Dana Gas jumps after board approves annual budget
- United Arab Emirates: Thursday, January 10 - 2013 at 14:22
The ADX General Index advanced 0.42% to reach 2,728.27 points Thursday. Shares of Dana Gas gained the most, ending up 4.08% at Dhs0.51. Earlier in the day, the Sharjah-based oil and gas company said its board of directors approved the annual budget for the year 2013. Dana Gas reached a restructuring agreement with creditors in mid-November in regards to a $920m Islamic bond it failed to settle upon maturity on Oct. 31 following payment delays from clients in Iraq's Kurdistan and in Egypt. Abu Dhabi National Energy Co. or Taqa closed 1.50% higher at Dhs1.36. Earlier in the day, Taqa said it bought 50% in a in the Lakefield wind project located in the U. S. federal state of Minnesota from a subsidiary of utility giant Électricité de France. The electricity is sold to Indianapolis Power and Light Company, a subsidiary of the AES Corporation, under a 20-year power purchase agreement. Under the terms of the agreement Électricité de France will continue to provide operation, maintenance and related services.
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