Abu Dhabi firm investing over $1 billion in UK oil fields

ABU DHABI Wed Nov 28, 2012 9:31am GMT

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ABU DHABI (Reuters) - Abu Dhabi National Energy Co (TAQA) TAQA.AD, majority-owned by the Abu Dhabi government, is investing over $1 billion (624.5 million pounds) in British North Sea oil fields owned by BP Plc (BP.L), sources familiar with the deal said on Wednesday.

The deal follows changes to the tax treatment of North Sea oil assets, the sources said.

(Writing by Andrew Torchia; editing by Jason Neely)

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Comments (1)
Bilboburgler wrote:
It is not an investment. It has bought a business, surely an investment is when you add value to a business to increase its value. These comments are akin to Tescos bringing extra jobs to an area, no it is merely bringing workers under the Tescos banner and helping close downn companies that were employing these people.

Nov 28, 2012 10:05am GMT  --  Report as abuse
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