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Turkish oil group in talks to invest in Genel's Kurdistan gas project

Reuters - UK Focus

LONDON, April 27 (Reuters) - A Turkish state-backed energy firm is in talks to invest in Genel Energy (Other OTC: GEGYF - news) 's two big gas field developments in Iraqi Kurdistan, which would also include a pipeline to connect them to Turkey, company and industry sources said.

London-listed Genel is one of the main oil producers in Iraqi Kurdistan and last year cut its production forecasts because of low oil prices. In March, it reported its biggest ever annual loss after downgrading its oil reserves.

Genel is hoping that connecting the gas field developments - Bina Bawi and Miran - to Turkey will provide it with a major growth opportunity.

Genel is currently in talks with TEC (Shanghai: 600780.SS - news) , a joint venture that includes the international arm of state-owned Turkish Petroleum, to invest in the development of the fields, a pipeline into Turkey as well as storage facilities, according to several sources involved in the talks.

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"They want to invest in the entire value chain of the project," one source said.

Genel has made no secret of plans to bring in a partner for the project. The company hopes to complete the negotiations with the partner by the end of the year, Chief Executive Officer Murat Ozgul told reporters at the company's annual general meeting in London on Wednesday. He did not name the partner. (Reporting by Ron Bousso. Editing by Jane Merriman)