Lotos and PIR to close financing for joint upstream project in Q2
March 28, 2014
Fuel firm Lotos and Poland's investment support vehicle (PIR) will close financing for PLN 1.6 billion upstream project on the Baltic sea in Q2, PIR deputy CEO Michal Lubieniecki said during Energy Summit in the northern Polish city of Gdansk.
PIR "expects that in coming weeks, certainly in Q2, financing for the Baltic Sea exploration and extraction project will be closed," Lubieniecki said.
According to earlier information, Lotos was supposed to contribute some PLN 700 million to the project, mostly in license and a rig, with PIR contribution at PLN 563 million, with the remaining portion to be financed by banks.