Shares in the oil company Petroinvest rose sharply on Warsaw Stock Exchange following the news from European Bank Development and Reconstruction (EBOR) that an agreement has been reached on financing for the company’s business in Kazachstan. The agreement gives the company three extra months to launch the loan granted by EBOR. “An agreement with EBOR would make it possible to close the negotiations on adjusting the financing to our new strategy in Kazachstan, which is to offload most of our non-core assets,” says Bertrand Le Guern, Petroinvest chairman adding that all any funds received from EBOR are intended for use in its Kazahstan activities.
