Listed upstream fuel firm Petrolinvest was granted a USD 50 mln convertible loan from the European Bank for Reconstruction and Development to finance its Kazakh operations, the company said in a market filing late Tuesday.

"The company management underlines that the decision made by the bank was preceded by many-month due-diligence, including geological, technical, ecological as well as economic and financial issues," the filing read.

The agreement with EBRD will not only assure the company financing of its Kazakh operations but also will include actions aimed at improving company's corporate governance standards and assuring the best environmental protection standards, the company noted.