• 14 Aug 2007
  • TAQA Adds to Global Executive Management Team

TAQA Adds to Global Executive Management Team

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (ADSM: TAQA) today announced that it has appointed an interim chief financial officer (CFO) to add further seniority and blue-chip experience to its rapidly growing global executive management team.The newly-appointed interim CFO – William W. Reynolds, a Partner in Tatum LLC – will be responsible for all group-level financial planning and control, as well as communicating financial performance and forecasts to the analyst community and capital markets.Reynolds brings nearly 30 years of financial management and leadership experience in multi-divisional and multi-facility environments in the oil & gas exploration and production and power sectors. His broad range of financial experience includes capital structure optimization, utility financing, financing investments in diversified businesses, cash management, and leading a proactive investor relations effort. Reynolds will add further depth to TAQA’s best-in-class financing, accounting and control functions globally.Following a 17-year career with energy-giant, Amoco, Reynolds also held Chief Financial Officer roles with Prisma Energy International and Integrated Electrical Services and senior treasury and finance roles with Peoples Energy Corporation and MCN Energy Group. He brings significant global finance experience and is expected to set key performance indicators that will drive financial improvement and integration initiatives at TAQA.Peter Barker-Homek, TAQA’s chief executive, said: “Bill Reynolds will take responsibility for the strategic direction and leadership of the finance group, and will provide critical guidance to group-level decision-making processes, from accounting and treasury functions to financial evaluation and analysis.”On 1 August of this year, TAQA reported strong financial results for the first half of the year ended 30 June 2007, with total group assets hitting AED 56 billion.H1 2007 revenue reached AED 2.8 billion compared with AED 1.46 billion for the same period in 2006, representing an increase of 90 percent. Q2 2007 earnings grew 126 percent to AED 1.8 billion.TAQA was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.The completed acquisition of Northrock Resources is another major step forward for TAQA, which earlier this year began operation of TAQA Energy B.V., following the acquisition of BP Nederland Energie B.V, and of CMS Generation Co.- 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

Subscribe to Taqa Global.