By Ramy Samih

Abu Dhabi – Mubasher: UAE’s energy firm Taqa is seeking to reduce its operating and G&A expenses by approx. AED 1.5 billion in 2016, said Chief Operating Officer Edward LaFehr.

Speaking during the company’s ordinary general meeting held Sunday, the official added that Taqa successfully lowered capital expenditures by 23% in 2014 and seeks to lower them by 39% in 2015, as part of a strategy aimed to boost investment returns.

The COO also attributed the company’s losses in 2014 to non-cash provisions set aside due to the slump in oil prices during the second half of 2014.

Taqa logged AED 2.3 billion losses in FY14, an increase of 29.5% from AED 1.77 billion a year earlier.

Translated by Sayed Abdel Rahman