Kazakh company plans to attract $300 million-foreign loans

Oil&Gas Materials 24 January 2012 18:17 (UTC +04:00)

Azerbaijan, Baku, Jan. 24 / Trend E. Kosolapova/

The Kazakh Oil Company South-Oil located in Shymkent, South Kazakhstan plans to attract $300 million in foreign markets, the Kazakh stock exchange (KASE) reported on Tuesday.

The decision was taken at the extraordinary general meeting of South-Oil's shareholders held on Jan. 17.

"According to it, it is necessary to start working on attracting foreign funds worth $300 million, including variable forms of loans," the document adopted at the meeting said.

Moreover, South-Oil's shareholders took decision to affiliate Kaz Frac company - owner of the plant for recycling and processing of associated gas from the Kenlyk field.

South Oil is an oil company prospecting and extracting hydrocarbon raw in Kyzylorda region (South Kazakhstan). Its main shareholder (51 percent equity) is Financial Trade Industrial Corporation Ontustik. The remaining shares are divided among a group of natural persons.