• 09 Oct 2012
  • Global

TAQA advances strategic Turkish power project with 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 DhabiThomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802Allan Virtanen
Head of Media
Tel +971 2 691 4894Mob +971 56 685 2717Allan.Virtanen@taqa.com About 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

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