• Most Popular
  • Most Shared

Lotos signs $1.75 bln loan deal for investments

Sat Jun 28, 2008 5:34am EDT

WARSAW, June 28 (Reuters) - Poland's second largest oil refiner Lotos LTOS.WA has signed an agreement to take out a loan of 1.75 billion dollars to finance its investment programme, the company said in a statement late on Friday.

The loan is to be paid by 2020, 12 years and six months after the first payment of interest.

Using the investment programme, Lotos plans to increase its oil refining capacity to 10.5 million tonnes per year from about 6 million currently, and seek access to upstream.

The company's strategy may involve earmarking some 12.9 billion zlotys ($6.02 billion) for investments.

Lotos has said it may also seek a strategic investor to help gain better access to oil reserves. (Writing by Karolina Slowikowska; Editing by Jason Neely)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets