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Heritage and Genel delay $6 billion merger
20-10-2009 - 09:52
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Heritage Oil said its intended $6 billion merger with Turkey\'s Genel Energy was postponed once more, due to leadership changes in Kurdistan, toting up to recent qualms about investment in the semi-autonomous region of Iraq. Exports from Genel\'s Taq Taq oil field, which were supposed to fund the expansion of the enlarged group had been paused and would not resume until the Kurdish Regional Government and Baghdad agree over a system for paying companies which export oil from the region. The companies expect a new KRG cabinet to be formed near the beginning of November, and to get a formal approval of the suggested transaction once the new oil and gas committees are appointed.
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Printed from www.alsumaria.tv
Heritage and Genel delay $6 billion merger
20-10-2009 - 09:52
Heritage Oil said its intended $6 billion merger with Turkey\'s Genel Energy was postponed once more, due to leadership changes in Kurdistan, toting up to recent qualms about investment in the semi-autonomous region of Iraq. Exports from Genel\'s Taq Taq oil field, which were supposed to fund the expansion of the enlarged group had been paused and would not resume until the Kurdish Regional Government and Baghdad agree over a system for paying companies which export oil from the region. The companies expect a new KRG cabinet to be formed near the beginning of November, and to get a formal approval of the suggested transaction once the new oil and gas committees are appointed.