UAE’s TAQA net loss reaches USD687 m in 2013

25 Mar 2014

(MENAFN) Abu Dhabi National Energy Co (TAQA) reported a USD687 million net loss for 2013 on non-cash deterioration related to the value of its oil and gas holdings in North America, according to Arabian Business.

TAQA reported a high profit of USD 176.66million in 2012 after minority interests.

TAQA said that the USD884 million worth impairment resulted from “a reduction in the long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region.”

TAQA added that the impairment did not affect the company’s ability to continue operations or service its debt.

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