(MENAFN) Abu Dhabi National Energy Company (TAQA) is planning to buy a 50 percent stake in the Sulaymaniyah power station in Iraq's Kurdistan region, as the project did not match the company's growth strategy, Gulf Daily News reported.
"We have rebalanced our growth agenda and this acquisition no longer fits our strategy," a spokesman for the company said.
Though he did not mention the Islamist insurgency in Iraq, TAQA balanced its operations at the Atrush oil production block in Kurdistan earlier this month.
In July, TAQA has signed a USD1.6 billion deal to buy two hydroelectric power plants from India's Jaiprakash Power Ventures.
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