Petrolinvest snaps up shares in Russian oil firms

The remaining 50% will be bought from the owners with $100 (zł.279) million of Petrolinvest shares. The transaction will be finalized later this year. Analysts said that owning the oil deposits changes the company's financial outlook. "Such investments are always of high risk. But as soon as oil appears, the rate of return on investment is always high," said DM PKO BP analyst Ludomir Zalewski. This year the Russian companies are expected to earn some $35 (zł.97) million on revenues of $165 (zł.459) million. Petrolinvest estimates that profits are to double in 2008, as an effect of an investment program worth $150 (zł.471) million. (Dziennik, The Wall Street Journal Polska, July 28-29, p. 1; Puls Biznesu, p. 6; Parkiet, July 28-29, p1) A.K.