Abu Dhabi Taqa Cuts Capital Spend as Oil-Drop Curbs Revenue
- Taqa to divest stakes in U.S. wind farm, U.A.E. transport
- Company's oil, gas revenue tumbled by almost half on prices
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Abu Dhabi National Energy Co., the government-controlled utility pumping crude and natural gas from Canada to the U.K., said it’s cutting capital expenditure and planning to sell assets after low prices slashed oil and gas revenue by almost half.
The company, known as Taqa, said its 50 percent stake in the Lakefield wind farm in the U.S. state of Minnesota is up for sale and that it’s divesting its holding in Abu Dhabi-based transport company Massar Solutions PJSC. Taqa reduced capital spending for this year by 42 percent to 1.8 billion dirhams ($490 million), according to an e-mailed statement.