Sinopec mulls move on Kurdistan player

Kurdistan Region of Iraq

BEIJING, December 13, 2016 – Sinopec Corporation is reportedly considering a takeover of cash-strapped Gulf Keystone, an independent with a large footprint in the Kurdistan Region of Iraq.

Citing people familiar with the matter, Bloomberg on Tuesday said Sinopec representatives had already approached the London-based operator of the Shaikan field. In September, Gulf Keystone was forced into restructuring in an effort to avoid liquidation. DNO, another major operator active in the Kurdistan Region of Iraq, immediately offered to acquire the company, but was turned down.

Sinopec is active in the Kurdistan Region of Iraq through subsidiary Addax Petroleum, which is a partner to Genel Energy in the Taq Taq field.

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