Genel Energy, a group formed via a merger of Vallares and Turkeys Genel Enerji, plans acquisitions in Northern Iraq and aims to expand in the Middle East and North Africa, according to reports quoting chief executive Tony Hayward
The company plans to make the acquisitions with its $2.2bn in cash, ex-BP boss Hayward told reporters in Istanbul on Thursday.
Hayward said one third of the $2.2bn cash will be spend on consolidation, one third on "new focus" areas and the rest on accelerating the developments of new discoveries.
The company will look into other areas in the Middle East and North Africa for expansion, Hayward said.
"A company with a good operating capability, strong financial resources and a Turkish-Anglo brand has a very strong possibility for finding new business opportunities," he said of the North Africa and Middle East region.
