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Monday, 17 April 2017

After taking big loss on assets, Taqa sets recovery course | The National

After taking big loss on assets, Taqa sets recovery course | The National:

"Abu Dhabi National Energy Company’s top management is putting together a recovery plan after taking the long-delayed decision last month to write off an enormous Dh22 billion (US$6bn) of value in its oil and gas portfolio. The Abu Dhabi Water & Electricity Authority (Adwea), the majority shareholder in Taqa, as the company is known, filled the hole left in Taqa’s balance sheet by transferring land valued at Dh18.7bn from Adwea’s power and water plant sites, swallowing the entire loss of equity value itself, according to Taqa’s annual results. Having spent $25bn building up an international portfolio of oil, gas and power assets under previous management before oil and gas prices crashed, last year’s writedown leaves that portfolio with a book value of about $9.5bn."



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