LONDON, July 11 (UPI) -- An investment company formed by former BP chief Tony Hayward has set its sights on a Turkish energy company holding oil assets in Iraq, a source claims.
Hayward, the former chief executive officer at BP, and his business partner Nathaniel Rothschild raised $2.18 billion for investment venture Vallares on the London Stock Exchange in June. The venture had said it was interested in investing in oil companies in developing countries.
Hayward's venture aims to take control over Turkey's Genel Enerji, which owns oil assets in the Kurdish regions of Iraq, The Guardian newspaper in London reports.
The Turkish energy company, The Guardian notes, is looking for investors to help develop fields there. Mehment Sepil, the company's top executive, was fined for insider trading in a scrapped deal with London-listed Heritage Oil.
Sources to The Guardian said Genel Enerji and Vallares were discussing control issues. Hayward under the proposal would act as the head of any company that emerges from the negotiations.
Hayward left BP last year after overseeing the immediate fallout from the Deepwater Horizon oil spill in the Gulf of Mexico, one of the worst environmental disasters in the history of the energy industry.
