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Monday, 16 February 2015

Taqa in heavy weather as oil price fall bites | The National

Taqa in heavy weather as oil price fall bites | The National:

"Abu Dhabi National Energy Company, the partly privatised utility known as Taqa, made strides under new management last year to cut costs and refocus after some disastrous investments in North American natural gas.

But now it faces more pressure on its bottom line after the oil price collapse, particularly from its exposure to the North Sea, a high-cost and declining oil and gas province.

In November, Taqa’s chief operating officer, Edward LaFehr, reported that the company “delivered a robust operational performance” in the first nine months of the year, with oil and gas production hitting a record of nearly 160,000 barrels of oil equivalent per day, good steady cash from its power and water businesses and general and administrative costs down by 9 per cent. He also said more than Dh3 billion of debt had been paid off using the sales proceeds of non-core assets, including a stake in the private equity construction firm Carlyle Infrastructure Partners, some undeveloped land in Alberta, Canada, and a stake in the Abu Dhabi insurer Wataniya."

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UAE stocks jump on strong crude; Damac jumps |

UAE stocks jump on strong crude; Damac jumps |

"UAE stocks jumped more than 1 per cent on Sunday, buoyed by strong crude oil, with Damac Properties leading the gains in trade on the Dubai Financial Market (DFM).

The DFM General Index ended 1.53 per cent higher at 3,963.28, after hitting a high of 3,984.78, a level last seen in early January. Damac Properties ended 14.84 per cent higher at Dh2.94.

“With strong moves in crude oil prices on Friday, we saw a bounce back this morning,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities."

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