Largo Vista Group Signs 1.5B Oil Contract
NEWPORT BEACH, Calif., Mar 28, 2005 (BUSINESS WIRE) -- Largo Vista Group, Ltd.
(OTCBB: LGOV) announced today that negotiations with Shanghai Offshore Oil Group
(HK) Co., Ltd. have resulted in a signed contract (No. MZ07976). The contract is
for 6,690,000 metric tons of fuel oil to be delivered within a 37-month period
and will begin with 30,000 metric tons for the first 3 months and 200,000 metric
tons monthly for 33 consecutive calendar months thereafter. The first delivery
is scheduled for May 2005. Present day market values the contract at
approximately 1.5 billion USD with the price based on Singapore Platt CIF China.
Details of other terms and end users will be released prior to the first
delivery.
Signing the final agreement is one of the highlights LGOV targeted in the
pursuit of business opportunities in China. The nation is the largest fuel oil
importer in the Asia Pacific region and this contract will give Largo Vista
Group, Ltd. worldwide attention. With an approved price structure assuring LGOV
profits, this milestone should move the company closer to a national market
listing and help make the next move easier.
The company continues to remain focused on expanding their residential LPG
pipeline systems. Each LPG project is contracted for a 40-year exclusive
right-to-supply agreement. Largo Vista Group, Ltd. is the leader for residential
LPG pipeline construction in Guizhou Province, which has a population of over 40
million.
Largo Vista Group Ltd. has headquarters in the U.S., with offices in both China
and Vietnam. For more information, please visit: www.largovista.com.
SOURCE: Largo Vista Group, Ltd.
CONTACT: Largo Vista Group
Investor Relations, 949-252-2180
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