Genel Energy's president retires

Mehmet Sepil has retired from his role as president of Genel Energy, the exploring company confirmed on Wednesday.

Sepil, who founded the company and was its chief executive until it merged with Vallares in 2011, said he would retire with immediate effect.

“Mehmet leaves a legacy of a management team with unsurpassed relationships in the region, his expertise will remain on hand as he supports the business as a major shareholder," said group chairman Tony Hayward.

Genel shares were down 1.43% to 345.00p at 0902 BST on Wednesday.