TAQA advances strategic Turkish power project with EUAS
- United Arab Emirates: Tuesday, October 09 - 2012 at 12:10
- PRESS RELEASE
Abu Dhabi National Energy Company PJSC (TAQA) has completed a pre-feasibility study and prepared an investment model for a major power project in the Afsin-Elbistan region of southern Turkey in co-operation with Electricity Generation Co. Inc. (EUAS).
The declaration was signed on behalf of the two governments by His Excellency Taner Yildiz, Turkey's Minister for Energy and Natural Resources, and His Excellency Hamad Al-Hurr Al-Suwaidi, Member of the Executive Council of the Emirate of Abu Dhabi and Chairman of the Department of Finance of Abu Dhabi ın the presence of His Excellency Khaled Al Mu'alla, Ambassador of the UAE to the Republic of Turkey.
His Excellency Al-Suwaidi said: "This joint declaration further strengthens the relationship between Turkey and Abu Dhabi, and has been a successful follow-up to the official visit made by His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces." His Excellency Al-Suwaidi is also Chairman of TAQA.
The joint declaration follows meetings held between His Highness Sheikh Mohammed bin Zayed Al Nahyan, His Excellency Abdullah Gul, the President of the Republic of Turkey, and His Excellency Recep Tayyip Erdogan, the Prime Minister of the Republic of Turkey in February 2012 and a subsequent agreement to explore energy investment opportunities in Turkey, announced in May 2012.
Carl Sheldon, Chief Executive Officer of TAQA, said: "Turkey is a new and exciting market for TAQA which fits well with our strategy to expand in the Middle East, North Africa and Europe. Turkey has great growth dynamics and is keen to attract foreign direct investment to develop its indigenous energy resources. As a full-scale energy company, TAQA is able to offer Turkey a durable partner to develop sizeable long-term energy projects of national importance."
In accordance with the framework agreed by the two governments, TAQA signed a memorandum of understanding with EUAS in August.
TAQA has now completed the investment model and pre-feasibility study for the project with the support of expert teams from TAQA's existing coal and lignite power plants in Morocco and India.
The development of Turkey's indigenous lignite resources is a priority because it enables the nation to reduce its dependence on imported natural gas. Lignite's role in power generation is set to expand alongside rapid growth expected in electricity demand. Approximately 40% of Turkey's lignite is located in the Afşin-Elbistan basin.
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