Update on Kurdistan pipeline exports
|
Genel Energy PLC (GENL)
27 March 2023
Genel Energy plc
Update on Kurdistan pipeline exports
Genel Energy plc ('Genel' or 'the Company') has been informed by the Kurdistan Pipeline Company that the Iraq-Turkiye pipeline has been shut-in. The Company understands this shut-in has been requested by the Republic of Turkiye. Public statements made by both the Federal Iraq Ministry of Oil (‘MoO’) and the Kurdistan Regional Government (‘KRG’) lead Genel to believe the shut-in will be temporary, and Genel continues to produce oil into storage facilities.
This follows the International Chamber of Commerce in Paris ruling in favour of Iraq in the long running arbitration case against Turkiye concerning the Iraqi-Turkish pipeline agreement signed in 1973.
Genel welcomes the statements from both the MoO and MNR, and the comments from both regarding ongoing facilitation of exports from the Kurdistan Region of Iraq.
Genel also notes the references to the draft three-year federal budget approved by the Iraqi Cabinet earlier this month, to be submitted to the Iraqi Parliament for final approval, which includes a mechanism to ensure ongoing exports of 400,000 bopd of Kurdistan production in return for federal budget transfers. The budget was agreed at the same time that Iraq completed a budget transfer of 400 billion dinar (c.$275 million) to the KRG.
The Company will update the market when required.
-ends-
For more information please contact:
Notes to editors: Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Kurdistan Region of Iraq, and a committed dividend programme that is material and sustainable. Genel continues to seek opportunities to add new resilient and cash-generative assets to its portfolio, with the goal of progressing its dividend in the long-term. For further information, please refer to www.genelenergy.com Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | JE00B55Q3P39, NO0010894330 |
| Category Code: | MSCH |
| TIDM: | GENL |
| LEI Code: | 549300IVCJDWC3LR8F94 |
| Sequence No.: | 232564 |
| EQS News ID: | 1592407 |
| End of Announcement | EQS News Service |
|
|
Latest directors dealings
- 11 hours ago Johnson Matthey
- 12 hours ago Galliford Try
- 12 hours ago Galliford Try
- 12 hours ago Centrica
- 13 hours ago Smith & Nephew