EBRD mulls USD 40 mln loan to Kulcyzk subsidiary
1 March 2011
The European Bank for Reconstruction and Development is considering providing a loan of up to USD 40mln to KUB-Gas LLC, a Ukrainian exploration and production company 70%-owned and controlled by Kulczyk Oil Ventures (WSE: KOV PW), according to an announcement posted yesterday on the EBRD website. The project is due for final review by the EBRD board on April 13. The project’s object is to assist in the development of KUB-Gas’ on-shore gas and condensate fields in Lugansk region until 2013.
