UAE Business: Taqa mulls potential sale of Dutch upstream assets – Gulf Digital News

UAE Business: Taqa mulls potential sale of Dutch upstream assets – Gulf Digital News

Abu Dhabi National Energy Company (Taqa), one of the largest utilities in Europe, Middle East and Africa (EMEA) aims to sell some of its key oil and gas assets, mainly upstream assets in Netherlands, stated the company in its strategic review of its oil and gas business.

In the Taqa review, the company said its oil and gas portfolio will be retained, except for the upstream assets in the Netherlands where discussions are ongoing.

This decision takes into account macro-economic changes that have occurred during the last 12 months and which are expected to continue for some time, as well as other asset-specific drivers, it stated.

Also the Abu Dhabi group will be expanding its UAE generation capacity from 18GW to 30GW in addition to adding 15GW internationally.

Group CEO and MD Jasim Husain Thabet said: "We have conducted an extensive review of our oil and gas portfolio, including reaching out to the market to explore the potential for disposal. We have concluded that retaining the vast majority of the portfolio will deliver the best value for the company and its stakeholders."

"This is in part evidenced by the strong contribution – over 15% - that the oil and gas business contributed to our revenue