Genel Energy and partners receive payments from KRG

ERBIL, Kurdistan Region—Genel Energy reported on Monday that the company and its partners operating in the Kurdistan Region have received payments from the Kurdish government in Erbil for their oil exports.

“Genel Energy plc (‘Genel’) is pleased to announce that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel’s share of the gross Taq Taq payment is $16.5 million.” said the company in a public statement.

Listed on the main market of the London Stock Exchange (LSE: GENL) Genel Energy is an independent oil and gas exploration and production company with headquarters in London and offices in Ankara and Erbil.

The statement also reads that “DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a gross payment of $30 million for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.”

“Together, these represent the third monthly export payments made to contractors in 2015.” noted Genel’s statement.

Genel Energy is the largest holder of reserves in the Kurdistan Region and aims to “be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement,” through its Miran and Bina Bawi gas fields.