Disclosure Regarding TAQA Power
7 November 2012
** Translation of the Arabic-language Original**
Disclosure Notice
Dear Sir,
TAQA Power has announced the start of commercial operations for the first private sector independent power plant (IPP) to be tendered by the Egyptian petrochemicals sector. The 11 MW natural gas powered plant located in Dekheila Port, Alexandria will provide the Egyptian Polystyrene Production Co., E-Styrenics, a subsidiary of the Egyptian Petrochemical Holding Company, with all of its energy needs.
TAQA Power (formerly Global Energy) is a leading private sector power developer and the first private sector company to receive a license to generate and distribute electricity from the Egyptian Electric Utility Regulatory Agency and the Consumer Protection Agency, in order to provide a wide range of services to leading players in the oil and gas, petrochemicals, cement, tourism and real estate sectors.
TAQA Power is a branch of TAQA Arabia, Citadel Capital’s (CCAP.CA on the EGX) 33.8%-owned full service energy distribution platform.
TAQA Power was awarded a Build, Own, Operate (B.O.O.) contract to establish the plant in July 2011. The financial close and construction of the project have been successfully completed and the IPP will start commercial operations during the fourth quarter of 2012 under a 20-year off-take agreement with E-Styrenics, a US$ 400 million project, is building Egypt’s first polystyrene production line with a total capacity of 200,000 tons per year during phase one of the operations. TAQA Power will now add this significant national project to our list of reputable clients which includes Al Futtaim, Emar Misr, Amer Group, Sabbour Group, Allam Holding, and Scimitar.
Disclosure Notice
Dear Sir,
TAQA Power has announced the start of commercial operations for the first private sector independent power plant (IPP) to be tendered by the Egyptian petrochemicals sector. The 11 MW natural gas powered plant located in Dekheila Port, Alexandria will provide the Egyptian Polystyrene Production Co., E-Styrenics, a subsidiary of the Egyptian Petrochemical Holding Company, with all of its energy needs.
TAQA Power (formerly Global Energy) is a leading private sector power developer and the first private sector company to receive a license to generate and distribute electricity from the Egyptian Electric Utility Regulatory Agency and the Consumer Protection Agency, in order to provide a wide range of services to leading players in the oil and gas, petrochemicals, cement, tourism and real estate sectors.
TAQA Power is a branch of TAQA Arabia, Citadel Capital’s (CCAP.CA on the EGX) 33.8%-owned full service energy distribution platform.
TAQA Power was awarded a Build, Own, Operate (B.O.O.) contract to establish the plant in July 2011. The financial close and construction of the project have been successfully completed and the IPP will start commercial operations during the fourth quarter of 2012 under a 20-year off-take agreement with E-Styrenics, a US$ 400 million project, is building Egypt’s first polystyrene production line with a total capacity of 200,000 tons per year during phase one of the operations. TAQA Power will now add this significant national project to our list of reputable clients which includes Al Futtaim, Emar Misr, Amer Group, Sabbour Group, Allam Holding, and Scimitar.