Sheikh Solaiman Bin Abdulaziz Alkuhaimi of Naftoil Saudi Arabia Sign MultiBillion Dollar Oil Exploration Contract With Mauritanian Government and Hani Salaam of Gulf Regal Corporation



    SAUDI ARABIA, U.A.E, Oct. 19 /CNW/ - Naftoil Saudi Arabia S.A. a
privately-owned Saudi petroleum company, has teamed up with Gulf Regal
Corporation (a company with interests in both America and UK) to sign an
outline memorandum of understanding that secures drilling, exploration, and
development rights in two high-prospect blocks in the Islamic Republic of
Mauritania. The first block is located on the coast and the second inland.
Initial geological reviews suggest that both blocks offer high potential for
commercial exploitation.
    Included in the deal is the building of a new refinery that will handle
local and imported feedstock. Initial capacity will be around 100,000 barrels
per day. This will represent a huge increase in refined output and turn
Mauritania into a net exporter of refined petroleum products.
    Naftoil Saudi Arabia S.A. is in early-stage discussions with a leading
Chinese player who will act as a partner in building and operating this new
refinery.
    The initial year-one investment is expected to be in excess of 3 billion
US dollars.
    The deal was signed by Sheikh Solaiman Bin Abdulaziz Alkuhaimi, chairman
of the board of Naftoil Saudi Arabia S.A. and Mr. Hani Salaam, president of
Gulf Regal Corporation.
    This development represents an exciting development in the
commercialization of Mauritania's oil reserves.





For further information:

For further information: Mr Ted Allen on +44-784-754-3921 at the
consortiums communication partner Golden Logistic Services A.V.V. or
info@naftoilsa.com

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NAFTOIL SAUDI ARABIA S.A.

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