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Sahara Petroleum Exploration Corp., a subsidiary of Global Environmental Energy Corp., has contracted to build a 70,000 barrel per day oil refinery at Eket, Akwa Ibom state, Nigeria
Sahara Petroleum Exploration Corp., a subsidiary of Global Environmental Energy Corp., has contracted to build a 70,000 barrel per day oil refinery at Eket, Akwa Ibom state, Nigeria
The approximately USD$4 billion Sahara project, which is to be partially financed from the proceeds of Sahara's loan commitment from financier Diamond Ridge, will further enhance Sahara's position as a vertically integrated oil and gas company. On March 9, 2005, Sahara signed an Alliance Agreement with Quickflow, S.A., for the development of specific oil and gas rights in Africa. The new Sahara refinery will refine 25 million barrels of Nigerian oil in Nigeria per year, representing a cashflow at today's market process of approximately USD$1.5 billion per annum. It is Sahara's intention to refine a large portion of its own oil at the new Nigerian refinery.