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TAQA loses on halting Kurdistan operations

: Sunday, August 10 - 2014 @ 21:04

Abu Dhabi National Energy Company, better known as TAQA (Arabic for energy), was in the focus on Sunday, August 10, at the Abu Dhabi exchange ADX, whose market index ended up by 0.37 per cent at 4,943.20 points. TAQA shares fell by 1.80 per cent to close at AED1.09. Earlier in the day, the most valuable energy firm in the UAE revealed that it has suspended its operations at the Atrush Block in the Kurdistan region of Iraq.

“As a result of recent developments and escalating instability around the Kurdistan Region of Iraq, TAQA has suspended operations at the Atrush Block and, as a precautionary measure, significantly reduced staffing levels,” reveals TAQA in a filing to the ADX. Sunni Islamic radical from the ISIL fraction clashed with Peshmerga forces from autonomous Kurdistan in recent days, with ISIL reaching positions only 30 kilometers close to Erbil, the Kurdish capital.

TAQA adds that it remained committed to the development of the Atrush block and that it hopes to kick off production “by 2015″, without specifying the exact month or season.

Gérard Al-Fil

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Sunday, August 10- 2014 @ 21:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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