Biggest Energy Firms in UAE Boost Spending on Surging Demand
- Adnoc Drilling raises capex 34% to meet oil capacity target
- Utility Taqa sees spending jump on transmission network
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The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity.
Adnoc Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday. Abu Dhabi National Energy Co., the government-owned utility known as Taqa, raised capex by 26% to $1.3 billion to build new power lines.