Genel Energy Shares Fall on Iraq-Turkey Export Pipeline Suspension
Published: March 27, 2023 at 3:35 a.m. ET
By Michael Susin
Genel Energy PLC shares fell on Monday after the Iraq-Turkey export pipeline has been temporarily closed at Turkey’s request while a legal procedure is resolved.
Shares at 0732 GMT were down 18.8 pence, or 16%, at 98.6 pence.
The…
By Michael Susin
Genel Energy PLC shares fell on Monday after the Iraq-Turkey export pipeline has been temporarily closed at Turkey’s request while a legal procedure is resolved.
Shares at 0732 GMT were down 18.8 pence, or 16%, at 98.6 pence.
The London-listed oil company said that it continues to produce oil into storage facilities given that the statements made by both Kurdish and Iraqi authorities show that the suspension of exports should be temporary.
Turkey’s request to shut the export pipeline comes after an arbitration case between Iraq and Turkey about the pipeline, dating back to 2014, has been awarded in Iraq’s favor.
Write to Michael Susin at [email protected]
