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Wed 4 May 2016 02:25 PM

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Abu Dhabi's TAQA says not in talks to sell oil, gas assets

Abu Dhabi National Energy Co responds to reports that it is considering sale to another state-owned entity

Abu Dhabi's TAQA says not in talks to sell oil, gas assets

Abu Dhabi National Energy Co (TAQA) said on Wednesday that it is not in talks with any entity to sell its oil and gas assets.

The brief statement to Abu Dhabi's stock exchange did not elaborate.

Reuters reported on Sunday that TAQA was considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity. TAQA declined to comment for the story.

According to TAQA's 2015 annual report, the company has an agreement with a "related party" under which, at the request of TAQA, that party would buy all its oil and gas assets in North America and Atrush in Iraqi Kurdistan, plus most of its assets in Europe, at an agreed price.

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