Glencore is seeking to raise $550 million from investors via a debt issue guaranteed by oil from Iraqi Kurdistan in an attempt to secure a big slice of the high-risk – and high-reward – market in a region at war with Islamic State. Kurdish oil has been targeted by European traders over the past two years, during an industry downturn, since Erbil began selling oil independently from Baghdad. It has been relatively cheap due to the potential for supply disruptions and threats from Iraq’s central government to sue anyone touching the crude. The government of the autonomous Kurdish region in Erbil has borrowed around $2 billion from Glencore’s rivals such as Vitol, Petraco and Trafigura to be repaid in oil. The companies have all borrowed money from banks and […]