News Summary: Genel ramps up in Iraqi Kurdish area

Genel Energy to increase oil exports from Iraqi Kurdish region despite Baghdad's opposition

Associated Press

EXPORTING FROM IRAQ: Genel Energy PLC, a company led by Tony Hayward, the former BP CEO, plans to increase the amount it exports from the enclave despite Baghdad's opposition.

TOUCHY BUSINESS: The exports risk provoking lawsuits from the central government and are likely to exacerbate tensions between Baghdad and Iraq's Kurdish minority, who have been at loggerheads for years over how to manage the country's oil wealth.

BAGHDAD: In an apparent response to Genel's exports, Iraq last week threatened to seize oil exports "smuggled across borders" and sue companies dealing in what it says is illegal trade in crude. The Kurds blasted suggestions that is in engaged in illicit trade in crude. In a lengthy statement, it said "the trade in oil and gas across Iraq's borders occurs as a result of official regional government policy."

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