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The UAE's {Taqa} sells its entire stake in the {Atrush} field in the Kurdistan region
Economical 01/23/2024
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Abu Dhabi: Agencies
Abu Dhabi National Energy Company (TAQA) has concluded an agreement with the British company General Exploration Partners to sell its entire stake in the Atrush oil field in the Kurdistan region of Iraq.
The company said in a statement to the Abu Dhabi Stock Exchange that it had concluded sales agreements through TAQA International B.V., noting that the deal remains subject to obtaining the approvals of the three parties.
The company did not mention the value of the deal or its ownership percentage in
field.
The agreement was concluded through TAQA International B, a wholly owned subsidiary of Abu Dhabi National Energy Company, according to
Reuters.
In addition, in a report, Bloomberg said that the Abu Dhabi National Energy Company had concluded an agreement to sell its entire stake in the Atrush oil field in the Kurdistan region to the British company General Exploration Partners.
She added that Iraq exports Kurdistan oil via a pipeline that transports the crude to the Turkish port of Ceyhan. This line has been closed for nearly 10 months, and is still facing delays.
She believed that compensation for costs constitutes the latest problem to hit the pipeline that extends from Kurdistan to Turkey, the closure of which led to the loss of revenues worth about one billion dollars per month.
The closure of the line led to the blocking of approximately half a million barrels of crude oil daily from global markets.
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