Taqa Reports Second-Quarter Loss as Oil and Power Sales Slide - Bloomberg:
"Abu Dhabi National Energy Co. (TAQA), the state-controlled utility, reported a second-quarter loss as sales fell because of a cut in U.K. oil output and production halts at two power plants.
The company, known as Taqa, lost 172 million dirhams ($46.8 million) in the period, compared with a 447 million-dirham profit a year earlier, it said in a statement today to the Abu Dhabi stock market. Sales declined 3.1 percent to 5.86 million dirhams. The utility is 75 percent owned by the government of Abu Dhabi, the largest sheikhdom in the United Arab Emirates.
Taqa has stakes in businesses generating power and producing oil and natural gas in the Middle East, North Sea, India and North America. Last year, it expanded by adding oil-field operations in northern Iraq and buying U.K. crude deposits from BP Plc. (BP/)"
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