Abu Dhabi National Energy Co. Taqa said on Sunday it has suspended its activity in the Kurdistan region of Iraq due to the deteriorating security situation in the Gulf state.
In a statement issued to the Abu Dhabi exchange ADX on which Taqa shares are traded, the firm said as a result of recent developments and escalating instability around the Kurdistan region of Iraq, Taqa has suspended operations at the Atrush block and, as a precautionary measure, significantly reduced staff in that particular block.
Earlier in the week, Islamic State militants clashed with Kurdish Peshmerga forces and advanced 30 kilometers away from the Kurdish capital Erbil.
Taqa (Arabic for energy) said it would continue to closely monitor the security situation with its Atrush partners and the Kurdistan regional government. The safety and security of the company's staff and contractors were of "paramount importance," it added.
Taqa operates in 11 countries including its home market United Arab Emirates (UAE). It is the most valuable energy company in the UAE and one of the biggest energy firms in oil and gas exploration in the Gulf Arab region. At the ADX bourse, Taqa shares lost slightly in early trading on Sunday.