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Tue 15 Nov 2011 09:48 AM

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Higher oil, gas sees Taqa Q3 net more than double

Abu Dhabi-backed energy firm is investing some $10bn in Canada, European ventures

Higher oil, gas sees Taqa Q3 net more than double
Taqa will spend about $10bn to 2014 on five projects in its existing portfolio

Abu
Dhabi National Energy Co, the state-run company that is investing $10bn in
Canada, Europe and Africa, said third-quarter profit more than doubled as oil
and gas revenue rose.

Net
income advanced to AED537m ($146m), compared with AED218m a year earlier, as
oil and gas revenue rose, the company, also known as Taqa, said Tuesday in a
statement.

Revenue
from oil and gas increased 68 percent to AED2.7bn, with output rising 0.7
percent.

Earnings
at United Arab Emirates-based Taqa benefited from higher oil prices. Brent
crude, the benchmark for more than half the world’s oil, gained 46 percent to
an average of $112.09 a barrel from $76.96 a barrel in the same period a year
earlier. Taqa’s sales from electricity and water also gained, to AED1.9bn from AED1.6bn.

Founded
in 2005, Taqa inherited control of several UAE power and water plants from its
majority owner Abu Dhabi Water and Electricity Authority and expanded into oil
and gas.

The
company will spend about $10bn in the five years to 2014 on five projects in
its existing portfolio: drilling in Western Canada and the North Sea, developing
its natural-gas storage facility in the Netherlands, and expanding power plants
in Morocco and Ghana.

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