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Sahara Petroleum Exploration contracts to build oil refinery

Posted by by: OilOnline on 2005/07/14 | Views: 1177 |

Sahara Petroleum Exploration contracts to build oil refinery


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.

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Joel Efiong(Calabar, Nigeria)says...

This is a great piece. The examination bodies should hire you as ICT consultant.

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Sunday Mbe(Kaduna, Kaduna, Nigeria)says...

ULIMASI means' GOD,THANK YOU' not THANK GOD.

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Sunday Mbe(Kaduna, Kaduna, Nigeria)says...

The name ULIMASI is from the UTUGWANG tribe in OBUDU local government area of CROSS RIVER STATE in Nigeria.

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding