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The Abu Dhabi National Energy Company (TAQA), has signed an agreement to buy a 40 per cent stake in Sohar Aluminium Company (SAC) from the Abu Dhabi Water and Electricity Authority (ADWEA) for US$400mn. SAC produces 360,000 tonnes of aluminium per annum and also owns and operates a 1,000 MW combined cycle captive power plant. SAC is a joint venture between the Oman Oil Company, ADWEA and Rio Tinto Alcan.
"The acquisition of these facilities at Sohar demonstrates our strategy of delivering stable cash flows and sustained long term growth,” said Abdulla Saif Al-Nuaimi, CEO and MD of TAQA. “Our track record in power generation means that we are well placed to add value to such an energy intensive business as aluminium. This is a high quality operation and is not only expected to increase TAQA’s cash flow, but provides entry for us into the Sultanate of Oman.”