2024-01-22T09:16:54+00:00
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/ 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.
TAQA said in a statement to the Abu Dhabi Stock Exchange that it had concluded the sales agreements through TAQA International BV, noting that the deal remains subject to obtaining third-party approvals.
The company did not mention the value of the deal or its percentage of ownership in the field.
The agreement was concluded through TAQA International B.V., a wholly owned subsidiary of Abu Dhabi National Energy Company, according to Reuters.
In addition, in a report, Bloomberg Agency said that Abu Dhabi National Energy Company has 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’s oil through a pipeline that transports crude to the Turkish port of Ceyhan. This pipeline has been closed for nearly 10 months and is still facing delays.
She said that the compensation for the costs constitutes the latest problem to hit the pipeline that extends from Kurdistan to Turkey, the closure of which has led to a loss of revenues worth about a billion dollars per month.
The closure of the pipeline has cut off nearly half a million barrels of crude oil per day from global markets.