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Punj Upstream Phase One
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 26470
Sector1Oilfield Services
Environmental categoryB
Date SPI disclosedNovember 30, 2007
Projected board dateJanuary 2, 2008
Previous EventsInvested: September 30, 2008
Signed: June 6, 2008
Approved: January 16, 2008
View Environmental & Social Review Summary (ESRS), click here
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Project description
The project is to provide early-stage funding to Punj Lloyd Upstream Limited (Punj Upstream or the company), a newly formed Indian oilfield services company established by Punj Lloyd Limited (PLL) to participate in the opportunities afforded by the Indian exploration and production (E&P) sector, which has benefited from the rise in international oil and gas prices and the Government of India’s (GoI) New Exploration Licensing Policy.

The company plans to initially acquire four onshore drilling rigs and cater to private and national oil companies operating in India. Punj Upstream is in the process of assembling a robust technical team and is expected to take delivery of the onshore drilling rigs over the next 6-24 months.

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