Abu Dhabi ends talks to buy 50 per cent stake in Iraqi gas plant

State-owned Abu Dhabi National Energy Co (TAQA) has ended talks aimed at acquiring a 50 per cent stake in an Iraqi power plant in the Kurdistan region, the Reuters news service has reported.

Talks regarding TAQA’s acquisition of the 1000 MW gas-fired Sulaymaniyah plant (pictured) have been underway since 2012.

A company spokesman told Reuters: “We have rebalanced our growth agenda and this acquisition no longer fits our strategy. The withdrawal is expected to improve free cash flow, reduce debt leverage over time and deliver a stronger sustainable financial performance.”

The company has also pulled out of acquisition plans in India.

Earlier this month TAQA temporarily suspended operations at the Atrush oil production block in Kurdistan due to growing instability in the region, although it said it remained committed to developing its operations there.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...