TAQA, leading Abu Dhabi based national energy company, plans to acquire further stakes in companies in the worldwide market with particular emphasis on India, China, Russia, Pakistan and Brazil.

In the second quarter, the company's profit has witnessed a slump of 71 per cent.

The company authorities stated in a communique that the world's worst economic slowdown was easing and there were opportunities to pump in new markets in Asia and South America.

The sources informed that TAQA has decided to go for midstream assets, particularly depleted and spare pipeline capacities, in order to help extend its worldwide portfolio.

TAQA's upstream business had so far generated most of its revenues. Global sourcing is already producing $1.8 million (Dh6.6m) a month in absolute savings with $21m expected for the full year.