By John Lee.
In an effort to improve cash flow, the Abu Dhabi National Energy Co. (TAQA) have ended acquisition plans for some projects in Iraq and India.Security does not appear to have been a factor in the company’s decision regarding an Iraq based project.
However, the company are taking some precautions with ongoing oil operations in the Kurdish region.
TAQA’s forthcoming Iraq project would have been a 50% stake in a 1000 MW power station in the peaceful northern province of Sulaymaniyah. A statement from the company explained the reasoning behind the new strategy:
“We have rebalanced our growth agenda and the acquisition no longer fits our strategy.The withdrawal is expected to improve free cash flow, reduce debt leverage over time and deliver a stronger sustainable financial performance.”
TAQA will retain its stake in the Atrush oilfield in the Kurdish region.
(Source: Arabian Business.com)