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Wednesday November 17, 6:00 am Eastern Time
Company Press Release
SOURCE: Largo Vista Group Ltd.
Subsidiary Kunming Xinmao, Pacific Rims New Petrochemical Supplier
NEWPORT BEACH, Calif., Nov. 17 /PRNewswire/ -- Largo Vista Group (OTC Bulletin Board: LGOV - news) the parent company for Kunming Xinmao Petrochemical Industrial Co Ltd, a Chinese Liquid Petroleum Gas company, announced today an agreement had been reached to enter into a joint venture with United Arab Petroleum Corp. headquartered in Riyadh, Saudi Arabia. UAPC's core business is retail petro stations and the trading of bunker fuels. The Company represents a major portion of the wholesale business in the Arabian Gulf. The joint venture objective is to develop a market for sale of petrochemicals in the Pacific Rim under Largo Vista's Sino-Foreign JV licenses. The licenses allow for the processing, retail, wholesale, import and export of crude oil. President and CEO Daniel Mendez noted, ''With this agreement the value of our licenses is starting to show. A supply of crude from the gulf will allow Largo to seek processing contracts from the central government to use Chinese refineries to process gulf crude for export only. This move will effectively bring down Largo Vista's LPG costs and complement its LPG operations. This will position Xinmao as a major supplier of petroleum products in that region. In effect the JV comprising of Largo Vista and UAPC believe it can offer very low competitive prices in Condensate, Gasoline, Kerosene, Diesel Oil, Fuel Oil, LPG and Aviation fuels to Indochina (Vietnam, Laos, and Kampuchea) and compete with all major suppliers in that region. Largo, closing 1999 as a reporting company will pursue acquisitions to increase it's LPG operations and under it's Largo's goal is to become the largest LPG utility company in China.''
For further information call Investor relations at 949 252 2180 licenses, secure contracts for sale of it's petroleum products into 2000.
SOURCE: Largo Vista Group Ltd.
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