Aurelian Oil & Gas Plc, London, (London: AUL) plans to enter a joint venture with Luxembourg-based investment company Kulczyk Investments SA for oil and gas activities in Poland.
The agreement will establish a strategic partnership with KI to jointly originate and invest in upstream oil and gas opportunities in Poland and to co-operate in gas marketing, procurement of oilfield services and, in time, the procurement of midstream processing and production infrastructure.
Kulczyk is 13.77% shareholder in Aurelian. Aurelian will operate all licenses that the partnership co-invests into, with KI bringing significant capital and strong downstream and gas commercialization capabilities to the venture.
Aurelian chief executive Rowen Bainbridge says, "Kulczyk Investments is a strong, well-funded, local partner who we know well and have a long affiliation with. Excellent synergies exist between our technical capability and Kulczyk Investments' M&A and gas commercialization skills."
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