Genel Energy backs Tony Hayward

Genel Energy today insisted former BP boss Tony Hayward would continue to run the Kurdistan-focused oil explorer for the foreseeable future, despite taking up the chairmanship of Glencore in May.

Genel’s chief financial officer Julian Metherell claimed Hayward was perfectly capable of performing both roles after some questioned whether he had enough time following his appointment as non-executive chairman of the commodities giant.

“[Hayward] is entirely committed to being Genel’s full-time chief executive as his full-time executive role,” said Metherell.

“He was interim chairman of Glencore for a year before that role was made permanent and its not unusual to find full-time executives with non-executive responsibilities.”

Genel reported a 6% rise in profits to $138 million (£82 million) for the first six months of the year as revenues jumped by a fifth to $192.1 million.

Hayward said he was confident of continuing operations in Kurdistan despite rising tensions elsewhere in Iraq.