Abu Dhabi National Energy Company (Taqa) has slashed its proposed capital expenditure for 2016, according to press reports. TAQA, which is 75% owned by the government of Abu Dhabi, said it reduced capex by 52% in 2015 and would cut spending by a further 42% in 2016 to no more than AED1.8 billion. The company has also been shedding jobs and reduced its workforce by around a quarter since 2014, following the elimination of 32% of its oil and gas jobs and 55% of its headquarters staff. The state-controlled oil explorer and power supplier made a loss of AED1.22 billion in the three months to 31 Dec, versus a net loss of AED3.63 billion in the same period of 2014. (Reuters)