Abu Dhabi, S Korea investment co-operation

Abu Dhabi National Energy Company (Taqa) on Tuesday received a private-public delegation from the Republic of Korea. The visit is part of a series of meetings to foster co-operation between Abu Dhabi and South Korea in global energy investments and follows a visit by a Taqa delegation to South Korea in September 2012. Carl Sheldon, Chief Executive Officer of Taqa, commented: “We look forward to deepening our ties with Korea in global energy initiatives. The competitiveness of Korean EPC contractors and Taqa’s unique global footprint and unique ties to governments in the Mena region is a winning combination to drive new business.” The South Korean delegation was led by the Deputy Minister for International Affairs of the Ministry of Knowledge Economy, Jae-Do Moon and included representatives of the Embassy of the Republic of Korea to the United Arab Emirates; Korea Trade-Investment Promotion Agency; Korea Electric Power Corporation (KEPCO), Korea Investment Corporation; Samsung; Daewoo; Doosan; Hana Financial Group and Korea Plant Industries Association. Abdulla Saif Al-Nuaimi, Taqa Vice Chairman and Jae-Do Moon discussed co-operation between Abu Dhabi and South Korea in global energy investments and in various other sectors. Taqa already works in partnership with Korean companies Kepco, Daewoo, Samsung, SK Group, Doosan and Export-Import Bank of Korea (Korea EximBank) in its power generation and water desalination operations and new business development opportunities in the United Arab Emirates and internationally. Korea EximBank is a long-term strategic partner providing financing for new power generation projects including the landmark $1.4 billion project financing arrangements for Taqa’s Jorf Lasfar power plant expansion in Morocco. This was the first time the Korean export credit agency had participated in a project finance transaction in Morocco. 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 per cent 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.  From gulftoday