Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksUbsetf Gene Share News (GENE)

Share Price Information for Ubsetf Gene (GENE)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,526.00
Bid: 1,522.00
Ask: 1,527.00
Change: 27.50 (1.84%)
Spread: 5.00 (0.329%)
Open: 1,518.40
High: 1,526.00
Low: 1,518.40
Prev. Close: 1,498.50
GENE Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Iraqi Kurdistan oil firms go domestic amid dearth of export pay

Fri, 06th Feb 2015 16:05

(Recasts to include other oil firms; adds details, updatesshare prices)

LONDON, Feb 6 (Reuters) - Oil producers in Iraqi Kurdistan,including Gulf Keystone Petroleum and Genel,have started ramping up deliveries to the local market at theexpense of foreign sales after months of unpaid export bills.

Gulf Keystone and its partner MOL said on Fridaythey had suspended all trucked exports of crude from the Shaikanoilfield.

"In order to maintain revenues and cash flow, Gulf Keystonewill be recommencing crude oil supply for local Kurdistan use,"the company said in a statement.

Norway's DNO, which operates the Tawke oilfield,made a similar announcement on Thursday, saying it planned toramp up deliveries to the domestic market in the first quarter.

A source familiar with Genel's operations said the oilproducer also planned to sell more crude from its Taq Taq fieldto the Kurdish market.

Oil producers across the globe are trying to deal with thefinancial consequences of a sharp decline in oil prices sincelast year's peak in June.

The Kurdish Regional Government owes the region's oilcompanies months' worth of oil export payments. It has beencatching up on such outlays since Iraq's central governmentreinstated budget allocations to the autonomous authority latelast year.

Arbil and Baghdad have been at loggerheads over the KRG'sclaim to oil independence but reached a temporary agreement inDecember.

The KRG said in November it would make an initial payment of$75 million to oil-producing companies for their exports andconduct further payments on a regular basis.

"We remain confident that a stable payment cycle will beestablished in the near term, and we expect to receive paymentfor all past and ongoing oil sales from Shaikan (oilfield),"Gulf Keystone Chief Executive John Gerstenlauer said in astatement.

The oil company also said it was taking a "prudent approach"with capital spending in 2015, reflecting decisions by itsindustry peers to slash investment because of weak oil prices.

The company, which appointed oil and gas investment bankerSami Zouari as chief financial officer last month, said it wasconsidering a number of long-term financing options.

Gulf Keystone shares were trading 12.4 percent lower at 1503GMT, while Genel shares were down 1.9 percent and DNO was 7percent lower.

(Reporting by Karolin Schaps; Editing by David Clarke and DaleHudson)

More News

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.