OECD upgrades UK 2024 growth forecast to 1.1% from 0.4%
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The global slowdown has brought about new opportunities for a cash-rich company like TAQA, which raised $11 billion by issuing bonds, through new capital and syndication loans, last year from the market, well before the global financial crisis blew up into a full scale recession.
“We are receiving calls from distress firms asking for creating joint ventures or buying assets,” the TAQA CEO told Khaleej Times in an interview on Monday.
“This year, we will be forming several joint ventures and partnerships to go in for acquisitions or build projects,” he said. Negotiations are under way with several global giants in this regard, he revealed without naming them.
Commenting on the impact of financial crisis in the domestic economy, Homek was optimistic that things would improve, and saw growth picking up in Q2 and Q3 of the current fiscal. This, he said means that global firms like TAQA could carry-out their development plans without finding a capital partner. So, 2009 will be the year of partnerships for TAQA.
TAQA will tap opportunities in all three business segments-upstream, mid stream and down- stream.
Since TAQA has enough cash and credit lines available to finance its planned acquisitions this year, he ruled out a need for raising capital or issuing a commercial debt.
He hinted that acquisitions intended to be made this year would not be larger than $1 billion in investment.
On the bidding for a 2000-3000 megawatt thermal power plant in
Without naming the location, Peter Barker-Homek said that TAQA will be entering into hydro power generation business by taking up a small 22-megawatt power plant. He said that negotiations are progressing with technology providers to establish a 300- megawatt Wind Power plant in
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