8th Sep 2015 11:20
LONDON (Alliance News) - Genel Energy PLC on Tuesday said the Taq Taq field partners have received USD30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq.
Genel's share of the payment is USD16.5 million.
"This payment is confirmation of the KRG's commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months," Chief Executive Murat Özgül said in a statement.
"Regular payments would allow us to plan for continued investment in our KRI oil and gas assets, which have the potential to create significant further value for the Kurdistan Region of Iraq," Özgül added.
Genel shares were up 2.7% at 356.00 pence on Tuesday shortly after midday in London.
By Samuel Agini; [email protected]; @samuelagini
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