Abu Dhabi’s national energy company Taqa is to buy nearly 20% of a Calgary-based firm focused on Iraq.
Taqa, whose subsidiary Taqa Bratani operates in the North Sea, will pay £29million for its shares in WesternZagros Resources, which operates in the Kurdistan region of Iraq.
The move, subject to regulatory approvals, was to increase the firm’s footprint in the Middle East and North Africa region, said Carl Sheldon, general manager of Taqa.
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