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Abu Dhabi National Energy Co (TAQA) Considering Formosa Bond, Sukuk

Source: Reuters 4/3/2017, Location: Middle East

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Abu Dhabi National Energy Co (TAQA) is considering debt funding options including a formosa bond, sukuk and bank loans, the company's spokesman said. TAQA will raise the funding to cover debt maturities due in October 2017 and January 2018, he said.

Last week TAQA reported a 2016 loss of 18.55 billion dirhams ($5.05 billion), largely due to a 16.9 billion dirhams post-tax impairment on oil and gas assets reflecting low international oil and gas prices.

It plans to increase its capital expenditure for 2017 to 1.8 billion dirhams from 1.1 billion in 2016, the spokesman said.

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