Genel Boss Eyeing a New Oil Venture

By John Lee.

The Chairman and former CEO of Genel Energy is reportedly planning to set up an investment fund to buy distressed oil and gas assets.

The Sunday Times reports that Tony Hayward (pictured) has held talks in recent weeks with potential backers including private equity firms and sovereign wealth funds in the Middle East.

Genel, which he set up with financier Nat Rothschild in 2011, recently reported its biggest loss since its stock market flotation four years ago, slashed its estimated reserves in Kurdistan, and announced a bond-buyback at 63 percent of value.

(Source: City AM)

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