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Abu Dhabi's Taqa eyes Canadian bond sale in Q1/2010

Wed Nov 11, 2009 2:34am EST

ABU DHABI, Nov 11 (Reuters) - Abu Dhabi National Energy Co TAQA.AD (TAQA) said on Wednesday it may sell bonds in Canada in the first quarter of 2010 to refinance debt and would slow down its acquisition plans to focus internally.

"We would consider a Canadian bond offering in the first quarter of 2010 ... we are thinking of 500 million to 750 million Canadian dollars and it is for refinancing existing bank debt," chief financial officer Doug Frasier told a conference call.

The energy firm, which said on Oct. 5 it was on track to spend about $1 billion in the fourth quarter, was also consolidating its existing portfolio.

"We want to consolidate existing portfolios and there won't be large acquisitions ... there will be a lot of internal investments and less of acquisitions," the firm's new general manager Carl Sheldon said.

(Reporting by Stanley Carvalho; editing by John Irish)



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