Monday, October 22, 2007

Naftoil Saudi Arabia Signs Multi Billion Dollar Oil Exploration Contract With Mauritania

from Naftoil Saudi Arabia S.A.

Naftoil Saudi Arabia S.A. a privately-owned Saudi petroleum company, has teamed up with Gulf Regal Corporation (a company with interests in both America and UK) to sign an outline memorandum of understanding that secures drilling, exploration, and development rights in two high-prospect blocks in the Islamic Republic of Mauritania ... This will represent a huge increase in refined output and turn Mauritania into a net exporter of refined petroleum products. Naftoil Saudi Arabia S.A. is in early-stage discussions with a leading Chinese player who will act as a partner in building and operating this new refinery. The initial year-one investment is expected to be in excess of 3 billion US dollars.

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