TAQA Eyes Turkey Investments

State-controlled Abu Dhabi National Energy Co. (TAQA) and the Turkish energy ministry have formed a joint committee to discuss investment opportunities for the oil and gas utility in Turkey, the firm said on Tuesday.

The committee will “discuss the investment opportunities available in the energy sector in Turkey,” TAQA said in a statement.

The announcement came after a delegation from TAQA, headed by the firm’s chairman Hamad al-Hurr al-Suwaidi, went to Turkey to meet with officials from the energy ministry, including Turkish Energy Minister Taner Yildiz, TAQA said.

Suwaidi, who is also the chairman of Abu Dhabi’s Department of Finance, also met with Turkey’s Finance Minister Mehmet Simsek, the statement said.

“Developing our international power business in the Middle East and North Africa region is a core to TAQA’s growth strategy. We have ambitious plans for growth and consider Turkey to be an attractive market offering a range of investment opportunities,” TAQA CEO Carl Sheldon was quoted as saying in the statement.

Earlier this month, TAQA, which is 75-per cent owned by the government of Abu Dhabi, said its first-quarter net profit more than tripled to Dhs534 million ($145 million), helped by a gain selling non-core Canadian assets.

TAQA has also said it planned to spend up to $2.2 billion in capital expenditure this year, and will seal a deal on acquiring 50 per cent of a power plant in the Kurdish region of Iraq in the second quarter.