UAE's TAQA on track to invest $1 bln in fourth-quarter

Abu Dhabi National Energy Company or TAQA TAQA.AD is in talks with three companies in the mid and downstream sector as it seeks to meet its $1 billion spend target for the fourth-quarter, its chief executive said on Monday.

"We are working on a number of transactions and that will get me to meet the target. We are working on three targets," the CEO, Peter Barker-Homek told reporters without naming the companies.

TAQA has already invested $1.5 billion and plans to continue its buying spree and could spend $1 billion before end-2009, Barker-Homek said earlier.

"We are emphasising on downstream, gas and transmission business," he said.

Currently, TAQA's investments are heavily weighted towards the upstream and the company is aiming for balanced growth with 40 percent in upstream, 40 percent in downstream and 20 percent in the midstream, he said.END