Middle East Economic Survey


No 11



ETAMIC Cops It As Gulf Keystone Takes Back KRG Interests

UK independent Gulf Keystone has ditched its UAE partner ETAMIC in its Kurdistan Regional Government (KRG) blocks in northern Iraq, following what it says is a material default in payment by the latter. Gulf Keystone will pay the KRG $40mn that was owed by ETAMIC and take back the 50% of its KRG interests that it sold to ETAMIC last summer (MEES, 27 July 2009). Gulf Keystone...