PGNiG to team up with Petrolinvest on exploration26th November 2009

PGNiG to team up with Petrolinvest on exploration26th November 2009In response to Kulczyk Oil Ventures announcing the submission of an issue prospectus with the Financial Supervision Commission (KNF), Ryszard Krauze’s Petrolinvest informed about signing a framework agreement with Polish Oil and Gas Company (PGNiG).

PGNiG is to support Petrolinvest’s exploration efforts in Kazakhstan.

The communique also states that the parties have agreed on rules according to which PGNiG could purchase shares of Petrolinvest or its assets in Kazakhstan in the future. However, not many details were revealed and the management board of Petrolinvest was not willing to provide any additional information.

According to unofficial information, PGNiG does not have exclusive rights to enter Petrolinvest and to this end the oil company is conducting talks with other companies as well.

“Petrolinvest invited us to cooperate. It, however, is a purely essential and technical support nature for our companies operating in Kazakhstan,” said Wieslaw Wojcik, deputy president of PGNiG.

Sources: Puls Biznesu; Parkiet; Rzeczpospolita