Genel Sells Stake in Iraq Oilfields to UI Energy

Source: Bloomberg 10/15/2010, Location: Middle East

Turkey’s Genel Energy International agreed to sell stakes in three oil fields in northern Iraq to UI Energy Corp. for $175 million.

Genel sold a 5 percent interest in the Dohuk and Tawke fields and 10 percent of Miran, the Ankara-based company said in an e-mailed statement. The transactions need to be approved separately by the Kurdish authorities in northern Iraq, the company said.

Genel said it will use the money raised from the sale to develop production at Taq Taq, another northern Iraq concession it holds, as well as pipeline construction and exploratory drilling in the region. It said it plans to invest as much as $900 million in those activities in 2011 and 2012.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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