Abu Dhabi National Energy Co, a state owned company that deals in energy investment, would now focus on strengthening its existing business instead of making more acquisitions to widen its portfolio.

On Wednesday, Abu Dhabi National Energy Co., TAQA told that $1.4 billion capital expenditure program would be its main focus for the year 2010.

On a conference call, Carl Sheldon, the company's General Manager told reporters that the company won't exclude the options of acquisitions this year however any purchases would have to complement existing assets.

TAQA, leading Abu Dhabi-based National Energy Company has recorded disappointing results for the third-quarter. During the reporting quarter, the company has registered a huge dip of 88% in its profit. In a declaration, government-controlled energy producer said that its net income in the said quarter also plunged to Dh90 million from Dh723 million recorded in previous year. Sales went down to Dh3.9 billion from Dh4.5 billion.

Toshiba has announced that it will soon make a joint bid with Abu Dhabi National Energy Company (Taqa) for Areva's power transmission as well as distribution business.

Sources informed that the unit will involve an investment of more than ¥500 billion (about Dh 20.18 billion).

Sources added that Areva has selected Japan-based Toshiba, General Electric as well as French cooperators Alstom and Schneider Electric as possible buyers.

Toshiba, is in the final stages of negotiations with Taqa to make a joint bid.

TAQA, leading Abu Dhabi- based National Energy Company, has announced that it has inked a five-year contract with India's Wipro Limited.

The contract has been signed in order to supply infrastructure operations as well as application management services.

Wipro Limited is a largest provider of information technology services.

According to the agreement, Wipro will install an offshore development centre in the southern Indian city of Chennai, which will be on stream by November 1.

On Tuesday, a banker familiar with the matters of Abu Dhabi National Energy Co. said that the corporation, aka Taqa, has appointed five banks for a benchmark-sized, dollar-denominated bond sale.

The banker said that the joint bookrunners for the deal are the Morgan Stanley, BNP Paribas SA, HSBC Holdings PLC, Mitsubishi UFJ, and Standard Chartered PLC.

The banker added that by the end this week, Taqa will set terms of bond sale, which will come off Taqa's global medium-term note program.

The Abu Dhabi National Energy Co (Taqa) has informed that its UK-based wholly owned subsidiary, TAQA Bratani Limited has bought four exploration blocks in Britain's North Sea from Royal Dutch Shell and Exxon Mobil.

The blocks were near North Sea assets that Taqa had previously acquired for $631m in 2008 from Shell and Exxon.