Tuesday, 15 November 2011 at 09:25, Reuters, Dubai
The UAE energy company's oil and gas revenues expanded by 68 per cent in the third quarter. (AFP)
Abu Dhabi National Energy Co (Taqa) on Tuesday said third-quarter net profit more than doubled aided by higher crude oil prices and increased production.
Taqa, which is 75 per cent owned by the government of Abu Dhabi, reported third quarter net profit of Dh537 million ($146.2m) for the quarter ended September 30, compared with Dh218m a year ago, it said in a statement.
"Global demand for fuel and power continues to grow, with Middle Eastern markets, in particular, demonstrating attractive supply/demand dynamics," Chief Executive Carl Sheldon said in the statement.
Quarterly revenues surged to Dh6.2 billion compared with Dh5.2bn year ago. Taqa's oil and gas revenues rose 68 per cent to Dh2.7bn, it said in the statement.
Taqa, which has invested in a handful of Canadian companies in recent years, named Carl Sheldon as its new CEO in late October. The firm also announced it set up a 3.5bn ringgit Islamic bond or sukuk programme to tap the Malaysian market.
Taqa wants to invest in power production in Europe, which would allow it to integrate its existing gas production and huge storage facility in the Netherlands, a company executive said in October.
The company is a major shareholder in the Dutch Bergermeer field, Europe's biggest gas storage facility with capacity of 4.1bn cubic metres, and is also involved in an offshore gas production project in the Dutch North Sea. It already runs power plants in Morocco, Saudi Arabia, Ghana, India, the Caribbean and the US, and now wants to start oil and gas operations in Northern Africa.
Taqa shares have fallen 18.6 per cent year-to-date.
Your comments