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TAQA completes acquisition of energy trust

The Canadian arm of Abu Dhabi National Energy Company, or TAQA, has completed its $4.6 billion acquisition of Calgary-based PrimeWest Energy Trust.

PrimeWest's current chief executive, Don Garner, will take the helm of TAQA North immediately. Tim Granger, who was in charge of PrimeWest's development and production operations, will serve as TAQA North's chief operating officer.

PrimeWest units will be delisted from the Toronto Stock Exchange within a few days.

“PrimeWest is undoubtedly a great addition to TAQA North's existing operations in Canada, providing further scale to help us capitalize on new and diverse development opportunities,” said TAQA CEO Peter Barker-Homek in a statement Wednesday.

TAQA, which is three-quarters owned by the Abu Dhabi government, said in September it planned to grow into a $60 billion company over the next five years, with one-third of its operations in Canada.

In May, it paid $2 billion for Calgary-based Northrock Resources Inc., which was renamed TAQA North. It also bid $540 million for Pioneer Natural Resources Canada Inc., a unit of Pioneer Natural Resources Co. in Dallas.

TAQA said the PrimeWest acquisition makes it one of the top 10 natural gas companies in Canada in terms of net proven reserves and one of the top 12 in terms of oil and gas production.

PrimeWest is a conventional oil and gas royalty trust that acquires, develops, produces and sells natural gas, crude oil and natural gas liquids.

TAQA is a global energy company with operations in power generation, desalination, oil and gas production, pipelines and gas storage. It has C$15.6 billion in assets. (Xinhua)