Progress In Iraqi Kurdistan And Rising Crude To Boost M&A

London-listed independent Heritage Oil and Turkey's Genel Enerji entered into a preliminary merger agreement on June 9. The merged Anglo-Turkish entity, which is to be named HeritaGE and will be worth around US$5.5bn, will have a sizeable presence in the semi-autonomous Kurdish region of northern Iraq. Importantly the merger may be a harbinger for further acquisitions in Kurdistan now that oil exports look feasible - the autonomous Kurdistan Regional Government (KRG) of Iraq began exporting oil via a pipeline to Turkey in early June after a reluctant authorisation from Baghdad.

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