Poland's Petrolinvest buys 59 pct in Russian peer for 17 mln usd

Polish oil exploration venture Petrolinvest has bought a 59 stake in its Russian peer Peczora-Petroleum for 17 mln usd, the company said in a statement.

Peczora-Petroleum has concessions to explore and dig out oil in Russia's Komi Republic. Petrolinvest paid for the company from a loan granted by its biggest stakeholder - Prokom Investments.

Petrolinvest made its debut on the Warsaw bourse last month and has stakes in companies with concessions for drilling in regions of Kazakhstan and Russia's Komi Republic, with estimated oil resources of 63.2 bln barrels.

Source: By Adrian Krajewski, forbes.com