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Genel Rules out Buying DNO, Gulf Keystone

Source: Reuters 2/23/2012, Location: Middle East

London-listed Genel Energy is not planning any acquisitions in Iraq's Kurdistan region and as such is not interested in buying DNO or Gulf Keystone, two Kurdistan-focused oil firms, the company's chief executive said.

"We are not intent on doing another big deal in Kurdistan. Anyone who thinks we're going to go and buy DNO is wrong, we're not," Genel's chief executive Tony Hayward told reporters at a media briefing.

When asked whether the company was going to buy Gulf Keystone, he replied: "Definitely not."

Genel had previously said it would be interested in acquiring Norway's DNO, while British firm Gulf Keystone is the subject of frequent takeover rumours.

"We are going to diversify now. We don't need anymore Kurdistan," Hayward said.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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