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FINANCIAL NEWS
UAE- Taqa inks agreement to look for oil in Iraq’s Kurdistan
02 Dec 2012
(MENAFN) Abu Dhabi National Energy’s Co., (Taqa) CEO, Carl Sheldon, announced that the company inked a deal to explore oil in Kurdistan’s Atrush block, reported Emirates 24/7.
Sheldon said that the agreement was inked with General Exploration Partners Inc. to acquire its 53.2-percent stake in the exploration contract.
He added that the deal with General, a subsidiary of Denver-based Aspects Holdings LLC., is expected to seal this month.
He noted that the agreement increases Taqa’s portfolio in Iraq’s Kurdistan, noting that the UAE firm bought a 50-percent share in the 1,000 MW gas-fired power plant in the region’s Sulaymaniyah province in April.
It is worth noting that the Atrush block is located near Dahuk province, which is 430 kilometers northwest of Baghdad and one of 3 provinces that make up the Kurdish region.
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