| Poles dance into Kazakhstan |
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| International Oil Daily | |
| 14.01.2008 | |
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Polish oil firm Petrolinvest said Friday it will essentially buy out three companies working in Kazakhstan for a total of more than $ 500 million, boosting its presence in the Central Asian oil and gas producer. A Petrolinvest representative said the company will use its shares to buy a further 48% of Occidental Resources, which owns the OilTechnoGroup controlling the OTG concession, bringing its stake to 98%. It will double its 50% stake in Emba Jug Neft, which holds the Zhubantam concession and also plans to take 100% of Capital Energy, which controls BMB Munai, Bolz, Maksat-Munai and Erkhin Oil.The representative said the company will pay an estimated 1.24 billion zloty ($512 million) in total While declining to divulge the assets' reserve estimates, the purchases will reportedly boost Petrolinvest's reserve base by around 130%. The company, an investment vehicle of Poland's richest man, Ryszard Krauze, held an initial public offering last summer that valued it at nearly $1 billion (IOD Jul. 17, p8) |