SG sets up $100m credit facility for Kazakh energy company

SG Corporate & Investment Banking (SGCIB) said earlier this week that it has arranged an unsecured 66-month $100 million loan and hedging facility for Canada-based PetroKazakhstan Kumkol Resources (PKKR). PKKR is a subsidiary of PetroKazakhstan Inc, an international energy company based in Calgary, Canada.

PKKR has the option of using the base either to draw short-term revolving cash advances or to enter into crude oil price hedging transactions. This is the first facility of this nature granted to a borrower in Kazakhstan, says SGCIB, the corporate and investment banking arm of French financial group Société Générale.

The facility is governed by a borrowing base, which is a valuation of the cashflow, made on the basis on an assessment of the company’s crude oil reserves. The borrowing base is

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