FINANCIAL NEWS

Taqa invests $400m in Oman’s SAC

01 Jul 2010

(MENAFN) Abu Dhabi National Energy Company (Taqa) said it has signed an agreement with Abu Dhabi Water and Electricity Authority (ADWEA) to buy a 40 percent stake in Sohar Aluminium Company (SAC), Oman for $400 million, Gulf News reported.

As per the agreement ADWEA, a majority shareholder in the SAC, will transfer to Taqa its stake in the Omani firm.

SAC produces 360,000 tons of aluminum per annum at purities of p1020 and above. SAC also owns and operates a state of the art 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.

The purchase price of this stake is approximately $400 million and the final terms are to be agreed between Taqa and ADWEA. The completion of the transfer is subject to certain conditions and third party consents, said a top official.

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