British company Genel Energy takes on larger stake in gas assets in the Kurdish north of Iraq. Photo courtesy of Genel Energy. LONDON, Sept. 15 (UPI) — British energy company Genel Energy said it was buying the minority share of a Kurdish natural gas field form its partners at Austria’s OMV. Genel said it struck a deal to buy the 36 percent stake in the Bina Bawi gas field in the Kurdish north of Iraq. The British company said the deal is dependent only on the approval of the semiautonomous Kurdish government, with it expects shortly. “The consideration comprises an upfront payment of $5 million,” Genel said in a statement. “A contingent payment of $70 million is payable once gas production exceeds agreed threshold volumes from the Miran and Bina Bawi fields.” Genel in 2012 paid $156 million to take on Miran assets from Heritage Energy Middle East Ltd., […]