Abu Dhabi National Energy (TAQA), a state-owned oil explorer and power supplier, said it bought a 50 percent interest in a power plant in Iraqi Kurdistan.
According to Reuters, the plant, which has been operating since 2009, has a capacity of 750 megawatts, with an additional 250 megawatts under construction.
The company signed a joint venture agreement with Mass Global Investments for the purchase.
“There is a 15 year take or pay agreement in place with the Ministry of Electricity, Kurdistan Region. The facility receives gas from an underground pipeline connecting the Khor Mor gas field to the plant,” a company spokesman told Reuters.
The National reports that the company also has a stake in WesternZagros, the Canadian oil company that is exploring two blocks in Kurdistan.
(Sources: Reuters, Bloomberg, The National)