Wednesday 14 March 2012

UPDATE 1-UAE's TAQA sees 2012 capex at $2.0-2.2 bln | Reuters

Abu Dhabi National Energy Co (TAQA) expects to increase capital spending to between $2.0 billion to $2.2 billion this year as it pushes ahead with expansion plans.

TAQA, which is 75-percent owned by the government of Abu Dhabi, spent $1.9 billion in 2011, Chief Executive Carl Sheldon said in a conference call on Wednesday, adding this year's spending would mainly go towards five long-term projects.

"This year it (capex) runs in the order of $2 to $2.2 billion in long range projects," Sheldon said.

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