Kulczyk Oil reaches agreement with shareholder for $12 mln loan
KYIV. June 25 (Interfax) - Oil and gas company Kulczyk Oil Ventures Inc, which has assets in Ukraine, has signed an agreement with its majority shareholders, Kulczyk Investments S.A., for the allocation of a loan worth up to $12 million, Kulczyk Oil said on Monday.
The company said that the funds will be available until the end of this year at 15%.
The loan is being raised for replenishing the company's circulating capital.
It was earlier reported that the European Bank for Reconstruction and Development signed an agreement with Ukrainian oil and gas company KUB-Gas (based in Lugansk and in which Kulczyk Oil owns 70%) for the allocation of a $40 million loan.
KUB-Gaz is developing the Olgovskoye, Makeyevskoye, Severo-Makeyevskoye, Vergunskoye and Krutogorivskoye fields in the Dneprovsko-Donetsk basin.
Kulczyk Oil also owns assets in Syria and Brunei.