Genel Energy eyes take-overs in N Iraq

Genel Energy eyes take-overs in N Iraq

ISTANBUL - Reuters
Genel Energy eyes take-overs in N Iraq

Tony Howard (L) Genel Energy’s Chief Executive Officer smiles while posing with the company’s president Mehmet Sepil (R) in Istanbul in this file photo. Hürriyet photo

Genel Energy is actively looking to acquire companies in the region, predominantly focusing on the Kurdish region of northern Iraq, Tony Hayward, the company’s chief executive said, adding that talks are underway.

Genel Energy may work with the consortium responsible for oil and gas explorations in Lebanon, which is expected to be announced this year, Hayward said, adding that it was too early to tell which consortium that would be. “We are working on expanding our business in northern Iraq and using those new opportunities. We are also looking for opportunities in the Middle East and Africa. But our main focus is the Kurdistan region, where we have a competitive edge,” he said.

Genel Energy was formed by the merger of Vallares and Genel Energy International in November 2011. Vallares was a fund founded by former BP CEO Hayward, British financier Nat Rothschild, banker Julian Metherell and investment manager Tom Daniel. Genel Energy International was owned by Mehmet Emin Karamehmet, a Turkish tycoon. The merged company trades on the London Stock Exchange.
Hayward and Genel’s chairman Mehmet Sepil met with 80 Turkish investors March 28 to discuss investment opportunities “to expand Genel’s individual and corporate investor base.”

“We bought the Chia Surkh region from Longford Energy, which was in effect buying out the company, as it was the company’s sole holding. We are seeking such opportunities in the region, as it is very clear that a consolidation is going to happen there,” Hayward said.