Russian Oil Fund signs Joint Venture Agreement in Hong Kong. As we have previously announced, the purpose of a ROF Joint Venture agreement is to acquire funding for the prospect, production and refinement of crude oil.
The board of Russian Oil Fund has come to terms with the ROF Joint Venture agreement. Originally proposed in our year long oil delivery contract we signed earlier in ROF's Board Hong Kong trip. The signing of a ROF Joint Venture Agreement begins the process of forming a formidable successful oil exploration and production arm of Russian Oil Fund.
December 10th, in Hong Kong, Russian Oil Fund board members signed the Joint Venture agreement into effect.
This Joint Venture agreement allows for the continuation of the year long oil delivery contract that was signed in Hong Kong. 14 million barrels will be delivered from February 2011 to February 2012 as stated in the year long oil delivery contract signed. The contract is to be fulfilled as well as part of the Joint Venture agreement.
We would like to announce the first major change as part of our Joint Venture agreement.
By March 31st, 2011, a ROF Hong Kong Field office is to be established to facilitate all aspects of Russian Oil Fund affairs within the Joint Venture agreement.
ROF Hong Kong Field office will be put in charge of handling all prospecting, production and refinement of crude oil in the Russian Federation allowed for within the funding of the Joint Venture agreement.
ROF's Hong Kong Field Office will also become the home of all existing oil prospecting projects Russian Oil Fund is already involved in. To create a more streamlined and organized prospecting arm of Russian Oil Fund, ROF's exploration and production arm will be based out of the Hong Kong Field Office.
Russian Oil Fund would like to thank all its supporters and investors. You are our family and we look forward to having you with as we move Russian Oil to new heights.
Thank You, Russian Oil Fund
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