State-owned oil explorer and power supplier blamed the plunge in oil prices
Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, on Wednesday posted big losses for the fourth quarter and full-year 2014, blaming the plunge in oil prices.
TAQA, 75 percent owned by the government of Abu Dhabi, reported a net loss of AED3.01 billion ($820 million) for 2014 compared with a loss of AED2.52 billion in 2013, the company said in a statement.
It did not post a fourth-quarter figure but, based on its previous reports, the quarterly loss was AED3.63 billion, Reuters calculated. The company lost AED2.60 billion in the fourth quarter of 2013.
TAQA said it had booked a non-cash impairment of AED3.3 billion which "reflected the rapid reduction in oil and gas prices in the second half of 2014".
The firm said it would pay no dividends for 2014 and would cut its 2015 capital expenditure budget by AED2.5 billion, making it 39 percent lower than the 2014 budget.