NDOL $0.18 news
North-West Oil Group (Formerly Nord Oil International Inc.) Becomes Majority Owner of a $3.5 Billion Refinery and Petrochemicals Project
By Market Wire
Last Update: 10/17/2006 4:01:36 PM Data provided by
NEW YORK, NY, Oct 17, 2006 (MARKET WIRE via COMTEX) -- North-West Oil Group (formerly Nord Oil International Inc.) (PINKSHEETS: NDOL) announced that it has acquired 63% of Creditline, the Russian project operator, which is set to construct a $3.5 billion refinery and petrochemical facility. The refinery will produce diesel fuel and directly distilled gasoline, while the petrochemical facility will focus on olefin, benzol, polyethylene and polypropylene.
The project, based in Der-ez-Zour Province in Syria, was first announced as a tender by the Syrian Ministry of Oil and Mineral Resources in late 2005. Creditline won the tender by submitting an innovative plan to build a world-class combination facility that can support both fossil fuel production and petrochemical production according to the Ministry in Syria.
"The refinery and petrochemicals facility will be key to the continuous provision of fuel to the Russian combat vessels in the Mediterranean Sea," said Ernest Malyshev, President of North-West Oil Group. "The tender, which was awarded in February 2006, by Creditline, now a subsidiary of North-West Oil Group, calls for the construction of a refinery with capacity to refine 6.5 million tons annually and 1.4 million tons in petrochemicals."
Mr. Malyshev concluded by saying, "The project is expected to be completed within 5 years, and complete payback of the entire budget is expected to take about 6 years after production commences. This is truly an extraordinary opportunity for our company."
The project is well known and is expected to be well supported by military experts in Russia. With a refinery in Syria, the Russian Navy combat vessels will have a continuous fuel supply for vessels stationed in the Mediterranean Sea, which will significantly increase the operability of the vessels.
Details as to the participation of the government of Syria are being discussed and, when this process is completed and all documents are signed, the Company shall receive all the required licenses and finalize the Agreement of Cooperation.
Due to the strategic nature of this project and its magnitude, the details behind the 5-year, $3.575 billion budget and the financial sources have not been disclosed. The company is currently in discussions with various Russian government officials regarding further participation and details of such participation will be made available to the public as they are formalized.
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.
SOURCE: North-West Oil Group
AI
