Genel may consider acquisitions
Genel Energy, the Turkish energy company, is interested in acquisitions, according to a report in Milliyet.
The company has been looking for opportunities to acquire, and has been actively holding talks with small and large businesses in the Kurdish region of Iraq, although it is not clear whether any will lead to a deal, the Turkish-language report noted citing Tony Hayward, Genel CEO, who said this earlier in the week.
Decreasing energy prices are affecting independent oil and gas companies with valuable energy assets, and there may be new mergers in the sector, the report noted, based on unidentified sources.
Genel Energy. has a cost of USD 2 per barrel of oil it produces in Iraq's Kurdish region, although it has been facing difficulties in claiming all its receivables in Northern Iraq, the report added.
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Source Milliyet