Genel’s profits double in 2013
Kurdistan-focused oil explorer Genel Energy, which is led by former BP chief executive Tony Hayward, yesterday said pre-tax profits had more than doubled in 2013 to $186.5m (£111.4m), in what it called a “transformational year”. The FTSE 250 firm said success in Kurdistan and the completion of an oil pipeline will lead to a 50 per cent increase in production in 2014. A new sales agreement with Turkey will provide a route to market for Genel’s gas, the firm said.