By: Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi National Energy (TAQA) plans to return to the bond market later this year or by the beginning of 2017, to refinance matured debts, Grant Gillon, chief financial officer at TAQA said on Wednesday.
“There are maturities in March and October next year," Gillon told analysts on a conference call.
The company succeeded to cut costs and capital expenses by SAR 6.5 billion ($1.76 billion) in the last 18 months, in an attempt to confront the falling oil and gas prices, Saeed Al Dhaheri said.
Saeed Al Dhaheri , acting chief operating officer at TAQA, added in a conference call that the transformation strategic programme which was launched in 2015 achieved a great surplus that exceeded SAR 6.5 billion.
Operating expenses and administrative costs were lowered by SAR 458 million in the first six months of 2016, in addition to reducing the expenses of oil and gas sector, Al Dhaheri stated.
He pointed that despite the falling prices of oil and gas sales by 39%, excavation works and production, precisely, were able to accommodate the changes and kept on transforming to more flexible business, capable of competing in such a tough environment.
TAQA’s available liquidity, unused credit facilities, cash and its equivalent, amounted to SAR 15.6 billion in the second half of 2016.
Translated by: Sara Ghali
