Abu Dhabi: Abu Dhabi National Energy Company (Taqa) announced the appointment of three new board members and retained four existing members at its annual general meeting on Wednesday in Abu Dhabi.

Saeed Mubarak Al Hajeri will continue to be the chairman of the Board while Khalifa Ali Al Qemzi will be the vice-chairman.

Three new board members elected through voting by shareholders on Wednesday include Khalifa Ali Al Qemzi, Dr Saif Saleh Al Sayari and Mohammad Abdullah Al Suwaidi. The existing board members include Saeed Mubarak Al Hajeri, Abdul Aziz Abdul Rahman Al Hemaidi, Salem Sultan Al Daheri and Khalid Abdullah Al Mass.

The energy company with operations in eleven countries reported a net loss of Dh19 billion last year compared to a net loss of Dh1.8 billion attributable to equity holders in 2015. The total revenues for the company were Dh16.1 billion in 2016, 17 per cent lower than 2015 when revenues amounted to Dh19.3 billion.

Outlining near term business strategy of the company, Saeed Al Hajeri said they will increase capex to increase reserves and production and also will look into select non-core divestments as well as focus on power and water generation sectors.

Acting chief operating officer of the company Saeed Hamad Al Daheri said through email that they may look to dispose some of oil and gas properties in the US and other provinces in Canada while identifying Central Alberta as a geogrpahic region in Canada for further investments.

“Besides the ongoing optimisation at each of our regional businesses which is part of normal course of business, there are no current plans to sell any of our assets or exit from any of our existing markets,” Al Daheri said. He also said the recently completed transformation programme realised significant savings and efficiency imporvements which made the company’s oil and gas operations in North America and Europe all cash positive.

Abu Dhabi Water and Electricity Authority (Adwea) recently increased its stake in Taqa from 52.38 per cent to 74 per cent, a sign of continuous support from the main shareholder.