TAQA buys PrimeWest for $5 billion

Alberta Ltd. and TAQA North Ltd., subsidiaries of Abu Dhabi National Energy Co. PJSC will purchase PrimeWest Energy Trust for $5 billion.

Offshore staff

CALGARY, Alberta -- Alberta Ltd. and TAQA North Ltd., subsidiaries of Abu Dhabi National Energy Co. PJSC will purchase PrimeWest Energy Trust for $5 billion.

The acquisition gives TAQA oil and gas output of 111,000 boe/d, placing it among the top 14 oil and gas producers in Canada, the company says.

"Further acquisitions will come, and certainly Canada is an area in which we are looking for further opportunities to grow the business and get to scale," says TAQA CEO Peter Barker-Homek.

9/25/2007

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