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TAQA Arabia
Industry: Energy DistributionInvestment date: June 2006
Investment type: Industry Roll-Up
Citadel Capital ownership: 34.8%
Company Website: www.taqa.com.eg
TAQA Arabia is the parent company of a full-service energy distribution group with a focus on gas and electricity distribution and fuels marketing. From its base in Egypt, TAQA Arabia has expanded into the UAE, Qatar, Sudan and Libya.
Rapid industrial growth in Egypt and the region has provided an opportunity for TAQA Arabia to satisfy unmet industrial demand for energy. As governments deregulate their energy sectors and reduce subsidies, there are ample opportunities for an experienced and well-financed group such as TAQA Arabia to become a market leader.
OPERATIONAL UPDATE
TAQA Arabia’s gas distribution arm has licenses for natural gas distribution in four concessions representing 11 Egyptian governorates, where it currently distributes approximately 4.7 billion cubic meters of natural gas per year, primarily to industrial users. In 2010 TAQA Arabia’s construction arm successfully connected 315,000 Egyptian households to the national gas grid, in addition to the 750,000 that were previously connected. The gas distribution arm also has operations in the UAE, and Qatar.
TAQA Arabia also owns Global Energy, a private-sector Egyptian company with a license to generate and distribute electricity. TAQA Arabia plans to grow the company so that it may supply the unmet Egyptian and regional industrial demand for electricity.
In the second quarter of 2010, TAQA Arabia and ASEC Cement, in partnership with the Sudanese Pension Fund, began operating Berber for Electrical Power, a captive 42 MW power plant that provides all of the electricity needs for Takamol, ASEC Cement’s 1.6 million-ton-per-annum greenfield cement plant in Sudan, under a 20-year off take agreement. The US$ 67 million power generation facility is 51% owned by Global Energy which brings in its technical knowhow and management expertise as a licensed company for power generation and distribution. Going forward Global Energy will continue to look for attractive regional investment opportunities.
TAQA Arabia has also made a small strategic foray into the oil marketing and fuel products distribution business to meet the complete energy needs of its industrial customers. In 2010 TAQA Arabia continued to roll out its TAQA Arabia-branded retail filling stations. With the first stations launched in 2009 in Bheira, Assiut, Sharkeya, Kafr El Sheikh and Ismailia, the company now has a total of 14 stations in operation. TAQA Arabia is the exclusive distributor for Castrol products in Egypt.
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