Genel Energy releases inaugural comprehensive sustainability report


Genel Energy releases inaugural comprehensive sustainability report

Genel Energy PLC (LON:GENL) told investors it has today published its inaugural comprehensive sustainability report.

It comes after the oil company, with operations in the Kurdistan region of northern Iraq, last week launched an effort to raise up to US$300mln in debt financing.

READ: Genel aims raise US$300mln in bond financing

The bond launch aims to replace an existing bond thats set to mature in December 2022. Genel is looking to issue a new five-year bond and it engaged Pareto Securities to organise a roadshow with international credit investors.

The company released its first comprehensive sustainability report alongside which it is also set to incorporate key environmental, social and governance (ESG) metrics into its key corporate performance indicators and remuneration evaluations.

“Having a positive impact on the local community is just one part of our responsibility, however, and we continue our journey to meet head-on the challenges associated with the energy transition,” said Bill Higgs, chief executive in a statement.

The company noted that since 2006, it has invested almost US$60 million in social projects, it has programmes (including healthcare) which benefit local communities, has prioritised local hiring and engaged local contractors in contracts with an aggregate value of around US$36mln.

Higgs added: “We are aware that we have a long way to go in a rapidly changing landscape. Nevertheless, we have the talent, skill sets, and commitment at the highest levels of the company to meet the challenges ahead.

“In my view, Genel has the right low-cost and low-carbon assets, in the right locations, and with the right footprint, to thrive in a future of fewer and better natural resources projects.”

Genel said it will issue a new sustainability report annually, as a complement to its annual report.

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