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Monday, 24 April 2017

Hayward finds life anything but easy in Kurdistan

Hayward finds life anything but easy in Kurdistan:

"When in 2011 Tony Hayward announced an investment vehicle he had set up with financier Nat Rothschild was to buy a Turkish oil company with assets in the semi-autonomous Kurdistan region of Iraq, the former BP boss described the area as “the last big onshore ‘easy’ oil province . . . anywhere in the world”. The deal for the Turkish company — called Genel Energy — was supposed to mark a successful return to the oil and gas industry for Mr Hayward, who just a year earlier had resigned as chief executive of BP following fierce criticism of him and the UK energy group during its response to the Deepwater Horizon oil disaster in the US. It also promised to be a potentially highly lucrative transaction for the four founders of the investment vehicle, called Vallares, as the deal was structured so they would receive ordinary shares in Genel equivalent to a combined 6.7 per cent stake. The founders, who also included Julian Metherell, the former head of UK investment banking for Goldman Sachs, had originally put £100m into Vallares."



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