Vallares and Chinese in a noholds barred fight in kurdistan

Monday, Sep 05 2011 by
3

Nathan Rothschild's listed cash shell Vallares is involved in a quiet, no holds barred fight in the distant oil fields of Kurdistan, with a secretive Chinese military controlled company Poly Energy. The fight which has important implications for Western oil companies is to acquire control of one of the largest oil field in Kurdistan, Tak-Tak.

Tak-Tak, one of the last so-called elephant fields is relatively under explored, but from the little that has been explored, experts estimate a reserve of approximately six. billion barrels in the ground
The field is presently owned by Sinopec a Chinese state company and Genel Energy, a company owned by Memet Kara Memet, the richest Turk in the world.
Unfortunately Karamemet is being squeezed by the present Govt. in Turkey, who have laid siege to his empire that includes Turkcell, the mobile operator, and power distribution and Toll road operating companies.. The Turk is keen to sell his share while oil prices are buoyant, and is seeking a quick exit.

This is when Tony Hayward, the former boss of BP, who is Nathan Rothschild's partner in Vallares, sensing a good opportunity moved in, only to find himself in a head to head with Poly energy, who backed by the Chinese state, are trying to acquire complete control of the biggest block in Kurdistan for China Inc.

Poly Energy is, we understand, being advised by Shiv Shankaran Nair, a reclusive Maltese millionaire and deal maker, who has thrived on front ending transactions for Chinese State Companies in Africa.
Nair who counts The Barzanis, who run Kurdistan almost as a personal fiefdom, as his personal friends , has been shuttling between Kurdistan, Beijing and Ankara on behalf of his Chinese client, trying to persuade the Kurds to allow a 100 % Chinese takeover of their biggest field.

The Vallares bid which is around the 2.6 billion USD mark in a mix of cash and equity options has been trumped by a straight cash offer of 3 billion USD by the Chinese. Volares has asked for a two week time frame to respond, but sources indicate that the Chinese are willing to up the offer.

The only victor out of this fight is the diminutive Turk, Memet Karamemet, who is rubbing his hands in glee seeing an asset he paid a hundred million dollars for six years ago, being fought for at ten times what he paid for it


Filed Under: Emerging Markets,

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