- 30 Jun 2010
TAQA Acquires Equity Stake in Oman’s Sohar Aluminium Company
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 the signing of an agreement with its majority shareholder, the Abu Dhabi Water and Electricity Authority (ADWEA) for the transfer to TAQA of a 40% stake in Sohar Aluminium Company (SAC).The purchase price of this stake is approximately US$400 million and the final terms are to be agreed between TAQA and ADWEA. Completion of the transfer is subject to certain conditions and third party consents.SAC produces 360,000 tonnes of aluminium per annum at purities of p1020 and above. SAC also owns and operates a state of the art 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: “The acquisition of these facilities at Sohar demonstrates our strategy of delivering stable cash flows and sustained long term growth. Our track record in power generation means that we are well placed to add value to such an energy intensive business as aluminium. This is a high quality operation and is not only expected to increase TAQA’s cash flow, but provides entry for us into the Sultanate of Oman.”- ENDS -CONTACT TAQA:TAQA Investor Relations, Abu DhabiTanis Thacker, Head of Investor Relations
+971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964TAQA Media RelationsAllan Virtanen
+ 31 64 61 47 448
firstname.lastname@example.orgNOTES TO EDITORSAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.Our 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. We produce almost 138,000 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.Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean 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, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.About Sohar AluminiumSohar Aluminium, located at the Sohar Port in Oman, produces 360,000 tonnes of aluminium per annum at purities of p1020 and above and has the world’s longest single potline at 1.2km long. The smelter also boasts an onsite carbon facility and produces and rods its own anodes to ensure maximum efficiency and availability to the smelter.Sohar Aluminium is served by a comprehensive infrastructure which reflects its stature as a global leader in aluminium production. Its facilities include one of the world’s fastest growing ports and a power plant and smelter which utilise the latest technology and employ the best practices.The Sohar Aluminium Power Plant is a 1,000 MW combined-cycle, captive power plant and consists of four gas turbines and two steam turbines. The facility also includes a desalination facility and a seawater pumping station. The power plant has achieved high levels of efficiency, reliability and availability of power whilst ensuring low emissions, operating costs and environmental impact.