Romania Petrom gets EBRD loan for Kazakh oil plan

/REUTERS, Almaty, April 30, 04/ - The European Bank for Reconstruction and Development [EBRD.UL] has said it plans to lend Romanian state oil firm SNP Petrom up to $60 million to develop three medium-sized oil and gas fields in Kazakhstan. Petrom's wholly owned Kazakh subsidiary Tasbulat wants to invest $239 million developing three fields in the western Mangistau region, according to a statement posted on the EBRD Website (www.ebrd.org). Tasbulat's production is expected to peak at 8,000 barrels per day by 2006. The EBRD, a development bank for the former Soviet bloc, said the project, which has to be approved by its board, was aimed at encouraging more independent players to operate in Kazakhstan and encourage financial transparency and high standards of environmental management. [2004-04-30]