Wael Al-Mazeedi's $1 billion business empire: can't get the numbers to add up.

See companion discussion in page titled "What is QGEN?"

Their OWN Description:

"The BTU Group (BTU) is a growing, diversified group of companies engaged in project development, equity investment, and asset management, focusing on the energy and energy-related industries in the Middle East, North Africa, and North and South East Asia.

The BTU Group has close to $600 million in committed capital exclusively for power generation and water desalination projects, and is in the process of increasing its capital to $1 billion. Shareholders of the BTU Group include leading publicly traded companies, institutional investors and investment banks in the Gulf Cooperation Council (“GCC”) countries,"

Link: TAPCO - About Us (vintage, October 2010) (section on BTU Power)

How much is BTU Power's portfolio worth? Another investor's experience can tell us: Pendekar Power ("Powertek BHD") acquisition of stake in Taweelah Asia Power Company

In the website of another of the consortium partners involved in the Taweelah Asia Power Company project there is a significantly more detailed and informative description of the scope of the investment in TAPCO. In section 2.1 of the Media Centre "General Announcement - Investment In The Taweelah B IWPP, Abu Dhabi" web posting of Tanjong, the parent company of Pendekar Power, the investment in TAPCO is described as follows:

2.1 Proposed Investment
"Pendekar Power's investment, based on its effective interest of 10% of the Project, will amount up to US$55.0 million....."

One could justifiably assume that all consortium partners would invest on an "equal basis," that is, they would pay the same amount for the same number of shares in the project company.  The corollary to the previous statement is that BTU Power's investment amount in TAPCO is probably the same as Pendekar Power's.

Link: Investment In The Taweelah B IWPP, Abu Dhabi

Who really "won" the TAPCO project: Marubeni Wins Power and Water Project in Abu Dhabi... (January 5, 2005)

"Marubeni Corporation, in cooperation with JGC Corporation, BTU Power Company of the United States and Powertek Berhad of Malaysia, has successfully won the right to own, operate and expand the 20-year Taweelah B power and water project in the Emirate of Abu Dhabi in the United Arab Emirates ('UAE')."

Link: Marubeni Wins Power and Water Project in Abu Dhabi World-Leading Scale with Total Investment of USD 3 Billion News Release Marubeni Corporation:

Again, who really "won" TAPCO: Japanese Marubeni Corporation says that the group it leads has won a US $3 billion power generation and desalination project in Abu Dhabi (January 15, 2005)

"Marubeni formed a consortium with Japanese engineering firm JGC Corp., BTU Power Co. of the US and Malaysian power producer PowerTeck Bhd, to compete for the deal"

Link: Marubeni-led consortium wins US $3 billion power deal - ArabianBusiness.com: