Petrolinvest to launch oil exploration early next year

20-06-2007, 14:40

Warsaw (Puls Biznesu) – The company does not know the level of reserves of its fields. Oil prices suggest that it’s worthwhile taking the risk.


Petrolinvest, a company from the group of Ryszard Krauze, one of the richest Poles, has invested to buy seven companies owning concessions to look for and explore oil in Russia and Kazakhstan. Petrolinvest will spend this year over PLN 600m (EUR 141.6m) for searching. The company hopes to raise PLN 80-110m on the stock exchange.

“First oil from our fields will flow at the beginning of 2008 at the earliest”, Pawel Gricuk, Petrolinvest CEO said.

The main risk concerns the amount of oil in the fields Petrolinvest may explore. Exploration works will start in July, along with the planned IPO.

“The lack of knowledge how much oil there is in the fields means that the company is going to share the risk with its future investors. The advantage of the company, however, is the fact that it has no political connections and that at the very beginning it started partnerships with local companies which know the market”, Andrzej Szczesniak, fuel expert commented.


Other Polish companies also try to look for oil worldwide. Jan Kulczyk, famous Polish businessman, was about to buy Libyan Tamoil company but it lost the battle with Colony Capital of U.S.A. According to unofficial sources, Roman Karkosik also wants to start operations in this sector. State-controlled companies: Grupa Lotos and PKN Orlen have so far failed to get access to exploration despite the support from the government.

(PLN 1 = EUR 0.263)



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