total power production (Gwh) Global 10,709 10,585 1%
Domestic 7,314 6,894 6%
International 3,394 3,691 8%
Technical availability of power generation business (%) Global 90% 89% 1%
Domestic 90% 87% 1%
International 89% 97% 1%
Water desalination capacity (MIGD) Total 784 654 20%
Total water desalination (MIG) Total 53,380 49,369 8%

TAQA produced 10,709 GWh of electricity and 53,380 MIG of water during Q1 2011, generating total revenues of AED 1.7 billion. The 13% increase in revenues reflects the first quarter of contribution from Fujairah 2. Global technical availability was 90% for the first quarter of 2011.

Domestic

TAQA implemented planned maintenance activities on its domestic assets during the winter period, when demand for power is typically lower. These important and planned activities result in a short-term increase in maintenance costs and reduced technical availability during the period, but are essential for the long-term efficiency of these high quality assets.

Fujairah 2, a 2,000 MW and 130 MIGD plant located in the UAE, achieved full commercial completion in January 2011, contributing revenues during the quarter for the first time.

Shuweihat 2, a 1,500 MW and 100 MIGD plant is currently under construction and is expected to be commissioned by the end of 2011.

International

TAQA's international power portfolio, which comprises of assets in Morocco, Ghana, India, Saudi Arabia and USA, generated 3,394 GwH of power during the first quarter of 2011.

International technical availability was impacted by scheduled maintenance at Takoradi in Ghana, plus an unscheduled outage on Unit 2 in Morocco due to a transformer bushing failure which has since been resolved.

In Morocco, the Jorf Lasfar 700 MW expansion project continued to progress on schedule and on budget. At the end of the quarter, TAQA signed a formal contract with the Office National de l'Electricit¨¦ (ONE) for the construction of two new production units. TAQA has appointed a Mitsui-Daewoo consortium to design and build the units, and supply all required materials and equipment. Commissioning and takeover of units 5 & 6 is planned for December 2013 and April 2014, respectively.

In Ghana, scheduled major inspection and fuel flexibility project was successfully completed at Takoradi, and the plant is now capable of operating on either light crude oil or natural gas. TAQA is also progressing with expansion plans for the Takoradi combined cycle conversion project, and has short-listed EPC contractors.

In India, TAQA continues to make progress in the development of the expansion project for the Neyveli plant. TAQA has obtained Terms of Reference clearance from the Indian government for the Neyveli expansion project, and is preparing detailed project report and environmental management plans.

Oil & Gas

TAQA's Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential.

Key Performance Indicators   Q1 2011 Q1 2010 %
change
Total revenues in AED million   2,918 2,550 14%
% of overall revenues
(excl. supplemental fuel income)
  64% 63% 1%
Total production
(mboe/day)
Global 138.8 136.7 2%
North America 87.3 88.1 1%
UK 42.3 39.4 7%
Netherlands 9.1 9.3 2%
Average net realized price of crude oil sold
(US$ per barrel)
North America 78.88 69.65 13%
UK 105.55 76.95 37%
Netherlands 91.64 73.92 24%
Average net realized price of gas sold
(US$ per thousand feet)
North America 4.12 5.21 21%
UK 8.02 5.95 35%
Netherlands 9.63 7.87 22%

Total Oil & Gas revenues, including gas storage and other operating revenues, totaled almost AED 3.0 billion for Q1 2011, an increase of nearly AED 400 million compared to Q1 2010. This 14% uplift was driven primarily by the increase in realized crude oil prices and higher crude oil production in the UK North Sea. It was partly offset by lower North American natural gas prices.

Total average global daily production for Q1 2011 increased 2% to 138.8 mboe/day, compared with136.7 mboe/day in Q1 2010 and within guidance for FY 2011.

North America

While crude oil production increased, natural gas volumes decreased in North America. Total production levels were 87.3 mboe/day in the first quarter, a slight reduction compared to production volumes in the first quarter of 2010. The primary reason for this was an unusually cold winter and challenging weather conditions which both delayed completion of newly drilled wells and also required additional maintenance work on existing wells.

After the close of the quarter, at the end of April, TAQA began a planned bi-annual shut down at the East Crossfield Gas Plant in Alberta, which is scheduled to last for one month. The shutdown allows for regular vessel inspections and general plant repairs that are not possible while the plant is operational.

UK>

Production volumes in the UK North Sea were 42.3 mboe/day in the first quarter, a 7% increase compared to the same period last year.

At the end of March, TAQA signed a Heads of Agreement with Valiant, operator of the Causeway field, for the export of crude via the North Cormorant production platform. Causeway will be the first third party field to tie-back to the North Cormorant platform and production is expected to commence in 2012.

TAQA also continued to make progress during the quarter in developing the Falcon field, which is on schedule to come online later this year.

Netherlands

Production levels in the Netherlands were 9.1 mboe/day and TAQA's PGI gas storage facility recorded 100% availability for the period.

Netherlands are expected to be received this month.

Bergermeer Gas Storage operations are expected to start in 2013 with full commercial operations in 2014. Bergermeer Gas Storage will provide the Northwest European gas market with 4.1 billion cubic metres (BCM) (46 TWh) of seasonal storage, thereby almost doubling the Netherlands' total storage capacity.

As an open access gas storage facility, Bergermeer Gas Storage will offer a majority of its total storage capacity to the market, with up to 11.3 TWh being offered for periods of four to 10 years as part of the open season launched this week at the Flame Gas Conference in Amsterdam. This longer-term capacity is intended to be awarded to the launching customers in November 2011. The remaining available capacity will be auctioned on an annual basis with the first auction taking place close to the start of commercial operations.

Commodity pricing environment

Oil prices moved favourably during the quarter. WTI oil price averaged $94.45/bbl for Q1 2011 compared with $78.88/bbl in Q1 2010. Prices for Brent crude increased to an average of $105.71/bbl in Q1 2011 versus $68.43/bbl for the same period last year.

Meanwhile, North American natural gas prices declined year-on-year, with Henry Hub gas prices for the quarter averaged $4.20/mmbtu, down from $4.99/mmbtu for Q1 2010.

Corporate update

In January 2011, TAQA disposed of its Marubeni TAQA Caribbean assets in line with its strategy to focus on developing TAQA's power and water footprint in the greater MENA region.

Post-period corporate developments

On 19 April 2011, TAQA hosted its Annual General Meeting (AGM) during which a new Board was appointed and shareholders approved a dividend distribution of 10 fils per share. For full details please visit: www.taqaglobal.com

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, the company's oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the sixth largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

Notice Of Results For Abu Dhabi National Energy Company PJSC 8 May 2011
TAQA announced today that it will release its Q1 2011 Financial Results for the period to 31 March 2011 before market open on Wednesday 11 May, 2011.

TAQA to announce Q1 2011 Results on 11 May, 2011

Conference call and webcast details below

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that it will release its Q1 2011 Financial Results for the period to 31 March 2011 before market open on Wednesday 11 May, 2011. In conjunction with the financial results release there is a scheduled conference call and audio webcast at 16:00 hrs (UAE time) on Wednesday 11 May, 2011.

The conference call will be hosted by the Company’s Chief Executive Officer, H.E. Abdulla Saif Al-Nuaimi; General Manager, Carl Sheldon; and the Chief Financial Officer, Mr. Doug Fraser.

Announcement: Q1 2011 Financial Results Conference Call

Date: Wednesday 11 May, 2011

Time: 16:00 (UAE time), 13.00 (UK time), 08.00 (Eastern Standard Time)

UAE dial-in Number: 800 044 0446

International dial-in Number: + 44 (0)20 3140 0668

Confirmation Code: 518067#

Participants will be asked to quote the above code when dialing into the conference.

Please note that a link to the webcast can be found on the TAQA website. The webcast facility will not allow you to ask questions during the question and answer session.

For those who cannot listen to the live call, an instant telephonic replay service will be available for seven days on the following number:

International replay: +44 (0)20 3140 0698

Passcode: 377258#

An archive sound file of the conference call will also be available shortly after the call on the "Investor Relations" section of the Company's website, www.taqaglobal.com, in addition to a transcript of the call.

- Ends -

Contact Details:

Tanis Thacker
+971 2 661 4933
tanis.thacker@taqaglobal.com

Mohammed Mubaideen
+971 2 691 4964
Mohammed.Mubaideen@taqaglobal.com

Anna Davies, Capital MSL
+44 207 307 5346
Anna.davies@capitalmsl.com

Notes to editors

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the 6th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

TAQA Fourth Quarter and Full Year Financial Results 2010 16 Mar 2011
Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2010 financial results.

Revenues increased 27% to AED 21.4 billion, resulting in EBITDA of AED 10.4 billion

Net Profit exceeded AED 1.0 billion

Proposed dividend of AED 0.10 per share

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its Fourth Quarter and Full Year 2010 financial results.

  Q4 2010 Q4 2009 % change FY 2010 FY 2009 % change
Total assets (AED million) 116,059 91,845 26% 116,059 91,845 26%
Total revenues (AED million) 6,283 91,845 44% 21,401 16,855 27%
Power & Water (AED million) (1) 1,801 1,582 14% 6,781 6,150 10%
Oil & Gas (AED million)(2) 2,924 2,222 36% 9,277 7,322 27%
Cost of sales (AED million) (4,063) (3,576) 14% (14,250) (12,672) 12%
EBITDA (AED million) 2,748 2,160 27% 10,402 7,951 31%
Net profit (AED million) 343 (84) n/a 1,019 182 460%
Basic earnings per share (AED) 0.06 (0.01) n/a 0.17 0.03 466%
Debt/EBITDA 6.49 6.74 4% 6.86 7.33 31%
Net debt to capital (%) 80% 81% 1% 80% 81% 31%

(1) Excludes supplemental fuel and includes net liquidated damages relating to delays at Fujairah

(2) Includes Oil Storage and Other Operating Revenue

(3) Includes reversal of impairment of reserves, totalling AED 416 for FY 2010, versus an impairment of AED 538 in FY 2009

Summary

The positive commodity pricing environment combined with increased power production delivered a 27% year-on-year increase in revenues. Cost of sales benefitted by AED 416 million from the reversal of a previous oil and gas asset impairment resulting from a successful oil and gas drilling programme in North America.

TAQA recorded EBITDA of AED 10.4 billion and Net Profit After Tax of AED 1.0 billion. Earnings per Share was AED 0.17 for the full year.

As a result of this positive performance and given its confidence in TAQA's position, the Board of Directors is proposing a dividend of AED 0.10 per share, subject to approval at the Annual General Meeting on 19 April 2011.

Comment

H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said:

"2010 was an excellent year for TAQA -- not only did we record strong financial and operational performance, but we also made significant headway in realigning the business to a more focussed strategy which targets long-term value.

"We have added high-quality, earnings-accretive assets to our global footprint over the course of the year. Alongside these additions, we have conducted a strategic review of our international portfolio and have identified and prioritised the best opportunities for value creation. Furthermore, we have taken steps to improve our organisational structure by strengthening our headquarters in Abu Dhabi. The net result is an organisation which offers real organic growth potential.

"The continued support of the Emirate of Abu Dhabi, our pipeline of organic projects and a strong financial position fill me with confidence for 2011 and beyond."

Carl Sheldon, General Manager of TAQA, said:

"TAQA's operational performance is evident in our financial results for the year. Overall, oil and gas production finished the year at the high end of our original guidance, while revenues were simultaneously boosted by better oil and gas pricing. The consistent reliability of our high-performing power and water facilities has once again provided a stable backbone to TAQA's overall results. Combined with discipline in operational expenditures and the success of our drilling programs in North America and the UK North Sea, our operational efficiency has enabled us to deliver strong EBITDA and Net Profit."

Financial Summary

Profit & Loss

Total revenues for 2010 were AED 21.4 billion, 27% higher year-on-year, compared with total revenues of AED 16.9 billion in 2009. Fourth quarter revenues were AED 6.3 billion, an increase of 44% compared to the fourth quarter of 2009.

Total Oil & Gas revenues increased from AED 7.3 billion to AED 9.3 billion for the full year. This was primarily driven by an increase in realized commodity prices throughout 2010.

Total Power & Water revenues, excluding supplemental fuel income, increased from AED 6.2 billion in 2009 to AED 6.8 billion in 2010. This includes net liquidated damages resulting from the delay in the completion of Fujairah 2 and reflects the first full year of revenues from the expansion at Taweelah A1, which was completed during 2009.

Cost of sales increased 12% from AED 12.7 billion to AED 14.3 billion. Within this, operational expenses, excluding fuel expenses, increased at a slower rate than revenues and assets. The success of our drilling programme in North America resulted in a reversal of previous impairment provisions made in 2009.

Net Profit After Tax for the year totalled AED 1.0 billion, reflecting improved operational performance, reversal of the 2009 impairment provision, liquidated damages received from the delay in commissioning the Fujairah 2 plant and investment income from Sohar Aluminium.

During 2010, TAQA implemented three risk management programs with the objectives of reducing earnings volatility resulting from exposure to global commodity pricing, reducing overall interest costs and better aligning liabilities in currency terms to the underlying cash flows of the business.

Balance sheet

Prudent financial management remains a key priority for TAQA's management. TAQA's Net Debt/Capital ratio decreased to 80%, and Net Debt/EBITDA reduced to 6.9 times for FY 2010, despite the additional debt added to TAQA's balance sheet during 2010 related to the transfer from ADWEA of the high-quality, cash-generating plants Fujairah 2 and Shuweihat 2.

During the year, TAQA completed two successful refinancings: a CDN$1.0 billion facility in May, relating to our Canadian business; plus a US$3.0 billion revolving credit facility in December. Both were over-subscribed.

In December 2010, TAQA was awarded an 'A Stable' credit rating from Standard & Poors, complementing its existing A3 rating from Moody's Investor Services.

Operational Highlights

Power & Water

TAQA has grown to become the sixth-largest global independent power producer. Its Power & Water business performance continues to generate steady, stable cash flows, with a top-quartile performance for technical availability of power.

Key Performance Indicators   FY 2010 FY 2009 %
change
Total revenues in AED million   6,781 6,150 10%
% of overall revenues
(excluding supplemental fuel revenue)
  42% 46% 4%
Total generation capacity (MW) Global 15,905 13,729 16%
Domestic 10,994 8,533 29%
International 4,911 5,196 5%
Total power production (Gwh) Global 68,189 65,012 5%
Domestic 39,397 37,629 5%
International 28,793 27,383 5%
Technical availability of power generation business (%) Global 93.5% 94.4% 1%
Domestic 94.3% 95.9% 2%
International 91.3% 88.2% 3%
Water desalination capacity (MIGD) Total 787 654 20%
Total water desalination (MIG) Total 165,402 207,226 20%

(1) Excludes supplemental fuel and includes net liquidated damages relating to delays at Fujairah 2

TAQA produced 68,189 GWh of electricity and 165,402 MIG of water during 2010. This, combined with net liquidated damages received in relation to Fujairah 2, generated total revenues of AED 6.8 billion.

Technical availability at TAQA's domestic power utilities was 94.3%, with its international portfolio recording 91.3%. An average technical availability of 93.5% across the global asset base, underlines the high quality of the assets and their operational efficiency.

Fuel revenues were AED 5.3 billion in 2010, compared to AED 3.4 billion in 2009 due to higher use of back up fuel in 2010 in the domestic subsidiaries and higher power generation at Red Oak. There was a corresponding increase in fuel costs recorded for the same reason.

Domestic

Fujairah 2, a 2,000 MW and 130 MIGD power and water facility from ADWEA. Fujairah 2 has been in operation since January 2011.

In December, ADWEA transferred to TAQA a 54% interest in the Shuweihat 2 power and water plant, adding 1,500 MW and 100 MIGD to TAQA's portfolio once construction is complete at the end of 2011.

International

In December, TAQA's Jorf Lasfar Energy Company in Morocco completed the tender for the Engineering, Procurement and Construction contract for its 700 MW expansion project. The contract was awarded to the preferred qualified bidder, Mitsui Daewoo.

In May, TAQA signed a Memorandum of Understanding in Ghana with the Volta River Authority for the expansion of the Takoradi plant, which is expected to add 110 MW of efficient, combined-cycle electricity generation, extending the plant capacity to 330 MW.

In June, TAQA acquired a 40% equity stake from ADWEA in the Sohar Aluminium Company in Oman, which includes a 1,000 MW captive power plant. The effective date of ownership was 1 January, 2010. This high quality operation contributed significantly to net income in 2010 and provides an entry point for TAQA into the Sultanate of Oman.

In the USA, TAQA transitioned its partnership for TAQA Gen-X to Morgan Stanley, one of the world's leading commodity traders.

Oil & Gas

TAQA's Oil & Gas business comprises strong, well-resourced centers of excellence supporting a portfolio of assets with viable growth potential.

Key Performance Indicators   FY 2010 FY 2009 %
change
Total revenues in AED million   9,277 7,322 27%
% of overall revenues
(excluding supplemental fuel revenue)
  58% 54% 4%
Total production
(mboe/day)
Global 134.6 134.8 -
North America 88.6 89.9 1%
UK 37.3 38.2 2%
Netherlands 8.7 6.8 29%
Average net realized price of crude oil sold
(US$ per barrel)
North America 68.33 55.82 22%
UK 80.34 60.54 33%
Netherlands 82.61 61.62 34%
Average net realized price of gas sold
(US$ per thousand feet)
North America 4.24 4.06 4%
UK 58.27 54.55 7%
Netherlands 50.85 49.00 4%
Water desalination capacity (MIGD) Total 787 654 20%
Total water desalination (MIG) Total 165,402 207,226 20%

Total Oil & Gas full year revenues, including gas storage and other operating revenues, totalled AED 9.3 billion, an increase of AED 2.0 billion compared to AED 7.3 billion in 2009. This 27% increase was driven primarily by the increase in crude oil and natural gas prices in 2010.

Total global production for 2010 was 134.6 mboe/day with a reserve replacement ratio of 176%.

North America

Production levels in North America remained strong at 90.3 mboe/day in the fourth quarter and 88.6 mboe/day for 2010.

TAQA acquired interests in West Central Alberta during the second half of 2010 adding 6.1 mboe/day of liquid rich gas in addition to the strategic Bearberry gas processing facility.

TAQA also launched the development of a large oil project in the Central Alberta Cardium field with early results exceeding expectations.

UK

Production volumes in the UK North Sea were 36.1 mboe/day in the fourth quarter and averaged 37.3 mboe/day for the full year of 2010.

During the year, TAQA completed the North Cormorant and mobile drilling campaigns in the UK North Sea, adding nearly 14,000 boe/day in new production plus the Falcon field discovery, which is expected to come on-stream during 2011.

In September, TAQA celebrated its first anniversary as Duty Holder of Cormorant Alpha, North Cormorant, Tern and Eider. It also successfully completed four planned shutdowns in the UK North Sea totalling 60,000 man-hours on time, on budget and with no health or safety incidents.

Also in September, TAQA acquired an 81% stake in production licenses for two blocks in the Otter Field Development Area, adding approximately 6,000 boe/day at completion.

Netherlands

Production levels increased in the Netherlands to 8.7 mboe/day, an increase of 29% year-on-year, which is largely attributed to the restarting of production at the Rijn oil field following a three-year re-commissioning programme.

TAQA increased its equity in the flagship Bergermeer Gas Storage project from 36% to 60% in August. During 2010 the project progressed through to the final permitting stage and is expected to start construction in 2011.

TAQA's Oil & Gas business benefitted from a positive pricing environment during 2010.

WTI oil price averaged $85.21/bbl for Q4 2010 and $79.40/bbl throughout the year up from an average of $61.65/bbl for 2009. Prices for Brent crude increased to an average of $88.01/bbl in Q4 2010 and $83.48/bbl for the year up from $75.54/bbl in Q4 2009 and $73.59 bbl on average in 2009. Henry Hub gas prices for the quarter averaged $3.79/mmbtu, down from $4.37/mmbtu for Q4 2009. For the full year Henry Hub gas prices averaged $4.37/mmbtu, compared with $3.94/mmbtu in 2009.

Corporate updates

For a full list of corporate updates during 2010, please refer to TAQA's preliminary results at:

http://www.taqa.ae/en/news385.html

Post-period corporate developments

In January 2011, TAQA announced the disposal of Marubeni TAQA Caribbean assets in line with our strategy to focus on developing TAQA's power & water footprint in the greater MENA region.

- ENDS -

For further information:

TAQA Investor Relations, Abu Dhabi

Tanis Thacker, Head of Investor Relations and Corporate Communications
+971 2 691 4933

Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964
firstname.surname@taqaglobal.com

Capital MS&L

Dubai - Maram Alkadhi on +971 4 367 6160

London ¨C Claire Maloney / Anna Davies on +44 207 307 5330

firstname.surname@capitalmsl.com

About TAQA

www.taqaglobal.com

TAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across four continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces approximately 134,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA's entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.

Follow TAQA on Twitter: www.twitter.com/taqaglobal

TAQA Preliminary Financial Results for FY 2010 9 Feb 2011
Optimisation and selective acquisition strategies deliver significantly improved full year profit
Successful refinancing reaffirms strength of financial position

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC (“TAQA”), a

Optimisation and selective acquisition strategies deliver significantly improved full year profit
Successful refinancing reaffirms strength of financial position

Abu Dhabi, UAE - Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported its preliminary, unaudited financial results for the year ending 31 December 2010.

These preliminary results are subject to changes that may result from the final determination of certain accounting estimates. Comprehensive, audited full year 2010 results are due to be published on 16 March 2011.

  FY Actual 2009 FY 2010 Preliminary % change
Revenues (AED million) 16,855 21,349 27%
Total assets (AED million) 91,845 115,549 27
Net profit after minority interests
(AED million)
182 937 415%
Earnings per share (fils) 3 15 413%

Comment

H.E. Abdulla Saif Al-Nuaimi, CEO & MD of TAQA, said:
"2010 has been a year of focus for TAQA and we have, as a result, delivered substantial improvement in financial performance. We have worked hard to harness efficiency and opportunity within our footprint while simultaneously adding to it with valuable and complementary transactions during 2010. The net result is a boost to the bottom line and EPS for the period.

"While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction."

Corporate activity during 2010
During the 12 month period, TAQA completed the following corporate initiatives:

  • March: Moody's Investors Services downgraded TAQA's corporate credit rating from Aa2 to A3 (stable). All Abu Dhabi government related issuers were downgraded while the Government stated TAQA "plays an important role in the Emirate's energy policy."
  • April: H.E. Abdulla Saif Al-Nuaimi appointed Managing Director & Chief Executive Officer, further strengthening the TAQA management team.
  • April: TAQA swapped $1.0 billion of its 2013 fixed rate bonds into floating rate to optimize the company's exposure to floating interest rates.
  • May: CDN $1.0 billion revolving credit facility secured by TAQA NORTH. This facility replaced the existing CDN $1.325 facility due to expire in 2011.
  • August: Jan Willem van Hoogstraten appointed as Managing Director of TAQA Energy to manage TAQA's Netherlands operations.
  • October: David Cook appointed as Executive Officer and Head of Upstream to lead TAQA's global upstream division following more than 20 years experience with BP, TNK-BP, and Amoco.
  • December: 'A' rating received from Standard & Poor's reflecting extensive review of TAQA's strategy and business plan as well as the expected level of government support from the Emirate of Abu Dhabi.
  • December: US$ 3.0 billion revolving credit facility secured for general corporate purposes, replacing the existing US$ 3.15 billion revolving credit facility. The facility from 20 banks comprises US$ 2.0 billion in a three year revolving credit tranche and US$ 1.0 billion in a five year revolving tranche.
  • December: Abu Dhabi Water and Electricity Authority (ADWEA) transferred its 7% ownership stake in Tesla Motors to TAQA.
  • December: Steven L. Phillips appointed as General Counsel for TAQA's worldwide corporate activities, based in TAQA's corporate headquarters in Abu Dhabi, UAE.

In addition to the above, TAQA achieved the following milestones during 2010:
Oil & Gas

  • July: Approval granted to the Bergermeer Gas Storage project to increase the reservoir pressure from 35 bars to 80 bars, thus increasing the allowable volume of cushion gas in the facility.
  • August: Completed acquisition of selected Suncor Energy Oil and Gas Partnership assets by TAQA North for a total consideration of CDN $285 million.
  • August: Agreements signed for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. to TAQA, taking TAQA's ownership of the project from 36% to 60%.
  • September: Signed a Sale and Purchase Agreement (SPA) relating to TOTAL's entire equity stake of 81% in production licences for two blocks in the UK North Sea, with the potential to add approximately 8,000 boe/day.
  • October: TAQA awarded three licences in the UK North Sea from the UK's Department of Energy and Climate Change (DECC).
  • November: Crude oil production was successfully started from the Rijn field offshore the Netherlands, which TAQA acquired in 2007. TAQA applied recent advances in technology to restart the Rijn field, 12 years after being shut down.

Power & Water

  • June: Agreement signed with the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer of a 40% stake in Sohar Aluminium Company.
  • July: ADWEA transferred 90% of its interest in the Fujairah 2 power and water plant to TAQA, giving TAQA a 54% interest in the facility. Fujairah 2 achieved full completion in January 2011.
  • December: ADWEA transferred 90% of its ownership interest