TSXV:PTR.H - Post by User
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easyoasyon May 02, 2018 11:02am
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Whatever became of this....
Whatever became of this....VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 27, 2007) - Petromin Resources Ltd. (TSX VENTURE:PTR) (the "Company") is pleased to announce that it has entered into a Letter of Intent with United Oil Projects ("UOP") of Kuwait and Allied Resources Ltd. of Hong Kong effective immediately. The Letter of Intent is to advance further cooperation of Carbon Dioxide (CO2) sequestration for Kuwait oil deposits for potential CO2 related enhanced oil recovery ("EOR") schemes and to develop potential Clean Development Mechanism in CO2 capturing for Kuwait.
United Oil Projects is a subsidiary of Kuwait Projects Company Holdings ("KIPCO") Group, one of the largest premier investment holding companies in the Middle East and North Africa (MENA) region. United Oil Projects is currently participating in industrial projects, with focus on petrochemicals, oil and natural gas sectors, either independently or in partnership with entities exercising similar activities. UOP also extends support services to oil wells drilling and exploration operations, oil wells repair and rehabilitation for production, and all subsequent works pertaining to oil wells maintenance.
Allied Resources Ltd. is a private Hong Kong Resources company with vast connections to the Hong Kong, China and Middle East investment communities.
The cooperation will include technical support, engineering design, and sharing capital investment on CO2 capturing/storage equipment and any revenue/costs incurred by the parties. A formal agreement among the three parties will be signed and a new entity will be set up in Kuwait to oversee the operations of this joint venture.
Petromin is extremely excited about this engagement in view of the Company's efforts in expanding its enviro-energy concept into Kuwait. Further details on this project will be announced at a later date.