The Abu Dhabi National Energy Company (TAQA) of the United Arab Emirates (UAE) is set to carry out an ambitious plan to invest 60 billion U.S. dollars in global energy sector by 2012, local newspaper the Khaleej Times reported on Tuesday.
TAQA will focus its investments on three key growth regions, namely Canada, Europe and the Middle East and North Africa (MENA) region, according to the report.
"We are bullish on Canada, Europe and the MENA region including India and Pakistan, where we want to see our business expanding aggressively in the next five years," the company's CEO Peter Barker-Homek was quoted as saying.
Canada is TAQA's most promising market, where the company has already gained a capacity of more than 111,000 barrels of oil equivalent per day, he said.
In the meantime, TAQA is working with joint venture partners on two projects in the Gulf region, one each in Saudi Arabia and Kuwait, he added.
The Saudi Arabian electric power project will have a generating capacity ranging between 3,000 to 5,000 megawatt, he said, giving no details about the company's project in Kuwait.
Established in 2005, the TAQA is an energy investment company, 51 percent of which is owned by Abu Dhabi government, 24.1 percent by the Farm Owners' Fund of Abu Dhabi, and the rest 24.9 percent by shareholders.
The company currently has investments, assets and operations in 10 countries -- the UAE, Canada, Ghana, India, Morocco, the Netherlands, Russia, Saudi Arabia, Britain and the United States.
Source: Xinhua
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