Eagle Mountain Corp. and Shandong Pusheng Petrochemical Co. Ltd have announced that they have signed a formal Heads of Agreement to pursue mutually beneficial management and financing projects in the oil, gas and natural resources industries.
Chairman of SPPCL, Jin Wang, stated: “We are pleased to partner with Eagle Mountain on the formation of this new venture, and to provide the partnership with the financial and technical support required for the sourcing and purchasing of crude oil and petroleum products beginning with arranging for the financing through an initial credit facility and related letters of credit required for the purchase of up to eight Panamex tankers of Naphtha on a rolling commitment.”
EMTC will provide sourcing, purchasing and management of transportation logistics for the oil, gas, and refined products to be delivered and sold into the Chinese market.
Dr. Ronald Cormick, President and CEO of Eagle Mountain Corp. and Chairman Jin Wang, jointly stated: “Eagle Mountain and SPPCL are excited to announce this agreement to partner on global energy projects. EMTC’s management team includes some of the top industry experts in sourcing and managing large-scale natural resources and infrastructure projects; and, SPPCL is highly experienced and well known for financing profitable energy projects around the world. Our companies are confident that market conditions are optimal to begin this partnership.”
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14012016/eagle-mountain-in-partnership-with-shandong-pusheng-petrochemical-512/