Taqa plans to spend $2.2bn in 2012
Abu Dhabi, August 14, 2012
Abu Dhabi National Energy Company (Taqa), the energy and utility firm which is 75-per cent owned by the Abu Dhabi government, said it was on track to make capital expenditures of $2.2 billion this year.
The Abu Dhabi firm said its net profit rose 2.8 per cent to Dh447 million ($121.7 million) in the second quarter ended June 30, up from Dh435 million a year-ago.
On the investment plans, Taqa CEO Carl Sheldon said, 'We spent $949 million in the first half, we look to spend $2 to $2.2 billion this year.'
Among Taqa's ongoing projects are the Bergermeer gas storage facility in which the UAE firm and Dutch state-owned Energie Beheer Nederland BV are investing more than 800 million euros up to 2014.
Taqa, which owns assets across Canada and Europe, is also eyeing investments in Turkey after talks with the Turkish government. 'We expect development prospects,' Sheldon said on a conference call.-Reuters