Private investors building financial life raft for KRG
Venture would give Kurdistan a much-needed cash infusion but would divert future revenue streams earmarked for infrastructure and education.
Todd Kozel, then CEO of Gulf Keystone Petroleum, in a Jan. 9, 2014 company presentation announcing the restart of exports of Shaikan crude. (Source: GKP TV)
ERBIL - Two former executives at the heart of Kurdistan’s oil contracting boom are wooing investors for a venture that would seek to profit from the Kurdistan Regional Government's (KRG) financial crisis by providing a cash infusion now in exchange for a share of future oil revenues.
The executives, Todd Kozel and Ian Hannam, are looking to form a private investment fund that would purchase the rights to a portion of the so-called "capacity building payments" (CBP) that the KRG will receive from six different oil projects over the next 15 years.
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