Press Release Source: North-West Oil Group
Results of Competition for Construction of Refinery in the Region of Homs and Deir-ez-Zor to Be Announced at the Beginning of 2008
Tuesday November 20, 6:35 am ET
MOSCOW--(MARKET WIRE)--Nov 20, 2007 -- North-West Oil Group Inc. (Other OTC:NWOL.PK - News) today announced that it is expecting the announcement of their having been awarded the contract for the construction of a refinery in the region of Homs and Deir-ez-Zor.
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The project calls for the building of a refinery with the capacity of 140,000 barrels a day, as well as improving the quality of oil refinery up to the standards "Euro-4" and "Euro-5." The cost of construction is estimated at $1.2 billion with a completion date expected in three to five years.
The competition, announced early in 2007, has seen its results postponed several times because of political instability associated with the re-election of the President of SAR. In light of recent political stability, a final determination regarding this project is scheduled to be forthcoming. According to a Plenipotentiary representative of North West Oil Group in Sirya, the management of the country is expected to award the project to North West Oil Group in concert with North West Oil Group Inc., the operator of the project.
Mr. Malyshev, President of North West Oil Group, stated, "I'm looking forward to soon visiting Sirya in order to discuss and finalize plans for this project. It goes without saying that awarded this contract as anticipated, it would be a substantial project capable of generating meaningful revenues and income for the company and its shareholders."
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