Genel Won’t Buy Gulf Keystone or DNO at Current Prices

Tony Hayward, CEO of Genel Energy, said today that the company will not buy Gulf Keystone Petroleum or DNO International because the entry of ExxonMobil into the region has forced up prices, reports Bloomberg.

“It’s too expensive for us … What changed is Exxon coming in. We don’t need any more Kurdistan.”

“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.”

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”, Hayward said.

(Sources: Bloomberg, Reuters)

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