Russia’s North-West Oil Group, NWOG, has become a majority holder in Creditline, a project operator to construct a refinery and petrochemical facilities in Syria. In NWOG, they hope to lure the RF Defense Ministry into the project, which worth exceeds $3.5 billion. NWOG’s hopes are well justified, as the military need a refinery in Syria to ensure continuous provision of fuel to the combat vessels in the Mediterranean Sea. Russia’s North-West Oil Group, NWOG, has bought out 63 percent in Creditline, a project operator to construct a refinery and petrochemical facilities in Syria. The seller was Russia’s resident Nizami Piriev, who owns Creditline. The respective contract was sealed September 21.
Both NWOG and Creditline confirmed the information but declined to disclose the deal budget.
In February, Creditline won the tender in Syria to construct a refinery of 6.5 million tons annual capacity and 1.4-million ton petrochemical facilities there. The refinery will produce diesel fuel and directly distilled gasoline, while the petrochemical enterprise will focus on making olefin, benzol, polyethylene and polypropylene. The term of the project is five years, and its budget is estimated at $3.575 billion.
For a new holder of Creditline, the prime concern today is to lure authorities into the undertaking. NWOG General Director Yulia Sozina said, first of all, they see this project in light of strategic interests of Russia in the region and are holding preliminary negotiations so that the RF Foreign Ministry and Defense Ministry step in to back up the project. The company is ready to give to authorities an interest in the project or a stake in the company, according to Sozina.
The project is no secret to the military, spokesmen of Defense Ministry confirmed off-the-record, emphasizing they count on its urgent implementation. With a refinery in Syria, the vessels of Russia Navy will have a source of continuous fuel supply in the Mediterranean Sea.
-------------------- GSUS - Eternal 100 Bagger! HCPC - my favorite potential into December Posts: 525 | From: nashville | Registered: Jun 2005
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You,ve gotta be kidding me...NDOL is going to make a come back????
-------------------- "I will smack you in the mouth, I'm Neil Diamond"- Will Ferrell Posts: 4190 | From: Rhode Island | Registered: Mar 2006
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NDOL (.14) Completed $15 Million Agreement to Be Used for Immediate Acquisition of Oil Reserves Nov 7, 2006 11:48:00 AM
NEW YORK, NY -- (MARKET WIRE) -- 11/07/06 -- North West Oil Group (PINKSHEETS: NDOL) announces that it has signed a sales agreement with the Hungarian Oil and Gas (MOL) company on the latter's purchase of 100% of the NWOG-MOL project company by which North West Oil Group shall receive USD 15.5 million. The transaction is successfully completed, including the approval of the Russian Competition Office.
Mr. Malyshev, president of North West Oil Group, commented: "Our Company assigns an important role to the acquisition of further prospects in our Russian upstream strategy in order to greatly increase future production. The funds shall be used for an immediate acquisition of oil reserves which will enhance our portfolio."
About North West Oil Group (formerly Nord Oil International)
North West Oil Group. is a non-reporting, publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. The company presently produces over 120,000 Metric Tons of crude oil yearly.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
Contact: Empire Relations Ken Maciora President 516-750-9719 km*empirerelations.com
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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