Taqa denies being engaged in merger talks

Abu Dhabi National Energy Company, known as Taqa, has said that it is not engaged in any kind of “merger discussions”. In a statement on Monday, it said: “Several media have reported that Taqa was considering selling its oil and gas assets to another government entity [but it] remains committed to invest in its international […]

Abu Dhabi National Energy Company, known as Taqa, has said that it is not engaged in any kind of “merger discussions”.

In a statement on Monday, it said: “Several media have reported that Taqa was considering selling its oil and gas assets to another government entity [but it] remains committed to invest in its international portfolio of oil and gas assets alongside its power and water business.”

The company, which is majority owned by Abu Dhabi’s water and electricity utility and other government entities, made progress to lighten its heavy debt load last year. “The cost transformation programme has helped save more than Dh5 billion in cash costs and capex in 2015 [and the company] expects to realise further significant reductions to its cost base in 2016,” it said on Monday.

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