FOR IMMEDIATE RELEASE
Monday, April 22, 2013
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – April 22, 2013 – African Compass International Limited (“ACI” or the “Company”) and ILDAGO International Group of Companies Limited (IIGL), today announced the signing of a strategic 50-50 JV partnership for the continued development to establish ultra-modern oil projects dedicated for export with swing characteristics of dual refineries capable of minimum 200,000 and maximum 400,000 bpd capacity on the Mumford and Saltpond coastlines of Ghana.
IIGL has a HOA with the government of the Republic of Ghana to develop, arrange financing (debt & equity), build and operate the refineries which include early refined products, storage export terminal as well as trade in the import and export of crude oil, petroleum products and their derivatives as well as retailing the same products within the country. The Government of the Republic of Ghana will grant a “Free Trade Zone” status to the development of all provisions exclusively for the validity of the Agreement.
Millions of dollars have already been invested for detailed studies which were done in the late 2000’s. The studies include feasibility, marketing and techno-economic for one of the proposed refineries of 200,000 bpd. The refinery will be based on a multi-stream modularised process using well known proven technology with a two staged process encompassing hydro-skimming complexity upstream and VGO hydro cracking complexity downstream including CCR platforming, hydrogen, delayed petroleum coking for processing residuals and de-sulphurisation units.
The refinery proposed lay-out and schedules in annexure below will be built in two overlapping phases of 100,000 bpd. Each phase will reach the total refinery complex capacity upon completion of 200,000 bpd. Also included will be a 100MW power plant, resettlement of existing residential areas, harbour facilities, emergency hospital, hotel and housing areas, road construction and others. The same model will be used on the other proposed 200,000 bpd refinery which will be located 15km away for the total of 400,000 bpd.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
About IIGL
IIGL is a worldwide contracting organization for buildings, infrastructures, railways, telecommunication, petrochemical and chemical plants, oil & gas processing plants, oil & gas transportation and storage facilities, power generating plants, desalinization plants and industrial plants providing design, construction and maintenance services for all categories of works.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
Barrel Equivalent to 42 United States gallons
Bpd Barrels per day
CCR Continuous Catalyst Regeneration
CEO Chief Executive Officer
CG Chief Geologist
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
HOA Heads of Agreement
IIGL ILDAGO International Group of Companies Limited
JV Joint Venture
Km Kilometer
MW Megawatt
VGO Vacuum Gas Oil
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO) V M S Correia (CG)
