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FINANCIAL NEWS
UAE’s TAQA Q2 profit up to USD118.5m
10 Aug 2011
(MENAFN) Abu Dhabi National Energy’s Co (TAQA) CFO, Stephen Kersley, said that due to growing oil prices and output in the UK, in the second quarter, the company’s profit rose to USD118.5 million from USD46.5 million in 2010’s same quarter, reported Arabian Business.
Kersley added that in the period, revenue from oil and gas surged 54 percent reaching USD843 million compared with USD544 million in 2010, whereas total revenue grew 38 percent reaching USD1.9 billion.
He also said that due to an order from a Dutch court stating that the company should suspend operations at the Bergermeer field project in the Netherlands, the facility, Europe’s biggest underground gas reservoir, would not be ready for use in 2014 as planned due to safety issues.
It is worth noting that Taqa is 75-percent owned by the Abu Dhabi government. The company manages power plants in Morocco, Saudi Arabia, Ghana, India, the Caribbean and the US.
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