Abu Dhabi’s Taqa Cuts 2014 Spending After Oil Prices Fall - Bloomberg

Abu Dhabi’s Taqa Cuts 2014 Spending After Oil Prices Fall - Bloomberg:



"Abu Dhabi National Energy Co. (TAQA), the U.A.E.-controlled utility, cut its spending for 2014 after oil prices collapsed and reported a 27 percent drop in net income.



Capital expenditures will be 6.8 billion dirhams ($1.85 billion) this year, down 2 billion dirhams from last year, and fourth-quarter spending is being reviewed, the state-owned company known as Taqa said in a statement to the Abu Dhabi stock exchange today. Third-quarter profit fell to 107 million dirhams and revenue dropped 6.3 percent from a year earlier.



Oil slumped into a bear market last month, prompting Ecuador, Venezuela and Libya to call for action to halt the slide. United Arab Emeriates Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi that the collapse may deter investment in projects predicated on $100 a barrel crude."



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