Now Reading
TAQA Ends Talks To Buy 50% Stake In Iraqi Kurdistan Power Plant

TAQA Ends Talks To Buy 50% Stake In Iraqi Kurdistan Power Plant

The Abu Dhabi-owned oil explorer and power supplier said that the project does not match the company’s growth strategy.

Abu Dhabi National Energy Co (TAQA) said on Wednesday that it had ended talks to buy a 50 per cent stake in the Sulaymaniyah power station in Iraq’s Kurdistan region, as the project did not match the company’s growth strategy.

“We have rebalanced our growth agenda and this acquisition no longer fits our strategy,” a spokesman for the company told Reuters.

He did not mention the Islamist insurgency in Iraq. However, TAQA suspended its operations at the Atrush oil production block in Kurdistan earlier this month, citing the escalating instability in the region.

In July, TAQA pulled out of a $1.6 billion deal to buy two hydroelectric power plants from India’s Jaiprakash Power Ventures Ltd, citing changes in the Abu Dhabi company’s priorities.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top