Turkish petroleum company Genel Enerji has purchased 21% of shares of the Bina Bavi Field in the Kurdistan Autonomy of Iraq for $240 million, Trend reports.
The company had previously bought 23% of the shares.
Spokesman of the Iraqi Petroleum Ministry Asim Jihad said that Baghdad will punish Turkey for any petroleum contracts with the Kurdistan Autonomy without the Iraqi government’s permission.
Iraq and the autonomy had tensions in October 2011, when Exxon Mobil (USA) received permission for exploration and extraction of oil in the region.
BP said that Iraq had 143.1 billion barrels of oil reserves in late 2011, making it the top 3rd oil-rich state after Saudi Arabia and Iran. Iraq was extracting 2.798 million barrels of oil daily in late 2011.
The Kurdistan Region has 45 billion barrels of oil reserves.
