Petrolinvest, the oil company from Ryszard Krauze group, was growing even 12 percent yesterday to PLN 178.5 (EUR 55.3m). This was in reaction to the plans of the EGSM to be held on September 5th. Investors will decide whether to increase the capital by issuing new shares which would be offered to two Kazakh companies. The transactions would let Petrolinvest acquire 48 percent of Occidental Resources Inc. and 50 percent of Too Emba Jug Nieft. As many as 2.89m shares would be issued at PLN 320 a share.
“The issue is strategic to make Petrolinvest one of the biggest companies investing in oil and gas assets in Kazakhstan”, Pawel Gricuk, Petrolinvest CEO said.
In January, the company signed agreement to buy 100 percent of Kazakh Capital Energy. In February, the company bought Caspian Services and Kazakhstancaspishelf JSC. After all transactions are concluded, Kazakh investors will control 35-40 percent of Petrolinvest.
(PLN 1 = EUR 0.309)