IFC to provide financing to India oil field services firm
International Finance Corp. has made its first onshore oil and gas drilling equity investment, the World Bank Group member announced on Oct. 8.
WASHINGTON, DC, Oct. 8 -- International Finance Corp. has made its first onshore oil and gas drilling equity investment, the World Bank Group member announced on Oct. 8.
IFC said that it has agreed to provide up to $30 million of debt and equity financing to Punj Lloyd Upstream Ltd. The Indian oilfield services company is a subsidiary of Punj Lloyd Ltd., an engineering and construction firm. It will use the IFC investment to provide drilling services to producers in the Middle East, North Africa and South Asia.
IFC said that its involvement will also help the company responsibly manage environmental, health, safety and social issues.
Lance Crist, senior manager of IFC's oil and gas division, said that the lender's investment in Punj Upstream was a good example of IFC's commitment to support development of India's oil and gas industry, and its strategy to help companies from developing countries expand into other developing markets.
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