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Taqa in Red as Energy Prices Tumble


Abu Dhabi, United Arab Emirates : 21 February 2010

The Abu Dhabi National Energy Company, Taqa, suffered a fourth quarter loss of Dh83 million as compared to a profit of Dh233 million last year due to decreased energy prices and deficit on international possessions which played havoc with the majority government-owned utilities provider.

The company said reduced commodity prices caused its annual profit down to Dh180 million from Dh1.8 billion in 2008 when oil soared to $147 per barrel.

Taqa also said it has written off Dh228 million against its holding assets Taqa Britani and Taqa North after reassessment of capitals.

The company has amassed approximately $2 billion (Dh7.4 billion) in North Sea assets through three holdings: Taqa Bratani, Taqa North and Taqa Energy, since its launch in 2005.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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