2023: Genel Energy's revenue drops 79% to $84.8m due to Iran-Turkey pipeline closure, affecting Kurdistan oil exports.
Genel Energy, an oil and gas firm, reported a 79% drop in revenue to $84.8m in 2023, due to the closure of the Iran-Turkey pipeline. The Iraqi government declared ownership over oil exports flowing from Kurdistan through Turkey, leaving producers like Genel scrambling for alternate business sources. Genel's CEO is confident in the company's 'leaner' structure, stating its cash flow could double once the pipeline resumes.
March 26, 2024
4 Articles