- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Abu Dhabi’s TAQA eyes $2.15bn capex for 2014
Abu Dhabi National Energy Company the state-owned oil explorer and power supplier, has forecast a capital expenditure (capex) of $2.15 billion for 2014, its chief financial officer said in a presentation on Wednesday.
Of this figure, TAQA has spent $356 million in the first quarter, of which $290 million was for oil and gas schemes and $66 million for power and water projects, Stephen Kersley said in a presentation via conference call.
The capex forecast for the year is lower than the $2.37 billion which the company spent in 2013.
TAQA, 75 percent owned by the Abu Dhabi government, has total debt of $21.7 billion as of March 31, of which $11.7 billion is non-recourse project debt with scheduled repayment profile. The rest is bond and loan debt borrowed by the company, Kersley said.
TAQA has AED14.9 billion ($4.06 billion) of liquidity available, of which AED4.2 billion is in cash and AED10.7 billion is unutilized bank loans, he added.
On Wednesday, TAQA posted a 158 percent jump in first-quarter net profit as revenue from its oil and gas business soared.
Source: Reuters
