Ex-BP Exec's New Venture Strikes $2B Iraq Oil Deal

Law360, New York (September 7, 2011, 7:23 PM EDT) -- Vallares PLC, the investment vehicle headed by ex-BP PLC CEO Tony Hayward, reached a $2 billion deal Wednesday to merge with Turkey-based Genel Energy International Ltd., an oil producer in Iraq's Kurdistan region.

Genel has stakes in two oil fields, a major gas discovery and significant exploration acreage in Kurdistan, the companies said in a statement.

Hayward, who left BP last year amid intense criticism of his handling of the Deepwater Horizon oil spill, will become CEO of the new company, to be renamed Genel Energy...
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