TAQA had initiated a strategic review of its operational interests. The decision to sell off the Netherlands' upstream operations stems from that. Image Credit: Supplied

Dubai: The Abu Dhabi utility giant TAQA will sell all of its upstream oil and gas business in the Netherlands. This followed a strategic review that looked at the company exiting what it deemed as non-core to its future growth strategy.

It was early July that TAQA (or Abu Dhabi National Energy Co.) confirmed the completion of a ‘strategic review of oil and gas businesses’. The deal in the Netherlands was routed through a wholly-owned subsidiary, TAQA Energy BV.

The buyer is Waldorf Energy Netherlands BV, which earlier in the year was associated with oil and gas asset purchase deals in the British and Dutch North Sea from One-Dyas, according to media reports.

TAQA has an extended operational footprint inside and outside of the UAE, including in North Africa. Recently, it took a strategic stake in Masdar as part of a wider deal with Mubadala, as the former seeks to build its interests in the renewable and clean energy space.

The Abu Dhabi company - whose shares are trading at Dh2.59, down 0.38 per cent - clearly intends to double down on its core interests in the power and water space, while adding renewable energy.