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Inside information - the management board of the European Bank for Reconstruction and Development decides to provide financing to PETROLINVEST S.A. |
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Own release
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09.03.2010 |
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The management board of PETROLINVEST S.A. (hereinafter the "Company") hereby publicly announces that it was notified on 9 March 2010 that the management board of the European Bank for Reconstruction and Development (hereinafter the "Bank") adopted a resolution approving the Bank's extension of financing for the Company's operations in the form of a USD 50m loan convertible into shares.
The Company's management board would like to emphasize that the Bank's decision was preceded by several months' due diligence covering geological, technical, environmental, economic, financial, and legal aspects. As the Bank's management board adopted a resolution approving financing, the agreement with the Bank, apart from ensuring the financing of the Company's investment activities in Kazakhstan, will also provide for actions to be taken by the Company in consultation with the Bank, aimed at enhancing the Company's corporate governance standards and ensuring an upgrade of its environmental protection standards. Download current report no. 14/2010
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