TAQA to focus on existing portfolio

Abu Dhabi National Energy Co, better known as Taqa, will focus on growing its existing portfolio of assets after a two and a half-year spending spree, signaling a change in the state-backed company's short-term strategy, Taqa's new chief said Monday.

"I think our short-term focus has changed," said managing director Carl Sheldon, who serves in the newly-created position as chief of Taqa since former chief executive Peter Barker-Homek announced his resignation Friday.

"Our focus will shift away from acquisitions and more towards growth of our existing portfolio," Sheldon told analysts on a conference call.