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The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity. ADNOC Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday.To boost renewable energy production in the region, Taqa is developing solar power plants and announced plans to buy into Abu Dhabi’s largest renewable energy company. Surging oil and natural gas prices also helped the company bolster profit from its own fields, mainly in the U.K. North Sea. Taqa and ADNOC, which is also buying into the emirate’s clean energy producer, plan to invest globally to more than double the amount of green energy they produce. They are targeting 50 gigawatts of green power capacity by the end of this decade.

Biggest Energy Firms in UAE Boost Spending on Surging Demand

The largest listed energy companies in the United Arab Emirates are ramping up spending to meet soaring demand for everything from fuels to electricity. ADNOC Drilling Co. boosted capital expenditure by 34% last year to $505 million, the unit of Abu Dhabi’s government-owned oil giant said in an earnings statement on Friday.To boost renewable energy production in the region, Taqa is developing solar power plants and announced plans to buy into Abu Dhabi’s largest renewable energy company. Surging oil and natural gas prices also helped the company bolster profit from its own fields, mainly in the U.K. North Sea. Taqa and ADNOC, which is also buying into the emirate’s clean energy producer, plan to invest globally to more than double the amount of green energy they produce. They are targeting 50 gigawatts of green power capacity by the end of this decade.

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