Xena Southern Power is seeking to acquire 10% of the UAE Energy Company listed in Abu Dhabi.
According to Arab Net, Bloomberg has indicated that China Southern Power Grid has been talks with banks to finance the potential deal.
The share of the Chinese company's acquisition is estimated at 4.2 billion dollars according to market price.
Abu Dhabi National Energy Energy Company announced its consolidated financial results for the first quarter ended March 20, 2021, during which a net income of 1.4 billion dirhams, compared to AED 548 million losses during the same period last year.
This is due to the significant increase in the contribution of the oil and gas sector, since the first quarter of 2020 ensures a reduction in the carrying amount of oil and gas assets by 1.5 billion dirhams after tax.
The company said in a statement that its revenues amounted to 10.3 billion dirhams, an increase of 3% over the same period last year and resulted in a majority of rising commodity prices in the oil and gas sector.
