Warsaw Business Journal - Online Portal

SEARCH WBJ

Friday, July 30th, 2010

Today's weather

Petrolinvest hits the jackpot with Kazakh oil contracts

18th January 2008

Petrolinvest is sitting on top of oil reserves of more than 1 billion barrels, according to a new report by Canadian oil consultancy McDaniel & Associates.

The estimate takes into account the oil deposits the company acquired on Wednesday when it took full control of three Kazakh oil exploration companies for zł.1.2 billion, in what Ryszard Krauze billed as one of the largest overseas acquisitions ever by a Polish company. The deals increased Petrolinvest's reserves by 130%. "Thanks to the acquisitions we will significantly raise production of high grade oil still this year," said Paweł Gricuk, Petrolinvest CEO. According to unofficial information, the combined oil reserves controlled by Petrolinvest may be around 1.3 billion barrels, mostly in Kazakhstan and also in Russia. By comparison, Jan Kulczyk's Loon Energy sits atop of 700 million barrels of oil in Brunei, Columbia, Syria and Peru. (Parkiet, p. 2; Puls Biznesu, p. 13) R.M.
From Warsaw Business Journal

WBJ blogs

Corporate Finance/M&A Corner
How a private equity investor chooses acquisition targets
BY Les Nemethy

My last article discussed how strategic investors typically choose acquisition targets; this article does the same for private equity investors. Private ... READ MORE

Global Poland
A new system of global governance is desperately needed
BY Piotr Maciej Kaczyński

The idea of having organizations which, in a series of summits, allow informal meetings between heads of state or governments ... READ MORE

back

Go to top

Our partners

Republication or re-dissemination of the contents of this screen are expressly prohibited without the prior written consent of Valkea Media S.A.