Contract signed to supervise drilling of Shagyrly Shomyshty
ENERGY: PNiG Kraków Wins New Contract in Kazakhstan, Mulls Stock Market Debut
Wednesday, July 27, 2005 - 09:05 AM
--------------------------------------------------------------------------------
WARSAW, Poland (Warsaw Independent)— The oil exploration company, Poszukiwania Nafty i Gazu Kraków (PNiG), part of the capital group of the gas monopolist PGNiG, signed a contract for the supervision of drilling work in Kazakhstan, where it will send some 20 engineers.
The company's vice-president, Maciej Zalubka, told PAP Tuesday, July 26, that under the contract signed with the US-based Caspian Gas Corporation Polish specialists will supervise local workers in Kazakhstan. Zalubka said the company hoped to deploy its drilling equipment in the region in the future.
He said the company experiences a boom in the field of oil and gas exploration, but cannot fully take advantage of this global trend because of the lack of available capacities.
"We receive cooperation offers daily, mostly from Arab countries. In order to grow, we need to think about buying new drilling equipment," Zalubka said.
PNiG currently has some 14 drilling machines deployed in Kazakhstan, Pakistan, India, Ukraine, Lithuania, and Russia. In order to raise financing, PNiG is considering a stock market debut as one of the ways to get the funding. PGNiG, which wants to debut on its own in September, would remain the main investor in the business.
Last year, PNiG generated nearly PLN 1.6m in net profits on PLN 186m of revenues. The company has some 700 employees. (WI)
Note: PNIG-KRAKÓW-DRILLING-IPO |
