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Abu Dhabi’s partially privatized energy company Taqa looks on track to raise its total revenues this year. The company’s power plants, both in the UAE and abroad, are earning steadily and its upstream assets – all overseas – are providing better income.
But the company again posted a net loss for the first nine months of 2017. Taqa’s Q1-3 2017 revenue was Dh12.53bn ($3.41bn at the fixed exchange rate of $1=Dh3.6725), down 40% from a record Dh20.71bn ($5.64bn) in Q1-3 2014 when Brent prices averaged $107/B.
POWER VS UPSTREAM: THE HARE & THE TORTOISE
2014 also marked the peak of the relative importance of the firm’s upstream oil and gas segment relative to the much more steady earnings mainly from Abu Dhabi’s power market where prices are regulated. (CONTINUED - 909 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Taqa Q1-3 Revenue ($Bn): Steady Power Provides Near-60% Of Total Earnings. Upstream Revenues More Than Halved With 2014-15 Price Crash|
|table||Taqa: Key Operational Data|
|table||Taqa: Key Assets|