Extension of oil delivery contract through February 2012. 14 million barrels over one year to be delivered.
In October we signed a oil delivery contract through February 2011. Over the past week, our board has been in Hong Kong working on the terms of an extension.
Our board has concluded on the terms to extend the oil delivery contract from February 2011 through February 2012. This is a one year extension. Over the year long extension, 14 million barrels will be delivered. With the conclusion of the terms through February 2011, 3.5 million barrels will be delivered. In total with the year long extension we will deliver 17.5 million barrels. This marks the biggest year long contract Russian Oil Fund has facilitated and represents the dominance of Russian based oil going into 2011.
The memorandum attached to the three month long contract through February 2011 that allows for the formation of a Joint Venture has also been attached to this year long extension. At the writing of this update, our board is in Hong Kong working on the Joint Venture aspect of the contract. A Joint Venture will allow funding for further prospect of crude oil as well as the production and refining.
Summary of Year Long Extension
Time Period: February 2011 to February 2012 Amount of Barrels: 14 million barrels Joint Venture Memorandum attached to extension
Thank You, Russian Oil Fund https://www.russianoilfund.com Twitter: http://www.twitter.com/russianoilfund Facebook: http://www.facebook.com/pages/Russian-Oil-Fund/122825324437218
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