Two Polish companies operate on the Kazakh oil and gas market

Kazakhstan, Astana, 20 Feb. / Trend, D. Mukhtarov/

Polish oil company Petrolinvest and Polskiego Gornictwo Naftowe i Gazownictwo (PGNIG) State Gas Concern are operating in Kazakhstan's oil and gas market, the Ambassador of Poland in Astana Jacek Kluczkowski told Trend.

"The Polish oil company Petrolinvest and Polskiego Gornictwo Naftowe i Gazownictwo (PGNIG) State Gas Concern are operating in Kazakhstan's oil and gas market. By world standards, our companies are small and aware of their position in the oil and gas business. Nevertheless, Polish companies are interested in working in the oil and gas sector in Kazakhstan, and are open to collaboration with both Kazakh and foreign companies," Kluczkowski said.

According to him, one of the main Polish investors in Kazakhstan is the Petrolinvest oil company, which is developing the field in Aktobe province.

According to the Embassy of Poland, Petrolinvest has teamed up with France's Total to develop fields in Aktobe province, following the news of its perspectiveness. So far the development of the field is at the initial stage.

Earlier, Kazakh and Polish media reported that in 2011, the Polish company Petrolinvest announced the discovery of oil fields in Kazakhstan. Following this news, share prices of the Polish company Petrolinvest soared by 89 percent - from five to 9.5 zloty.

The Polish newspaper Gazeta Wyborcza, referring to the head of company Richard Krause who said that Petrolinvest acquired four companies, including a license to operate oil fields in Kazakhstan with estimated reserves of two million barrels worth $ 400 million.

According to Petrolinvest, it acquired a 50 percent stake in three companies and 35 per cent of the fourth company. $ 400 million will be invested in drilling and construction of oil wells.

The publication did not specify the exact location of the field and the quality of the future oil. It also remains unknown whether it would be possible to transport oil through pipelines directly to Poland, or if Poland would conduct barter deals.

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