Energy Corp. (GEECF) and Sahara Petroleum Exploration Corp., to
form Joint Venture with Sinopec Subsidiary
Energy Corp. (GEECF) today that with its subsidiary Sahara Petroleum
Exploration Corp., a
Corporation registered in the Commonwealth of the Bahamas
(SAHARA) and the Algerian company, Geoinvest Ltd., have entered into a Memorandum
of Understanding to form a joint venture, with Sinopec
Shengli Oilfield Co., Ltd., a wholly owned subsidiary of China
Petroleum and Chemical Corporation (Sinopec Corp.).
The joint venture is intended to develop three oil and gas projects, at two locations in Algeria and one in Mauritania. The Shenzhen Branch of Yankuang Group Co. Ltd., is acting as the liaison party between Global and Sinopec.
About Sinopec Shengli Oilfield Co., Ltd.
Sinopec Shengli Oilfield Co., Ltd., a wholly owned subsidiary of China Petroleum and Chemical Corporation (Sinopec Corp.), was established on the basis of restructured oil and gas exploration and production business of Shengli Oilfield on May 28, 2000. The company is actively exploring oil and gas prospects in 28 counties in China. The major area lies on both sides of the Yellow River Mouth in Dongying, Shandong Province, including the Jiyang depression and beach area, Changwei, Jiaolai and east part of Linqing depressions in Shandong Province, and also Hefei Basin in Anhui Province, Junggar Basin and Tarim Basin in Xinjiang Autonomous Region, and east block of Liaodong in Bohai Bay.
In recent years, the company has been implementing risk exploration abroad, and has won cooperative blocks in Iran, Kazakhstan, Kirgyzstan and other counties. By the end of 2004.
|Shengli Oilfield 勝利油田
About the Yankuang Group
Yankuang Group Co., Ltd., has assets of RMB 22.844 billion (@USD$2.82 Billion United States Dollars) and more than 50 subsidiaries. The Yankuang Group is engaged in coal production and sales, coal chemical, civil engineering, etc. with annual total sales income of RMB 11.258 billion (@USD$1.39 Billion United States Dollars). The Yankuang Group Co., Ltd.'s subsidiary Yangzhou Coal Mining Company Limited is listed on the New York Stock exchange, the Hong Kong Stock Exchange and Shanghai Securities Exchange
About Sahara Petroleum Exploration Corp.
Sahara Petroleum Exploration Corp., was initially formed as a subsidiary of Global Environmental Energy Corp, (GEECF). Sahara Petroleum Exploration Corp., intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Sahara Petroleum Exploration Corp., is becoming a fully integrated energy company whose interests include traditional oil and gas exploration and development.
About Global Environmental Energy Corp.
Global Environmental Energy Corp., is a Corporation registered in the Commonwealth of the Bahamas and Publicly Traded on Stock markets both in Germany and the United Sates (the Corporation). Global Environmental Energy Corp., intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Global Environmental Energy Corp.'s unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulphur oils, waste bilge oil, waste drilling muds and fluids; and many other traditional and non-traditional waste materials. The company maintains a web site at http://www.geecf.net
Corp., a Subsidiary of Global Environmental Energy Corp (GEECF),
Concludes First Chinese Biosphere Process(Tm) System Sale for
Energy Corp. (GEECF) confirmed today that its subsidiary,
Biosphere Development Corp., has concluded its first Chinese
Biosphere Process(TM) System sale for USD$8,500,000. The system
is being delivered to the City of An Ji in Zheijiang Province.
Biosphere (Asia Pacific) Company Limited (ASIA PACIFIC) and the City of An Ji, have agreed that the city of An Ji will build a Biosphere Process(TM) System for municipal solid waste treatment and electricity generation. ASIA PACIFIC and the city of An Ji are now forming a local operating company in An Ji to develop the project.
This contract has been greatly advanced by the China Environmental Protection Industry Associations' approval of the Biosphere Process(TM) System for use in China. ASIA PACIFIC have confirmed that a licensing fee of USD$50,000 has already been received for this first Biosphere Process(TM) System. The system has been sold at a price of USD$8,500,000 which is payable upon delivery of the system which has been manufactured by Biosphere and is being imported to China by ASIA PACIFIC. This first Biosphere Process(TM) System is expected to arrive in China within 8 weeks. Additional Biosphere Process(TM) Systems' for An Ji will be manufactured in China by International Environmental Energy Corporation (IEEC).
ASIA PACIFIC is owned 49% by the Shenzhen Rayes Group Co., Ltd., and 51% by Biosphere. Biosphere owns 70% of IEEC. The Shenzhen Branch of Yankuang Group Co., Ltd., owns 30% of IEEC.
The Shenzhen Branch of Yankuang Group Co., Ltd., is investing USD$4.5 million (Approx. RMB 36.5 million) in cash to capitalize IEEC and will hold 30% of the equity shares of IEEC. Biosphere has invested 13,125,000 shares of Global with an agreed value of USD$13.125 million (Approx. RMB106.3Million) in IEEC.
About An Ji.
An Ji located in northwestern Zhejiang Province is renowned for its beautiful environment with flourishing bamboo forests and clear streams. An Ji is synonymous with bamboo, containing as it does 60,000 hectares of bamboo groves. An Ji has taken the sustainable development road by developing ecology-friendly agriculture, industry and tourism, and building an ecology-friendly county. An Ji produces 12 million commercial bamboo poles annually, ranking the first nationwide. It also has China's largest bamboo nursery. The An Ji Bamboo Garden is acknowledged by scholars within and outside China as containing the widest variety of bamboo. In 2004, An Ji received 2.02 million tourists, earning it 544 million Chinese Yuan, which made up 7.8 percent of the county's GDP.