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Gulf Petroleum GFPE Forms Omega Energy, LLC to Market Desulfurization Process Tuesday May 2, 4:10 pm ET
CARENCRO, La.--(BUSINESS WIRE)--May 2, 2006--Gulf Petroleum Exchange, Inc. (Pink Sheets: GFPE - News) announced today that together with Jeanblanc International Inc. they formed Omega Energy, LLC as an equally owned entity for constructing and operating proprietary desulfurizing units. Gulf Petroleum will also be the managing entity for all operations.
ADVERTISEMENT Omega Energy, LLC, is currently setting up a portable desulfurization demonstration unit this first week of May 2006, within a Gulf Coast refinery that is refining 1,000,000 barrels of oil per month. On average, the desulfurizing unit operating at that capacity will increase the refinery's margins by at least $6.00 per barrel, thereby increasing the bottom line upwards of $72,000,000.00 per year; Omega Energy will share in those profits.
The USA and Europe are tightening limits on the sulfur content of gasoline at the same time the crude oil coming out of the ground is becoming increasingly "sour," or sulfurous. Current desulfurization technology requires a vast array of catalysts, high operating pressure and the generation of hydrogen, and it uses enormous quantities of fuel and some very expensive equipment. Using current technology, a medium-sized desulfurization system will cost upwards of $100,000,000.00 and take one year or more to construct and will not extract all of the sulfur compounds. The cost of constructing the comparable Omega Desulfurization equipment is about $5,000,000.00.
Jim Jeanblanc, President of Jeanblanc International, Inc., stated: "The cost of material and management of our process is exponentially less expensive than the traditional process. We are looking forward to changing the face of the industry."
Skip Wheeler President of Gulf Petroleum Exchange, Inc., states: "We expect a successful implementation of our demo unit and look forward to installing a permanent one at this facility. Once up and running we intend on marketing this process to refineries throughout the world."
About Jeanblanc International:
Jeanblanc International, Inc. is an 18-year-old privately held corporation that has developed a new and innovative patent-pending process that economically and dramatically reduces the sulfur from crude oil, heavy fuel oil and refined products
About Gulf Petroleum Exchange:
Gulf Petroleum Exchange, a multi-faceted energy company, combines the experience of its people with the strength of its strategic alliances to create profitable projects within three aspects of energy enhancement: oil and gas production, the removal of sulfur compounds from hydrocarbon based fuels, and sales of the resultant products.
Forward-Looking Statements:
Based on current expectations and assumptions, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements
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