Published: September 30, 2009
Vostok Energy, an independent oil and gas company based in the Saratov region in southern Russia, has secured a funding package worth US$100mn from the EBRD.
Vostok owns the license for exploration and development of the Bortovoye license area near Saratov. The company will use its new funding to develop the western part of the license field, drilling new wells, opening a gas processing plant and connecting it to the Gazprom pipeline system.
The EBRD package comprises an equity investment of US$40mn in return for a 7% stake in the company, and a US$60mn convertible loan. The EBRD will also take a seat on Vostok's board.
The bank has invested more than €2bn (US$3bn) in Russia’s oil and gas and power sectors.