illustration courtesy Caspian Services

The European Bank for Reconstruction and Devleopment will raise by $8 million to $32 million the money it will put into a company developing a marine base by the Caspian Sea in the Bay of Bautimo, Kazakhstan.

The development company, Balykshi, is owned by Caspian Services Inc of Salt Lake City, Utah. The EBRD agreed to buy up to $10 million in shares in the company provided Caspian puts $29.8 million in the company.

Balykshi director Paul Roberts said the EBRD loan and equity pact puts right three years of planning, design and project financing work aimed at providing “an unparalleled range of services to the oil industry exploring the massive reserves of the Kazakhstan sector of the North Caspian Sea”.

“The base is an environmental milestone in the region, designed to provide a clean, efficient ship to shore transfer of fuel, sewage, waste, goods, inter alia mitigating the handling exposure,” Roberts said.

ws@oilgas24.com