Baku, Azerbaijan, Sept. 26
By Elena Kosolapova - Trend:
The European Bank for Reconstruction and Development (EBRD) has signed a syndicated loan in Kazakhstan to finance new environmentally-friendly technologies and improvements in efficiency of oilfield operations, the bank said on Sept. 26
"The EBRD has arranged a $200 million financing package for KOM Munai, a private oil company operating in the Mangistau region of Kazakhstan," the bank said.
The bank will take on half of the project's costs, and the other half will be syndicated to commercial banks.
The company's investment program over the next three years includes the introduction of state-of-the-art technology in water management and drilling operations, which will lead to significant water savings and reduced drilling times.
The project also envisages the possibility of replacing gas-to-power turbines with a more advanced kind.
"We are pleased to support projects in Kazakhstan that promote sustainability and reduce environmental impact, said Aida Sitdikova, the EBRD's Director for Energy and Natural Resources, Russia and Central Asia.
"The project with KOM Munai will promote the application of modern technologies in resource management, which will save water and reduce carbon emissions," she said.
KOM Munai is a subsidiary of OMV Petrom SA, the largest oil and gas company in Romania, and a former investee company of the EBRD.
Since the beginning of its operations in Kazakhstan, the EBRD has invested close to $ 6.5 billion in the country's economy, with more than half of the bank's projects supporting the private sector.
Edited by T.T.