WARSAW Aug 25 Poland's second-largest oil
refiner Grupa Lotos said on Monday it had raised 1
billion zloty ($315 million) through two deals, to help finance
an oil field project in the Baltic Sea.
The company will add about 800 million zloty from its own
funds to complete the financing of the project to launch
production from its B8 field by the end of next year.
Lotos said the B8 field had launched a special purpose
vehicle (SPV), controlled by Lotos' upstream arm, that secured
$210 million in senior debt financing from the state-owned
lender BGK and Bank Pekao.
The special purpose division also signed a deal with a
state-run investment vehicle, PIR, for an additional 333 million
zlotys ($105 million) in subordinate debt.
The B8 field is estimated to have about 3.5 million tonnes
of oil and the company is planning to produce some 250,000
tonnes of oil a year from the concession.
The state-controlled Lotos produced 146,000 tonnes of oil
and 16 million cubic metres of gas from its Baltic fields last
year but wants to boost output of both over the coming three
years. It estimates that its Baltic concessions have 30 million
tonnes of oil.
Earlier this month, Lotos said it wanted to issue shares
worth about 1 billion zlotys to finance more oil and gas
production as part of Poland's drive to diversify its energy
sources, now mostly provided by Russia.
(1 US dollar = 3.1661 Polish zloty)
(Reporting by Anna Koper and Adrian Krajewski; editing by David