Genel Enerji Sells Iraq Oilfield Stakes for $175m

Sepil said the company also plans to build a pipeline to link Taq Taq with the line that carries Iraqi crude from Kirkuk to Ceyhan on Turkey’s Mediterranean coast, and carry out more exploratory drilling in northern Iraq. The company will invest between $800 million and $900 million in those projects in the next two years, he said.

Genel holds 44 percent of the Taq Taq field, where its partners are Addax Petroleum Corp and China Petroleum and Chemical Corp, known as Sinopec. The Turkish company also has interests in the Ber Bahr and Chia Surkh fields.

Genel and Heritage dropped a plan for the U.K. explorer to buy Genel Energy International for $2.5 billion last year.

Seoul-based UI Energy is part of a group of Korean builders that has won infrastructure contracts in northern Iraq including a $2.1 billion agreement in 2008 to build roads and other projects.

(Source: BusinessWeek)

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