Kurdistan, Iraq, May 15 -- A
Turkish petroleum company is starting oil production in Kurdistan
(northern Iraq) with an official ceremony this weekend.
Genel Elektrik is a relatively new oil and gas production
enterprise, which is registered in Turkey with the majority
shareholder being Cukurova Holding Group (GSM operator Turkcell,
Yapi Kredi Bank, cement production, etc).
After agreements were reached with the authorities of the Kurdistan
Regional Government and the central Baghdad administration, Genel
Elektrik is planning to begin oil production initially in three oil
wells in the Taq Taq area of northern Iraq, 60 kilometers northeast
of Kirkuk.
It is reported that 314 Turkish businesses are registered with the
Erbil Chamber of Commerce that have a total volume of business
reaching USD 1.5 bn.
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