Loon energy hopes to snap up bargains as crisis deepens
"We are analyzing, the possibilities of investing in Eastern Europe, including Ukraine. We are also considering Africa, especially Egypt," said Timothy M. Elliot, Loon Energy president. He went on to add that the financial crisis is a favorable time for the company's development plans.
"There are a lot of entities in the sector which have over invested. Now we have great opportunities to buy them cheap. We are taking a close look at several such projects," declared Elliot. He that some assets worth earlier USD 30-50 million can now be bought for USD 5 million.
A similar opinion was recently made by the head of PKN Orlen, Jacek Krawiec, who declared that a number of oil mining companies can currently be taken over for 10-15 percent of their last year's value.
Source: Puls Biznesu (A.K.)
"There are a lot of entities in the sector which have over invested. Now we have great opportunities to buy them cheap. We are taking a close look at several such projects," declared Elliot. He that some assets worth earlier USD 30-50 million can now be bought for USD 5 million.
A similar opinion was recently made by the head of PKN Orlen, Jacek Krawiec, who declared that a number of oil mining companies can currently be taken over for 10-15 percent of their last year's value.
Source: Puls Biznesu (A.K.)
