Sunergy Petroleum Supply Update: Ghana's 45,000 Barrel-per-Day Tema Refinery Has Shut Down Due to a Lack of Crude Oil Supplies, Opening Opportunity for Sunergy Oil Supply Contract
Press Release Source: Sunergy Inc. On Thursday April 15, 2010, 7:35 am EDT
SCOTTSDALE, AZ--(Marketwire - 04/15/10) - Sunergy, Inc (the
- News) reports that according to a Reuters News article published yesterday, Ghana's 45,000 barrel-per-day Tema refinery has shut down due to a lack of crude oil supplies, the managing director of the plant said on Tuesday. "We ran out of crude and had to shut down," said Tema Oil Refinery (TOR) Managing Director Kwame Ampofo. "This happened because a supplier we relied on very much disappointed us and could not deliver as expected."
The refinery has had operations problems due to financial woes that have made it difficult to buy crude cargoes, and was shuttered for much of 2009. Ampofo said the plant was most recently idled 10 days ago, and added he could not give a restart date. Ghana's government stepped in to ease TOR's debt burden last month by paying its main creditor, Ghana Commercial Bank, some $316 million.
Further to its Press Releases, dated March 16, 2010 and April 7, 2010, that substantial progress has been made to secure a contract to supply1,000,000 barrels of crude oil per month to the local (Tema- TOR) refinery, the above news highlights the difficulty Ghana has in securing reliable petroleum supplies to its only refinery. This event has accelerated the discussions at the refinery putting Sunergy and its Strategic Partner in the prime position to finalize the existing proposed contract which contemplates an initial term of 24 months, resulting in 24,000,000 barrels of crude oil to be delivered over the initial term. The second stage of discussion is the installation of some 3,000,000 barrels of crude oil and other petroleum product storage at the refinery location.
About Ghana Petroleum: Since 33.1 Billion barrels of proven offshore oil was discovered last year in the Gulf of Guinea of Ghana's coast, there has been a flurry of activity between Exxon and The Chinese, to name a few majors in vying for position in the famous Jubilee field. The Ghanian government's purported share of the discovery is 3.31 billion barrels (10%) over the next several years. Sunergy and our Partner offer a direct connection with expertise the financial ability to assist in the management and marketing of this petroleum over the next several years. This niche business represents substantial potential cash flow with little or no capital risk on our part.
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 SQ. Km. Nyinahin mining concession with a full prospecting license. The concession is surrounded by several operating mines and is adjacent to Newmont Mining's property. This concession has the Offin river flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Offin river is known for good alluvial gold production. The Company is also involved in facilitating petroleum supplies to Ghana through its affiliation and strategic alliance with a Global Petroleum Trading and Supply company and plans to expand its petroleum influence.
Further information is available on the Company's website www.sunergygold.com
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