| A marriage of East and West |
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| Warsaw Business Journal | |
| 03.11.2008 | |
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The full content of article in Warsaw Business Journal on 3 November 2008 on page 19 "Petrolinvest is exploring the possibility of a merger with Chinese firm MI Energy. Oil and LPG exploration company Petrolinvest signed a letter of intent last week with Chinese firm MI Energy Corporation. According to the agreement, MI Energy will finance some of Petrolinvest's activities and the two concerns will begin work on a possible merger. "We share the same philosophy with MI Energy: to create an international exploration and production company. The combination of our experience and concessions in Kazakhstan and the proven reserves and stable cash flow of MI Energy in China will help us accomplish that," Pawel Gricuk, president of Petrolinvest, told WBJ. According to the agreement, M1 Energy will offer Petrolinvest $5-10 (zl.14.7-29.5) million in a convertible loan. The Chinese firm will also directly invest around $25-50 (zl.73.5-147.1) million in Petrolinvest stock. Were M1 Energy and Petrolinvest to merge, it would be the first large M&A deal in Poland involving a Chinese company. MI Energy is registered in the Cayman Islands, but owned by a Chinese entrepreneur." |