Petromin Finalizes Agreement with United Oil Projects and advances on Kuwait Oil Company EOR Sequestration Project
Monday, 26 May 2008 TSX.V Symbol: PTR
VANCOUVER, May 26 /CNW/ - Further to our February 27, 2007 news release,
Petromin Resources Ltd. is pleased to announce that it has now finalized the
letter of intent into a formal operating agreement with United Oil Projects
(UOP) of Kuwait whereby Petromin and its partners including the Alberta
Research Council Inc. (ARC) will now be proceeding with the requested
proposals from Kuwait Oil Company (KOC) regarding enhanced oil recovery
utilizing CO2 sequestration on selected KOC lands. In this agreement, Petromin
and its partners along with UOP will be equal joint venture partners i.e.
50%/50% in funding and revenue sharing.
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. UOP 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 well maintenance.
On behalf of the Board of Directors,
A. Ross Gorrell
Co-Chairman and President
For further information: Petromin Resources Ltd., 390-1090 W. Georgia
St., Vancouver, B.C., V6E 3V7, T. (604) 682-8831, F. (604) 682-8683