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The Warsaw Voice » Business » January 26, 2012
Business & Economy
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Kulczyk in Nigerian Oil Deal
January 26, 2012   
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Neconde, a consortium comprising two companies controlled by one of the richest Poles, tycoon Jan Kulczyk, has signed an agreement for the purchase of a 45-percent stake in an oil block in Nigeria, Reuters has reported. The companies are Kulczyk Oil Ventures (KOV) listed on the Warsaw Stock Exchange (WSE) and Kulczyk Investments, an international investment group. The value of the deal is around $600 million. The sellers of the OML 42 oil block are Shell Nigeria, Total E&P and Nigeria Agip Oil. It is the first oil extraction deal of this size concluded by the Polish businessman.

KOV and Kulczyk Investments each have a 20-percent stake in Neconde, which may mean that the companies will spend $240 million, or around zl.770 million, between them to buy the oil block. Commercially viable oil reserves in the OML 42 deposit are estimated at 2.4 billion barrels, according to earlier reports by Shell.

Kulczyk Investments is an international investment group specializing in transactions on emerging markets. Oil and gas, mineral raw materials, infrastructure, energy generation, and electricity and gas distribution and sales are the key sectors in which the group operates. Kulczyk Investments is based in Luxembourg and has offices in Warsaw, London, Kiev and Dubai.

Kulczyk Oil Ventures is an international company operating in the oil and gas exploration and production sector. Its main assets are stakes in five gas fields in Ukraine, onshore deposits in Brunei and an exploration block in Syria. Since May 25, 2010, KOV has been listed on the WSE. Kulczyk Investments is its majority shareholder.
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