Oil firms’ shares surge as Kurdistan confirms payments will be delivered

 
Caitlin Morrison
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SHARES in London-listed oil firms, including Genel and Gulf Keystone Petroleum, jumped yesterday, on news that the Kurdistan Regional Govern­ment (KRG) is set to make $75m (£49.1bn) worth of payments.

Genel rose by over six per cent at one point yesterday, and closed up by 2.82 per cent, at 346.5p, while Gulf Keystone closed up 3.05 per cent.

The KRG said it had authorised the payments to be wired into several companies’ accounts during the next seven days.

Of the total being paid by the KRG, a net payment of $12m goes to Gulf Keystone.

Boss Jon Ferrier said yesterday: “At this critical time for our company and for the entire oil industry in the Kurdistan Region, we welcome the announcement of this payment.”