Taqa flags 40% capex cut to counter price impact

摘要

Dubai-Abu Dhabi National Energy Co., or Taqa, will slash capital spending this year by 40% from 2014 levels due to lower oil and gas prices, it said Wednesday. “As a result of the lower commodity price environment, Taqa is committed to reduce its 2015 full-year capital expenditure to Emirati Dirhams 3.8 billion ($1.03 billion), a reduction of 40% compared to the full year 2014,” the Abu Dhabi government-controlled company said in a statement posted by the UAE’s offi- cial WAM news agency.