Petrolinvest, owner of oil fields in Kazakhstan, submits issue prospectus

05-03-2007, 10:09

Warsaw (Puls Biznesu) – The company owned by Roman Karkosik plans an IPO. It raises funds to explore oil in Kazakhstan.

Petrolinvest, the oil company owned by Ryszard Krauze, submitted its issue prospectus to the securities and exchange commission last Tuesday. According to “PB” sources, geological research of the Kazakh fields will be added. The details concerning the deadline and value of the issue remain secret.

“We cannot comment on this news”, a person close to Ryszard Krauze said.

The company said before that it plans its IPO in this half of the year.

The company wants to sell the dreams about the access to great revenues generated by exploring and selling oil. Ryszard Krauze, via Petrolinvest, bought oil fields in Kazakhstan and Russia with joint capacity of 2 billion barrels last year. The company received permission to explore the fields. It is going to spend USD 800m to build mines. Exploration should be launched at the end of this year.

There should be no problem with finding investors.

“Investment funds have a lot of free assets while the offer of big IPOs is limited. That’s why every company from the energy sector with an offer of above PLN 100-200m (EUR 25.6-51.2m) should have no problems with investors”, Pawel Nierada, an expert of the Sobieski Institute think-tank said.

He added, however, that the company needs to convince investors that the contracts are certain and that the company has an idea how to transport oil out of the country and to whom sell it. In his opinion, Petrolinvest might be listed in order to develop the company and then sell it, i.e. to a Chinese company.

Another popular businessman, Roman Karkosik, is considering buying Kazakh fields as well. In the middle of February, the Polish delegation headed by Piotr Naimski, the deputy Minister of Economy, visited Kazakhstan. Poland and Kazakhstan want to build a working team to prepare proposals how to transport oil from Kazakhstan with the future Odessa-Brody-Plock pipeline. Lech Kaczynski, Poland’s president, plans to talk about the opportunities for the Polish firms to get access to Kazakh fields during his visit in March. PKN Orlen is supposed to be the beneficiary. The Polish oil giant has so far failed to reach agreement with Kazakh KazMunaiGaz.

(PLN 1 = EUR 0.256)

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Puls Inwestora / Petrolinvest, owner of oil fields in Kazakhstan, submits issue prospectus