Turkey's Bilgin Acquires Genel Stake

Turkish energy company Bilgin Enerji has acquired a 10.5% indirect holding in Anglo-Turkish upstream Genel Energy, according to a Bilgin statement.

Its subsidiary Bilgin Group Dogal Gaz has agreed to take the 10.5% stake, making it the second-largest shareholder in Genel.

Bilgin Enerji has 395MW wind and 477MW hydroelectric operational capacity. The company was established in 1992, chaired by M.Vehbi Bilgin.

Iraqi Kurdistan-focused oil and gas producer Genel Energy has received the seventh consecutive payment for March crude oil exports from the Kurdistan Regional Government in northern Iraq on April 12. Iraqi KRG government still owes $1 billion in total to Genel, DNO and Gulf Keystone for the past deliveries.

In February 2016, Genel has stated a record impairment of some $1bn to the 2015 carrying value of the Taq Taq oil field in the Kurdish region of Iraq. The reservoir has lower than expected porosity has said in a filing to the London Stock Exchange on February 29. On April 25, Genel released to its website the report by reservoir auditors McDaniel & Associates on which that assessment was made.

Murat Basboga