Abramovich invested in the production of shale oil in the United States
Fund billionaire Roman Abramovich Ervington Investments acquired for 9,75 million dollars preferred shares of the American company Propell Technologies, which develops technology to increase oil and gas production in shale deposits. This is stated in a press release posted on the Propell website.
Funds received from the sale of shares, the company will spend on the acquisition of oil production assets to increase energy production, as well as to further promote this technology in the United States, the report says.
Propell possesses a plasma-pulse fracturing technique to enhance well performance, which allows not to pollute groundwater, in contrast to hydraulic fracturing technology. Experts consider this method to be promising, because when using traditional methods a large amount of reagents get into the groundwater.
In February of this year, the Abramovich fund acquired 1,5 million preferred shares of Propell Technologies for 5 million dollars. The contract provided for an option to repurchase another 2,97 million shares, which was implemented in July. Thus, the total investment of the fund in Propell amounted to 15 million dollars. At the same time, Ervington Investments has consolidated a controlling stake (51,4 percent of shares) in the company's share capital, according to reports by Propell Technologies.
The Abramovich Foundation also invests in assets in the UK, through which the entrepreneur controls the 21,3 percentage of the British manufacturer of synthetic liquid fuels Velocys.
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