Abu Dhabi National Energy Company (Taqa) is planning to expand into two new countries this year with oil and gas and power investments in Northern Iraq and Turkey.

“We will focus this year on our entry to Northern Iraq in both the oil and gas and power space, and Turkey in the power sector,” says Carl Sheldon, chief executive of Taqa.

He added that the company’s expansion plans had been well supported by international investors and banks. “We had some very successful financings last year and the financial community has supported us in Abu Dhabi and around the world,” says Sheldon. “We are borrowing now at cheapest rates ever.”

“We will move this year to refinance some of our bank project debt in the bond market, which we think the markets will be receptive to as our projects have long economic useful lives, so suit the long term bond markets,” Sheldon added.

The first of these will be the Shuweihat 2 power project, which is currently being refinanced.