Acquisition of Genel Energy

Suez Capital Ltd was appointed as advisors to Poly Energy, a major Chinese E&P company, to provide political and strategic advice on its bid for the assets of Turkish E&P Genel Energy, which owned one of the largest oil fields in Iraq.

Suez staff handled negotiations with Memet Karamet and Mehmet Sepil, the owners of Genel, as well as with the Kurdish Regional Government, whose territory contained most of the oil fields. After seven months of intense negotiations, Poly’s bid of almost 1.5 billion USD was topped by a British consortium led by Nat Rothschild.