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Heritage Oil to be Kurds' No. 1 oil company


Published Aug 4, 2009
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Iraq

Canadian oil company Heritage Oil is set to become the biggest oil company in Northern Iraq after striking a deal to acquire all the equity in Turkey’s main Kurdistan oil player, Genel Energy International Ltd.

“We look forward to … creating the leading Anglo-Turkish company with oil production and refining capacity in the Kurdistan Region,” a Heritiage statement said.

Under the terms agreed but not yet legally binding, the local Kurdish government and taxpayers are to become 15 percent owners. Genel shareholders will own 50 percent of Heritage via a new Heritage share issue.

The Ministry of Natural Resources of the Kurdistan Region of Iraq and the Kurdistan Region Oil and Gas Council have yet to ratify the deal.

The Turkish oilfield investor is understood to be getting a $1 billion infrastructure-building commitment to the Kurds lifted in favor of the new deal.

Tags: Genel Energy International Ltd., Heritage Oil Corporation



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