The European Bank for Reconstruction and Development (EBRD) has signed a syndicated loan with Kazakhstan private oil company KOM Munai.
The bank has arranged a $200m loan to finance development of KOM Munai’s activities in Kazakhstan, promoting technology in oilfield operations.
KOM Munai, which is a subsidiary of Romanian oil and gas firm OMV Petrom, is operating in the Mangistau region of Kazakhstan.
The company’s investment programme in the next three years includes the introduction of new technology in water management and drilling operations.
The project, which will save water and reduce drilling times, intends to replace gas-to-power turbines with new units.
Kom Munai managing director Thomas Melvin Quigley said: "This syndicated loan aims to diversify the financing sources for our activities in Kazakhstan. We highly value the EBRD’s support for the implementation of state-of-the-art technologies which will help to reduce our environmental footprint."
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By GlobalDataEBRD energy and natural resources director for Russia and Central Asia Aida Sitdikova said: "The project with KOM Munai will promote the application of modern technologies in resource management, which will save water and reduce carbon emissions.
"This will be the first time that such advanced technologies, beyond what is required by national regulation – are applied in Kazakhstan. We are happy to support a longstanding client’s activities in two of the countries where the EBRD works, Kazakhstan and Romania."
The EBRD has to date invested about $6.5bn in Kazakhstan’s economy, with over half of its projects supporting the private sector.
Image: The EBRD has arranged a $200m loan to finance development of KOM Munai’s activities in Kazakhstan. Photo: Courtesy of European Bank for Reconstruction and Development.
