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Green light: IFC Ok's $30m to Indian drilling company

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IFC OKs $30m for Indian driller

The World Bank's International Finance Corporation (IFC) said it has made its first equity investment of $30 million to Indian drilling company Punj Lloyd Upstream.

News wires  08 October 2008 19:28 GMT

The investment will help Punj Upstream provide drilling services to countries in the Middle East, North Africa and South Asia, the IFC said.

Onshore drilling service providers are in short supply in many areas of the world and are needed to develop oil and gas resources so that countries can benefit from using domestic energy supplies for long-term economic growth, the IFC said in a Reuters report.

Published: 08 October 2008 19:28 GMT  | Last updated: 09 October 2008 07:05 GMT

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