Petrolinvest promises to have plenty of oil

opublikowano: 22-01-2008, 16:26

Warsaw (Puls Biznesu) – Ryszard Krauze’s company promises to find oil this year.

Petrolinvest, oil company listed on the WSE, said yesterday that it may have 5,600 b/d of production this year if all the works being conducted now bring expected effects. The company hopes for much more, however. According to a report by McDaniel & Associates Consultants, Petrolinvest may have 1bln barrels. Its chances increased after the company signed contracts last year to buy stakes in three Kazakh companies. The acquisitions of the stakes will be financed from a new issue of Petrolinvest’s shares. Pawel Gricuk, the company’s CEO said that the transaction could be concluded till the end of June. The stake of Kazakh companies in Petrolinvest will then grow to 40 percent, Ryszard Krauze and his company Prokom Investments will control 29 percent while Nihonswi, an investment fund connected with Prokom, will have 13 percent.

This year, Petrolinvest plans to spend USD 200m to look for oil this year.

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