By: Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi National Energy Co. (TAQA) is set to begin operating three new projects in India, Ghana and the UAE before the end of 2015, said chief operating officer (COO) Edward LaFehr on Thursday.
“We have completed construction works at all three projects and are working on beginning trial operations there,” the COO said in response to question by Mubasher via video conference, adding that TAQA expects commercial operations to fully commence before the end of the year.
The Abu Dhabi government-owned energy firm has also begun full commercial operations at its Netherlands Bergermeer facility for gas storage in April, the COO said, adding that the project’s storage capacity amounts to 4.1 billion cubic metres of gas, which amounts to the annual consumption of 2.5 million houses.
As for TAQA’s half-year profits and revenues, LaFehr said that the decline in prices resulting from selling oil and gas due to the current circumstances in the markets has led to a 29% decline in revenues to AED 9.8 billion, while profits before EBITDA were down 35% to AED 5.2 billion.
The company succeeded in trimming its capital expenses by AED 1.05 billion ($285.5 million) in H1-15 and plans to reduce such expenses by another AED 2.5 billion ($680.5 million) by the end of the year, or by 40% from figures recorded in 2014, the COO stated.
We are in a good position that allows us to reduce planned annual expenses worth AED 1.5 billion by the end of 2016, LaFehr revealed, adding that TAQA has a strong structure and is in a good position to achieve the necessary results.
TAQA’s daily production capacity reached 150,000 barrels of oil compared to 158,000 in the same period of 2014, down only 5% despite the sharp drop in capital spending, according to LaFehr. Meanwhile, production by TAQA-owned electricity stations reached 36,935 gigawatts, a 15% increase from figures recorded a year earlier.
“We are currently have about AED 13.9 billion ($3.78 billion) in liquidity till the end of the period,” the official added.
Translated by: Nada Adel Sobhi
