Tweet
Taqa to invest $2.5 bln in North Africa projects
Mon Mar 30, 2009 11:01am BST
ABU DHABI, March 30 (Reuters) - Government-run Abu Dhabi National Energy Co TAQA.AD (Taqa) will invest $2.5 billion in North Africa in 2009, a senior company executive said on Monday.
Taqa is 75 percent-owned by the government of emirate Abu Dhabi, which controls over 90 percent of the oil reserves in the United Arab Emirates.
It is looking at expanding its generating capacity at the industrial port of Jors Lassar in Morocco, among other global investments, said Majid Iraqui, the company's managing director for North Africa and the Middle East.
Iraqui said Taqa was also well positioned to win a contract for a 300-megawatt wind farm project in Morocco.
The UAE is the world's fifth-largest oil exporter and expansion abroad is part of the Gulf state's drive to use record oil revenues to diversify both its assets and economy away from oil.
Mon Mar 30, 2009 11:01am BST
ABU DHABI, March 30 (Reuters) - Government-run Abu Dhabi National Energy Co TAQA.AD (Taqa) will invest $2.5 billion in North Africa in 2009, a senior company executive said on Monday.
Taqa is 75 percent-owned by the government of emirate Abu Dhabi, which controls over 90 percent of the oil reserves in the United Arab Emirates.
It is looking at expanding its generating capacity at the industrial port of Jors Lassar in Morocco, among other global investments, said Majid Iraqui, the company's managing director for North Africa and the Middle East.
Iraqui said Taqa was also well positioned to win a contract for a 300-megawatt wind farm project in Morocco.
The UAE is the world's fifth-largest oil exporter and expansion abroad is part of the Gulf state's drive to use record oil revenues to diversify both its assets and economy away from oil.
Commentaire