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TAQA concludes oil and gas strategic review
Abu Dhabi, UAE – July 5, 2022: Abu Dhabi National Energy Company PJSC (“TAQA”, the “Company”), one of the largest utilities in Europe, the Middle East and Africa, has completed a strategic review of its oil and gas business announced in September 2021.
The company has been exploring the possibility of selling some of its oil and gas assets as part of the review. It was concluded that TAQA’s oil and gas portfolio would be retained, with the exception of the Dutch upstream assets under discussion. The decision takes into account macroeconomic changes in the past 12 months that are expected to persist over time, as well as other asset-specific drivers.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said: “We have conducted an extensive review of our oil and gas portfolio, including exposure to the market to explore the potential for disposal. We have concluded that the vast majority of investments remain in place. The combination will deliver the best value for the company and its stakeholders. This is reflected in part by the strong contribution of oil and gas to our revenue and earnings of over 15% in 2021. This trend continues until This year, our decision to find buyers for upstream assets in the Netherlands was based on the nature of the assets and their relatively small contribution to TAQA Group’s earnings.
“Our strategy remains to be a champion for low-carbon electricity and water in Abu Dhabi and beyond, and to continue to improve and expand our utility business with a clear focus on renewable energy. As such, we remain committed to becoming a net Zero Company 2050.”
TAQA’s 2030 strategy focuses on growing its core utilities business in the UAE and internationally. As part of this strategy, the company will expand its generation capacity in the UAE from 18GW to 30GW, in addition to adding 15GW internationally. TAQA already owns and operates one of the largest single-point solar photovoltaic plants in the world, and is building another plant that is almost twice its size and has world-leading production costs. By 2030, at least 30% of the company’s power generation portfolio will be renewable, up from 5% today. Additionally, by 2030, the company expects Abu Dhabi to deliver about 1.1 billion imperial gallons of desalinated water per day, two-thirds of which will come from energy-efficient reverse osmosis.
Recently, TAQA signed contracts with Mubadala and ADNOC to control Masdar’s renewable energy business. Following the transaction, with the support of TAQA and its shareholders, Masdar aims to become one of the world’s leading clean energy companies with a target of over 50GW of capacity by 2030. TAQA’s investment in Masdar itself will ensure the company exceeds its 2030 renewable energy and capacity addition targets.
If the Netherlands discusses a deal, TAQA will make further announcements to the market in accordance with its regulatory obligations.
Disclaimer
TAQA – Abu Dhabi National Energy Company PJSC Post this content in July 5, 2022 and are solely responsible for the information contained therein.distributor listedunedited and unchanged, in Jul 5, 2022 06:12:10 UTC.
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