Published: March 10, 2010
Bank gives Petrolinvest US$50mn convertible loan to fund exploration in Kazakhstan.
The European Bank for Reconstruction and Development has given a US$50mn convertible loan to Petrolinvest, a PLN255mn (€66mn) listed Polish energy company with oil and gas assets in Kazakhstan.
The company has five exploration contracts over 13,200 square kilometres. It will use the new money to complete exploration work at two of its oilfields, in turn allowing it to establish the volume of its hydrocarbons reserves and start oil production. The board hopes this will boost the company’s value and let it raise further funds.
The EBRD has invested more than €3.8bn in Poland and more than €2.4bn in Kazakhstan.