Genel Energy’s effusive chairman Tony Hayward seems to have got ahead of himself in his interpretation of exactly what the KRG has promised. He told the firm’s 9 August Q2 conference call: “I think it’s important to clarify what the KRG has actually said. They said, they would play their ongoing obligation with effect from September and then when volumes rise in the first part of next year, we would begin to catch up on the receivables. So that’s not saying they’re just going to pay cost. It’s quite different from that actually.”

In fact, ‘just paying cost,’ appears to be exactly what the KRG has pledged, at least until next year, and even this has an ‘if circumstances allow’ caveat attached (see above). (CONTINUED - 217 WORDS)