The Abu Dhabi National Energy Co, or Taqa as it is known, is considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity, as it focusses on its core business of power generation and water production, sources told Reuters.
According to TAQA’s 2015 annual report, the company has an agreement with a ‘related party’ under which, at the request of Taqa, that party would buy all its oil and gas assets in North America and Atrush in Iraqi Kurdistan, plus most of its assets in Europe, at an agreed price.
The annual report didn’t specify the price or the related party. But the sources, who are close to Taqa but declined to be named because the matter isn’t public, told Reuters that the company was now considering exercising that option.
Taqa, in which the government of Abu Dhabi owns 75%, has been scaling back investments overseas and cutting costs to cope with the slump in crude oil prices.
