Genel Falls on Iraqi Kurdistan’s Plan to Scrap Gas Projects
- Kurdish government intends to drop Bina Bawi, Miran contracts
- Genel sees no grounds for the move, will dispute the decision
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Genel Energy Plc fell the most in more than a year in London trading after saying Iraq’s Kurdish authorities plan to scrap its Bina Bawi and Miran natural gas projects.
The Kurdistan Regional Government has served notice of its intention to terminate both production-sharing contracts, Genel said Friday in a statement. The company sees “no grounds” for such a move, and will “take steps to protect its rights.”