Taqa to expand by USD1.8b

21 Apr 2011

(MENAFN) The Abu Dhabi National Energy Company (Taqa) general manager, Craig Sheldon, revealed the company’s plan to use USD1.8 billion of financing in a new capital investment program, reported The National.

Sheldon said that spending in 2011’s budget would be USD400 million more than that of 2010. He said that the money would be used for a number of projects including power plant expansions and developing a large gas storage and distribution centre.

The GM explained that the financing would come from hedging, which includes selling half of the company’s output for the coming eighteen years, taking the advantage of the currently high oil prices.

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