20 Oct 2017 14:11

Khudainatov's IPC Group signs agreement to cooperate with Intesa on Paiyakha project in Taimyr

VERONA. Oct 20 (Interfax) - Taimyrneftegaz (TNG), a subsidiary of Eduard Khudainatov's Independent Petroleum Company (IPC), has signed an agreement to cooperate with the Italian bank Intesa on the Paiyakha project in Taimyr, an Interfax correspondent reported from the signing ceremony.

TNG is carrying out a project on geological study and subsequent development of the Paiyakha oil field, located in a new oil and gas production zone: the southwestern regions of the Yenisei-Khatanga block in Krasnoyarsk territory.

Intesa is interested in cooperation with TNK on the issues of organizing of financing the Paiyakha project: it will participate in financing itself and provide services on organization of the optimal structure for raising financing resources, Khudainatov said.

Within 15 days of the agreement signing, the sides will create a working group to discuss project details. Intesa will conduct a comprehensive audit of Paiyakha over the course of three months and make proposals to TNG on the organization of financing.

IPC estimates the Paiyakha project at $5.8 billion in current prices. The project's value given full-scale production is estimated at $30 billion-$40 billion up to 2030.