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FINANCIAL NEWS
UK’s Vallares Plc to gain Iraq’s Kurdistan oil fields
07 Sep 2011
(MENAFN) Vallares Plc said that the investment company reached a USD2.1 billion deal for a merge with Genel Energy International Ltd in order to acquire oil fields in the Kurdistan region in Iraq, reported Bloomberg.
Vallares added that Kurdistan was the last big onshore ‘easy’ oil province that offered private companies from anywhere in the world the right to explore, moreover, later in September, Kurdistan’s regional government would be expected to approve the deal.
It also said that Genel Energy’s daily oil output was 41,000 barrels, and the amount was forecasted to increase to 90,000 barrels per day by the year 2013.
It is worth noting that the new company would be renamed Genel Energy Plc. where Vallares’ Tony Hayward will be CEO and former Goldman Sachs Group Inc. banker and fellow Vallares founder Julian Metherell will be CFO.
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