Abu Dhabi's Taqa to build up existing businesses

TAQA-LogoAbu 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.

The firm will invest more amounts in Canada, Europe and Africa by doubling its budget to $1.43 billion for bringing more efficiency in the system. Though General Manager Carl Sheldon did not rule out the possibility of more acquisitions but said that core area of focus will be developing existing portfolio.

Sheldon told, "Our main focus this year will be on capital spending programs." He expressed satisfaction over the performance of the company that reported handsome growth in the recent past despite tough conditions due to financial crisis.

The firm in which majority stakes are owned by the oil-rich government of Abu Dhabi, acquired BP Netherlands' North Sea and onshore gas businesses in addition to spend 5 billion for acquiring Canada's PrimeWest Energy Trust.

Rating agency Moody's Investors Service had r cut its rating earlier this month raising question over its credit quality. However, the company said that degradation would not impact its long term growth.