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Polish News Bulletin: Petrolinvest Extracts Oil in Kazakhstan

Published: Sep 21, 2007

Petrolinvest has announced its will to co-operate with world fuel giants but refuses to disclose their names. “We are being watched by major oil companies operating in Kazakhstan and Russia,” says Pawel Gricuk, Petrolinvest head. Among others, Chevron, Shell, Eni, Total and BP are present in the country.

Apparently, the Chinese CNPC oil company has bought a site bordering with that of Petrolinvest and paid $4.2bn for it. CNPC is interested in co-operating with Petrolinvest according to a source. Petrolinvest is open to proposals. The company may carry out a share issue already this year, aimed at foreign investors. The issue will finance an investment scheme evaluated at minimum $200m. First Petrolinvest wants to show investors it already is an extracting company. Since yesterday, the company has been extracting oil from Kazakhstan’s Zubantam deposits, which have a potential of 250m barrels. \nc 04005000

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