TAQA likely to issue bond in 2012

03 Mar 2011

(MENAFN) The chief financial officer of Abu Dhabi National Energy Company (TAQA), Doug Fraser, said that the company is considering entering debt markets with issuing a bond in an attempt to repay a debt maturity in 2012, reported Arab News.

The CFO said that TAQA, the 75 percent government-owned company, is receiving a USD1.5 billion note in October 2012.

Fraser said that political turmoil in the region is expected to halt the outbreak of new bond issues awaken by investor demand for quasi-government debt.

According to the CFO, the firm is seeking to spend USD2 billion per annum in the short-term in capital investment excluding acquisitions. Fraser added that the company could also invest in shale oil and gas.

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