- 30 Nov 2012
TAQA disposes of stake in WesternZagros
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
GVP Corporate Communications
Tel +971 2 691 4802Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished 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.taqa.com or Twitter: @TAQAGLOBAL