TAQA announces major program to optimize organizational design and improve internal management processes

TAQA has retained one of the world's leading management consulting firms, McKinsey & Company, as a strategic advisor to this effort.

The decision was taken in a move to accelerate the already fast pace of internal development at TAQA, and to ensure that the company achieves "blue-chip" status.

TAQA's CEO Peter Barker-Homek said: "TAQA aspires to be a 'blue-chip' company by market capitalization, but also in its operating procedures and employee behavior. We will commit ourselves to continuous improvement, to compete on equal footing with the biggest and best companies in our industry."

The broad sweeping effort will seek to improve organizational design, performance management systems, internal coordination, and communication. "TAQA intends to become a best in class operating company in our industry segments of oil and gas E&P, pipelines, gas storage, LNG regas and power generation. We aspire to be a company with a rich and empowering performance culture that will harmonized within the organization as we grow our firm," said Barker-Homek.

TAQA carries an Aa3 and A+ credit rating and was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.