Taqa denies Dutch wind farm agreement

National Energy Co said it’s not in talks about buying a controlling stake in a Dutch wind farm, denying a media report that the government-run utility known as Taqa was close to signing an agreement. Taqa was ready to agree to buy 85 per cent of a project to generate electricity using wind-powered turbines from a Dutch investment company called Typhoon Capital BV, De Telegraaf reported on Tuesday, without citing anyone. Investment in the project would total €5.5 billion (Dh24 billion), according to the Amsterdam-based newspaper. Allan Virtanen, an Abu Dhabi-based spokesman for Taqa, denied the report, speaking on Tuesday by telephone from Abu Dhabi. Taqa owns shares in businesses that generate power or produce oil and natural gas in the Middle East, North America, the North Sea and India and has allocated about $10 billion to expand those operations or acquire new ones from 2010 through 2014. It borrowed $1.4 billion last month to enlarge a power and water plant in Morocco. The utility agreed in April to acquire half of a generator in Iraq and is boosting electricity output in Ghana. Advanced Petrochem Advanced Petrochemicals Co posted a 65 per cent decline in second-quarter profit as sales and product prices declined, missing analysts’ estimates. Net income fell to 53.9 million riyals (Dh52.7 million) from 155.6 million riyals, according to a statement to the Saudi bourse on Tuesday. The median estimate of six analysts was for a profit of 59.5 million riyals according to data compiled by Bloomberg. Alinma Bank Alinma Bank, a Saudi lender, posted a 75 per cent increase in second-quarter profit, beating analysts’ estimates. Net income grew to 179 million riyals (Dh175 million) from 102 million in the year-earlier period, according to a statement to the Saudi bourse on Tuesday. The median estimate of three analysts was for a profit of 174 million, according to data compiled by Bloomberg. Ma’aden Saudi Arabian Mining Co, the state run company known as Ma’aden, said second-quarter profit is estimated to have doubled from the year-earlier period on higher gold prices and commercial production at its phosphate unit. Estimated net income is 128 million riyals (Dh125 million) compared with 63 million riyals a year earlier, according to a statement to the Saudi bourse on Tuesday. The increase in profit is due to “the beginning of commercial production of ammonia and DAP for Ma’aden Phosphate Co, an increase in the average realised price per ounce of gold sold and an increase in quantity of gold sold,” the company said. Acwa Power Acwa Power, a Saudi Arabia-based power and water plant developer, said on Monday it had entered a consortium to acquire a solar photovoltaic, or PV, plant in Karadzhalovo, southern Bulgaria, in which it will hold a 42 per cent controlling interest. The plant, which became operational in March, is rated at a capacity of 60 megawatts and is expected to produce 81,000 megawatt hours per year on average, Acwa said in an emailed statement. The solar plant will be owned by a new company formed by Acwa power and its partners — an affiliate of energy-focused private equity fund First Reserve Corp and a fund managed by Turkish private equity firm Crescent Capital. It will be operated by a new firm formed in Bulgaria by Nomac, a subsidiary of Acwa Power, and SunEdison, a unit of US-based MEMC Electronic Material (WFR). Both companies will have equal shares of ownership. Banque Saudi Fransi Banque Saudi Fransi, the lender part-owned by France’s Credit Agricole, said on Monday its net profit in the second quarter fell 2.1 per cent on year to 757 million Saudi riyals (Dh741 million) as operating expenses increased. BSF’s earnings missed most expectations. Analysts at NCB Capital estimated its quarterly profit at 817 million riyals, while EFG Hermes forecast 767 million riyals. Net special commission income for the second quarter amounted to 844 million riyals, compared with 789 million riyals in the year before period, BSF said in a statement posted on the Saudi bourse website. Its totals assets as on June 30 stood at 147 billion riyals, up from 134 billion riyals at the end of the same period last year. BSF’s loans and advances portfolio stood at 101 billion riyals, compared with 85 billion riyals for the same period. Kufpec Kuwait Foreign Petroleum Exploration Co, or Kufpec, is seeking to bring its daily production back to more than 80,000 barrels of oil equivalent by mid-2013, after it fell to the current level of 75,000 barrels, Kuwait-based Al Seyassah daily reports on Tuesday, citing an executive. The state-run firm operates as a strategic partner in more than 50 projects in 22 countries worldwide, according to the report. The company’s long-term strategy is to boost its output to 200,000 barrels a day by 2020, Nasser Al Fulaij, a deputy managing director at Kufpec, told Al Seyassah.