Petroleum Africa
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Tuesday, July 12, 2005
Global Environmental Energy Corp.’s subsidiary Sahara Petroleum Exploration Corp. has been contracted to build a 70,000-bpd oil refinery at Eket, Akwa Ibom state, Nigeria. The deal is worth approximately $4 billion.
The new refinery will refine 25 million barrels of Nigerian oil per year, representing a cashflow at today’s market process of approximately $1.5 billion per year. It is Sahara’s intention to refine a large portion of its own oil at the new Nigerian refinery.
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