Siberia | Materials, extraction | Finance, business

EBRD buys 8.15% stake in Irkutsk Oil for $85m

19 May '08
Today, EBRD and the Irkutsk oil company (INK) signed a package of documents under which the bank will purchased an 8.15% stake in the oil company for $85m.

EBRD;s investment guarantees the bank a place on the company's board of directors and also allows it to nominate an independent director.

INK plans to spend the investment on restructuring its bank loans and on implementing a layer gas reinjection project at its Yaraktinsky field.

In 2008—2009 INK plans to invest over $6.7m in several projects related to the expansion of its oil and gas recovering operations in the Krasnoyarsk and Irkutsk regions.
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