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TAQA

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This article is about the Emirati state owned enterprise. For other uses, see Taqa (disambiguation).
Abu Dhabi National Energy Company, PJSC
TAQA
Company typeState-owned
ADX: TAQA
IndustryOil and gas exploration and production, pipelines, underground gas storage, power generation and water desalination
Founded2005; 19 years ago (2005)
Headquarters
Abu Dhabi
,
United Arab Emirates
Number of locations
Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States
OwnerGovernment of Abu Dhabi
Number of employees
2,700 (2013)[1]
SubsidiariesTAQA North, TAQA Bratani
Websitewww.taqa.com

The Abu Dhabi National Energy Company, PJSC (TAQA) is a government controlled energy holding company of Abu Dhabi, United Arab Emirates.

TAQA (Arabic for Energy) is one of Abu Dhabi's flagship companies[2] and as such has an important role to play in helping to deliver the economic strategy of the Emirate of Abu Dhabi. The company currently operates in 11 countries across four continents.[3]

History

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The beginnings of TAQA lie within Abu Dhabi's 1998 government initiative, seeking to privatize the Emirate's water and electricity sector. Following the establishment of the Abu Dhabi Water and Electricity Authority (ADWEA).[4]

TAQA was founded in June 2005 pursuant to the provisions of an Emiri Decree in 2005 as a public joint stock company. ADWEA served as the founding shareholder, holding 51% of the company.

In May 2006 TAQA appointed Peter E. Barker-Homek, an American businessman, as its first CEO. TAQA expanded quickly under the guidance of Barker-Homek, making several key acquisitions in Africa and North America.[5] In Canada, TAQA acquired Northrock Resources Ltd.(US$2 billion),[6] Pioneer Natural Resources Canada Inc (US$540 million)[7] and PrimeWest Energy Trust (US$5 billion).[8]

In 2008 TAQA acquired several North Sea assets from Shell U.K. Limited and Esso Exploration and Production (UK) Limited. The purchase included all equity, associated infrastructure and production licenses relating to the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields.[9]

In late 2009, Barker-Homek relinquished his position as CEO and was replaced by Carl Sheldon. Sheldon had joined TAQA as General Counsel in 2008.[10]

In 2010, Barker-Homek sued TAQA under breach of contract allegations, claiming that he was fired because he spoke out against "fraudulent and unethical practices" at TAQA and was threatened with arrest and imprisonment if he had not signed his severance agreement to leave the company. The lawsuit was dismissed by Michigans District Court Judge John Corbett O'Meara in 2011.[11][12][13]

In 2010, following huge investments and an asset increase of more than 300% between 2005 and 2008 (to $23 billion), Sheldon announced a "period of consolidation" and "organic growth", focusing on operational profitability.[14]

In 2012, TAQA sold their Tesla shares in order to finance investments into a power plant in the Kurdistan region of Iraq.[15]

In 2014 Carl Sheldon left the company and handed over his responsibilities to Edward LaFehr, who took on the newly created role of Chief Operating Officer. LaFehr was previously President of TAQA's North America business.[16] In 2016, LaFehr left TAQA and was replaced by acting COO, Al Dhaheri.[17]

In 2019, TAQA reported for Q1 a 95% decline profit because of foreign exchange losses and revaluation of its power assets in the US.[18] In H1 2019 revenues by 5% compared to H1 2018.[19]

In July 2020, TAQA and ADPower announced the successful completion of their merger. This created one of the largest utilities in the region. Its total assets are estimated at AED 200 billion, making Taqa the third largest listed company in the UAE and one of the top ten utilities in Europe, Middle East and Africa (EMEA).[20][21]

In December 2021, TAQA and Abu Dhabi National Oil Company (ADNOC) announced a $3.6 billion project to aim to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%. [22]

Massar Solutions

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Massar Solutions is a publicly traded global transportation and logistics company headquartered in UAE.[23][24] It was formed as a limited company in 1998. A majority of the company's stock is owned by Abu Dhabi Investment Company and Abu Dhabi National Energy Company PJSC (TAQA).[25][26] Abu Dhabi National Energy Company PJSC (TAQA) bought 49% shareholding in Massar solutions earlier called Al Wathba Company for Central Services PJSC.[27][28][24][29][30] Massar Solutions started its operations in the year 1998 and manages a fleet of 16000 vehicles.[31][32][33] In 1998, the Emirate of Abu Dhabi moved the water and electricity sector into the private sector, Massar was integrated as an exclusively owned subsidiary of Abu Dhabi Water & Electricity Authority.[34] In the year 2005, Abu Dhabi Investment Company purchased 51% shares of Massar from Abu Dhabi Power Corporation, a subsidiary of Abu Dhabi Water & Electricity Authority.[35][36] Abu Dhabi National Energy Company PJSC (TAQA) bought 49% shareholding in Massar.[37][38][39][40]

In Nov 2021, Massar Solutions hired Horton Interiors to provide the Design and Build[41] for the office in the UAE. Their office space, meticulously designed and built by Horton Interiors, caters to the diverse needs of both back-of-house working staff and front-of-house maintenance teams.

Corporate structure

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Overview of personnel

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Notable members of the board of directors of the company are as follows:

  • Mohamed Hassan Al Suwaidi, Chairman[42]
  • Jasim Husain Thabet, Chief Executive Officer[43]
  • Saeed Mubarak Al-Hajeri, Vice Chairman [44][45]
  • Khaleefa Al Qamzi, Vice-Chairman[46]
  • Khaled Abdulla Al-Mass, Board Member[47]
  • Mohammed Sahoo AlSuwaidi, Board Member[48]
  • Salem Sultan Al Daheri, Board Member[48]

Shareholders

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TAQA is listed on the Abu Dhabi Securities Exchange.[49] The company is 75.1% indirectly owned by the government of Abu Dhabi. The government of Abu Dhabi through ADWEA owns 51%, ADWEA transferred 21.7% of its shareholding to the Fund for the Support of Farm Owners in the Emirate of Abu Dhabi Shareholders. 0.3% are owned by other Government related entities. The balance (25.9%) is traded publicly on the Abu Dhabi Securities Market, which is limited to Emirati nationals.[50]

Finance

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Standard & Poor's has assigned A+/A-1 corporate credit ratings to TAQA.[51] Moody's has assigned a rating of Aa3 to TAQA's long term foreign and local currency obligations.[52]

Operations

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TAQA's main focus of investments is the companies engaged in power generation, water desalination, and production and storage of oil and gas. In addition, it has invested in the mining, metal, and service sector.[49]

TAQA has investments in over 60 companies. Its principal wholly owned subsidiaries include Emirates Power Company, Gulf Power Company, Arabian United Power Company, Al Shuweihat Power Company, Taweelah United Power Company, Union Power Holding Company, TAQA Bratani Limited, TAQA Energy B.V., TAQA North Ltd. and Takoradi International Company, operator of the Takoradi Power Station II. Through the acquisition of CMS Generation, TAQA has assets in the UAE, Ghana, Morocco, Saudi Arabia and India.[53]

Persian Gulf Region

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Abu Dhabi

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TAQAs business roots lie in the local power and water desalination plants in Abu Dhabi. The company supplies around 85% of the Emirates power and 90% of water demands, through the operation of eight power and desalination plants in the UAE. The plants are 54% owned by TAQA, 6% by ADWEA and 40% by various international shareholders. All productions is sold under fixed power and water purchase agreements (PWPAs) to Abu Dhabi Water and Electricity Company (ADWEC).[54][55]

Further power plants operated in other countries currently consist of one plant in Morocco (85.79% ownership), one in Oman (40%), one in India (99.9%), one in Saudi Arabia (25%), one in Ghana (90%) and two in the USA (JV with output rights / 50%).[56]

Oman

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TAQA owns a 40% stake in the Sohar Aluminum smelter and the connected 1,000 MW Sohar Aluminum Power Plant (SAPP), whose output is mostly used to power the aluminum plant, that has a production of around 360,000 tons of aluminum per year. The stake was acquired in 2010.

Saudi Arabia

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In Saudi Arabia, TAQA owns a 25% stake in the 250 MW Jubail power plant, which powers the SADAF Petrochemical Plant.[57]

In addition to the Persian Gulf region, TAQA has assets in Europe, Asia and Africa and America, including investments in Canada, Netherlands, the UK and the USA. It has interests in the Tern Alpha, Eider Alpha, Cormorant North, Cormorant Alpha, Kestrel and Pelican fields and related sub-sea satellite fields in the North Sea.[9]

Africa

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Through the subsidiary Jorf Lasfar Energy Company (JLEC), TAQA supplies around 50% of Moroccos electricity demands and operation at the Jorf Lasfar power station was expanded from 1,356 to 2,056 MW capacity in 2014.[58]

In Ghana, TAQA operates a 220 MW power plants in Takoradi, 220 km west of Accra. The plants capacity was increased to 330 MW with construction starting in 2013 and finishing in 2015. The plant now provides around 15% of Ghanas total generation capacity.[59][60]

India

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In India, TAQA operates a 250 MW lignite-powered plant in Neyveli, Tamil Nadu, and has interest in the 100 MW Sorang hydro power project in the northern Himachal Pradesh state. The plant is powered by the Sorang Khad river. The stakes were acquired by TAQA in 2014 for around $600 million from the Indian Jaypee Group.[61][62][63]

Iraq

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TAQA holds a majority share (53.2%) and is operator of the Atrush block located 85 km northwest of Erbil in the Kurdistan region of Iraq. Initial production is expected to be approximately 30,000 barrels of oil equivalent per day.[64] TAQA acquired the interest for $600 million from an affiliate of Aspect Holdings in 2012.[65][66][67][68]

North America

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TAQA operates different assets in Canada and the United States. Operations on the continent are focused on conventional oil and gas exploration, and production and power generation. In the US, the company has invested in the Red Oak Power plant in Sayerville, New Jersey (85%) and the Lakefield wind farm in Jackson County, Minnesota.

In Canada, its investments lie within the oil and gas development of fields around Calgary and British Columbia, which began with the acquisition of Northrock Resources for $2 billion, Pioneer Natural Resources Canada (Pioneer Canada) for $540 million and the PrimeWest Energy Trust (PrimeWest) for C$4.6 billion in 2007.[69][70][71][72]

Turkey

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On January 3, 2013, TAQA signed an agreement with Turkey to invest about $12 billion to develop the coal fields in the Southern Turkey. This deal is considered as the second biggest Arab investment in Turkey in the energy sector.[73] In August 2013, TAQA said it would delay the planned investment amid difficult financing conditions at a time of currency volatility in emerging markets including Turkey.[74][75]

UK and Netherlands

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TAQA started operations in Europe by acquiring different gas exploration and production (E&P) assets from BP Netherlands in 2007. Further investments followed in the UK and Scotland in subsequent years (2008-2011).[3][76]

In August 2009, it bought a 15% interest in North Sea assets from the L11b Group and took over the operatorship of the L11b-A production platform.[77][78] On 3 August 2009, TAQA took over operatorship of the North Sea Brent Oil Pipelines System.[79][80] In addition, in 2006 TAQA acquired BP Nederland Energie B.V. Through this acquisition, TAQA now holds onshore and off-shore production assets, including the Piek Gas Installatie facility in Alkmaar, the project of the largest offshore LNG Regas facilities utilizing the depleted field P15/P18 just off the port of Rotterdam, and partnership in the Bergermeer gas storage project.[81][82] TAQA operates Gas Storage Bergermeer, which is Europes largest, open-access, gas storage facility with 46-terawatt-hours (TWh) of seasonal storage capacity. The facility is operated in cooperation with Gazprom.[83][84]

In November 2012, BP sold its stakes in several U.K North Sea oil and gas fields (with a production capacity of 21,000 barrels per day (3,300 m3/d) equivalent) to TAQA for just over $1 billion.[85]

TAQAs production in 2016 totaled 17,410 megawatt in power generation, 917 million gallons per day in water desalination and 137,300 barrels per day (21,830 m3/d) equivalent.[86]

See also

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References

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  1. ^ "Creating a sustainable business" (PDF). TAQA. Retrieved 19 February 2020.
  2. ^ "Blowing in the Wind" (PDF), Thoroughly Modern Morocco: 9, October 2008, archived from the original (PDF) on 24 August 2009
  3. ^ a b "Abu Dhabi's oil major spreads net to North Sea". The Telegraph. 11 September 2011. Retrieved 3 July 2019.
  4. ^ "Government Relations". Abu Dhabi National Energy Company. Retrieved 3 July 2019.
  5. ^ "Peter Barker-Homek: The man behind Taqa's splashy entrance". Archived from the original on 28 December 2012.
  6. ^ "Business Real Estate News | Technology | Travel Guide". www.ameinfo.com.
  7. ^ "Investors | Pioneer Natural Resources Company". investors.pxd.com.
  8. ^ "Abu Dhabi company buys PrimeWest Energy Trust for $5B". CBC News. 24 September 2007.
  9. ^ a b "Abu Dhabi National Energy Company PJSC (TAQA) agrees to purchase north sea assets from shell u.k. ltd and esso exploration and production u.k. ltd". Al Bawaba. 7 July 2008. Retrieved 21 March 2009.
  10. ^ "Carl Sheldon joins Taqa as General Counsel". Khaleej Times. 17 March 2008. Retrieved 3 July 2019.
  11. ^ "Former chief sues Abu Dhabi energy company". Financial Times. 1 September 2010. Retrieved 3 July 2019.
  12. ^ "Peter Barker-Homek in $460m legal claim against Taqa". The National. 31 August 2010. Retrieved 3 July 2019.
  13. ^ "UAE's Taqa says former CEO's US lawsuit dismissed". Reuters. 29 September 2011. Retrieved 3 July 2019.
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  15. ^ "Abu Dhabi's Taqa sells Tesla stake and buys into Iraq". The National. 9 April 2012. Retrieved 12 August 2019.
  16. ^ "Press-Releases". TaqaGlobal. 2014. Retrieved 26 February 2014.
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  19. ^ "TAQA H1 2019 revenue up 5%, led by oil and gas business". OilandGas. 14 August 2019. Retrieved 21 February 2020.
  20. ^ "Taqa, ADPower complete merger, create Dh200b giant". Khaleej Times. 2 July 2020. Retrieved 15 January 2021.
  21. ^ "Abu Dhabi's Taqa to offer more shares in asset-transfer deal". Arabian Business. 1 July 2020. Retrieved 15 January 2021.
  22. ^ "UAE's ADNOC, TAQA in $3.6 bln project to slash offshore carbon footprint". Reuters. 22 December 2021.
  23. ^ "Massar Solutions Announces First Abu Dhabi Share Float Since 2011". Gulf Business. 5 January 2015.
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  26. ^ "The best way to rent a car in Dubai". Time Out Dubai. 21 January 2020.
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  29. ^ "Massar Solutions signs hosting deal with Etisalat Digital". Edge Middle East. 3 September 2018.
  30. ^ "Al Masaood Automobiles announces partnership with Massar Solutions". www.zawya.com.
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  32. ^ "Massar Solutions celebrates one million safe man-hours | Ecargolog - Asia's Cargo & Logistics News Online".
  33. ^ "Al Masaood Automobiles announces partnership with Massar Solutions". Day of Dubai - Dubai's Leading Information Portal | News | Jobs | Events.
  34. ^ "Abu Dhabi Water & Electricity Authority - Company Profile and News". www.bloomberg.com. Retrieved 6 October 2020.
  35. ^ "Abu Dhabi Power to take control of TAQA in asset swap". Reuters. 3 February 2020 – via www.reuters.com.
  36. ^ "Data". www.abudhabipower.ae. Retrieved 19 July 2020.
  37. ^ "Business Real Estate News | Technology | Travel Guide", www.ameinfo.com
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  40. ^ "Logistics". The Business Year.
  41. ^ "Massar Solutions". Horton Interiors. Horton. Retrieved 5 December 2023.
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  49. ^ a b "Abu Dhabi National Energy Company May Invest in Joint Development with India's Infrastructure Leasing & Financial Services Ltd". Al Bawaba. 26 November 2006. Retrieved 21 March 2009.
  50. ^ "Rating Action: Moody's affirms TAQA's A3 ratings with stable outlook; BCA lowered to b2". Moody’s. 23 June 2015. Retrieved 12 August 2019.
  51. ^ "Infrastructure investor Abu Dhabi National Energy Company PJSC rated 'A+/A-1'; outlook stable". AME Info FZ LLC. 11 October 2006. Archived from the original on 7 June 2011. Retrieved 21 March 2009.
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  53. ^ "TICO shares take-over done deal". Business Week. 15 April 2007. Archived from the original on 14 July 2011. Retrieved 12 February 2011.
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  55. ^ "United Arab Emirates". Abu Dhabi National Energy Company. Retrieved 18 August 2019.
  56. ^ "Power". Abu Dhabi National Energy Company. Retrieved 18 August 2019.
  57. ^ "Saudi Arabia". Abu Dhabi National Energy Company. Retrieved 18 August 2019.
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  61. ^ "India's Jaypee Group Close to Selling Power Assets for $1 Billion". The Wall Street Journal. 4 February 2014. Retrieved 18 August 2019.
  62. ^ "Taqa-led consortium to buy two power plants in India for $616m". The National. 2 March 2014. Retrieved 18 August 2019.
  63. ^ "India". Abu Dhabi National Energy Company. Retrieved 18 August 2019.
  64. ^ Our regions. Iraq. Archived 2015-04-12 at the Wayback Machine
  65. ^ "TAQA – Powering a Thriving Future".
  66. ^ "Taqa buys Kurdistan's Atrush oil block for $600m". The National. 2 January 2013. Retrieved 18 August 2019.
  67. ^ "Taqa buys key stake in Kurdistan oil block". TradeArabia. 1 December 2012. Retrieved 18 August 2019.
  68. ^ "Iraq". Abu Dhabi National Energy Company. Retrieved 18 August 2019.
  69. ^ "Taqa buys Northrock Resources". Financial Times. 29 May 2007. Retrieved 28 August 2019.
  70. ^ "TAQA Completes Acquisition of Pioneer Canada". MarketWired. 27 November 2007. Retrieved 28 August 2019.
  71. ^ "TAQA North closes acquisition of PrimeWest Energy for C$4.6b". Khaleej Times. 18 January 2008. Retrieved 28 August 2019.
  72. ^ "North America". Abu Dhabi National Energy Company. Retrieved 28 August 2019.
  73. ^ Economic times. "Turkey inks $12 billion energy project with UAE".
  74. ^ "Qatar-Japan consortium to study projects in Turkey". Arabian Business. 22 February 2015. Retrieved 12 August 2019.
  75. ^ "Economic ties: Turkey turns to the Gulf for funding". Financial Times. 21 November 2012. Retrieved 28 August 2019.
  76. ^ "Abu Dhabi National Energy Company assumes operation of BP Netherlands Gas Exploration and Production business". Al Bawaba. 4 February 2007. Retrieved 28 August 2019.
  77. ^ "Taqa snaps up North Sea slice". Upstream Online. NHST Media Group. 4 August 2009. Retrieved 6 August 2009.
  78. ^ "TAQA buys 15% stake in North Sea gas platform". Arabian Oil and Gas. 4 August 2009. Retrieved 28 August 2019.
  79. ^ "TAQA takes Brent pipe reins". Upstream Online. NHST Media Group. 3 August 2009. Retrieved 6 August 2009.
  80. ^ Christopher Johnson, Barbara Lewis (3 August 2009). "Abu Dhabi firm says becomes N. Sea Brent operator". Reuters. Archived from the original on 4 January 2013. Retrieved 6 August 2009.
  81. ^ "Abu Dhabi National Energy Company assumes operation of BP Netherlands Gas Exploration and Production business". Al Bawaba. 4 February 2007. Retrieved 21 March 2009.
  82. ^ "TAQA and Gazprom export sign MoU to Partner on Dutch Bergermeer Gas Storage". Zawya. 5 December 2008. Retrieved 21 March 2009.
  83. ^ "TAQA and Gazprom export sign MoU to Partner on Dutch Bergermeer Gas Storage". Euro-Petrole. 12 September 2008. Retrieved 28 August 2019.
  84. ^ "The Netherlands". Abu Dhabi National Energy Company. Retrieved 28 August 2019.
  85. ^ "RWE to Sell E&P Division as Profit Falls". The Wall Street Journal. 5 March 2013. Retrieved 28 August 2019.
  86. ^ "TAQA AT Glance". Abu Dhabi National Energy Company. Retrieved 28 August 2019.
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