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KRG firms are takeover prospects

Addax and Genel are in the process of merging or being acquired, though one could have serious repercussions in southern Iraq for the new parent.

By Ben Lando of Iraq Oil Report
Published June 9, 2009

Barely a week after its oil project in Iraq’s Kurdish region began emptying into export pipelines, Turkey’s Genel Enerji will likely be acquired by Canada’s Heritage Oil and China’s Sinopec is sounding out Addax Petroleum, also of Canada.

Heritage also has signed controversial contracts with the Kurdistan Regional Government (KRG) to explore for and develop oil reserves in the semi-autonomous north of Iraq.

The joint venture between Genel and Addax, the Taq Taq Operating Co. (TTOPC...

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