TAQ TAQ OPERATING COMPANY LTD (TTOPCO) is a special purpose entity established and jointly owned by Genel Energy PLC and Addax Petroleum International Ltd, wholly owned by Sinopec, for the conduction of petroleum operations under a Production Sharing Contract (PSC) in the Taq Taq License Area in KRI. TTOPCO is not a party to the PSC nor own any assets other than what is required to conduct its operations, but is based on no-profit-no-loss principles. The organization of TTOPCO encompasses a permanent staff of approximately 200 petroleum industry experts originating from Iraq, Turkey, UK, US, France, Canada and other countries. TTOPCO is registered under the laws of the British Virgin Islands and maintains offices in Ankara (Turkey), Erbil (Iraq) and within the Taq Taq license area.