Genel upbeat over pipeline

GENEL Energy, the oil explorer and producer run by former BP chief executive Tony Hayward yesterday reported a five-fold increase in profit, and said a key export pipeline from Kurdistan to Turkey would be complete by the end of the year.

Pre-tax profit rose to $109.1m (£71.7m) from $22.3m in the six months to 30 June, but Genel left its guidance for this year unchanged. It said production would be 45,000-55,000 barrels of oil a day, generating revenues of $300m-$400m. Genel has had to transport its crude to Turkey by truck since exports via a government pipeline were stopped last year. The pipeline will cut Genel’s transport costs.