• 31 Oct 2007
  • Global

TAQA Q3 2007 Financial Results

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today reported strong financial results for the third quarter of the year ending 30 September 2007.Key highlights of the results for Q3 2007:Key highlights of the results for the first nine months of 2007:1 Earnings before interest, tax, depreciation and amortisationAcquisitions during the period:The Canadian market has been the key focus of the Company’s expansion plans for the quarter.nbsp; The focus has been on long-life, stable assets in the form of Canada’s oil and gas sector. Once closed, these transactions will make TAQA one of the top 14 oil and gas producers in Canada:Comment:Peter Barker-Homek, Chief Executive Officer of TAQA, said:
“Our business is changing significantly and our investment view is now a global one.nbsp; A year ago, TAQA’s revenues were primarily derived from water and power generation in the UAE.nbsp; Today, we are also reporting substantial growth in oil and gas revenues further to our expansion into the Netherlands and Canada.nbsp; This financial and operational diversification across the value chain is key to our five year strategy of becoming a major global energy company.“TAQA does have an appetite for acquisitions and scale is important to us, however, as today’s results demonstrate, this is being balanced with strong organic growth from our existing portfolio.”“The operational and financial growth we have experienced during the third quarter of 2007, underpinned by assets with strong cash flows, is also testament to the strength of the management team we now have in place.nbsp; Acquisitions are being integrated successfully, with no real business disruption.”TAQA North Ltd (formerly Northrock Resources Limited) is a Calgary-based oil and gas exploration company with operations in Northern Alberta and British Columbia; West Central and Southern Alberta; Southwest Saskatchewan; Southeast Saskatchewan; and the Northwest Territories. TAQA North was acquired by TAQA in August 2007 from Pogo Producing Company for a total purchase price of US$2 billion.- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.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.taqaglobal.com or Twitter: @TAQAGLOBAL

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