Middle East / Largo Vista: Inks agreement in Dubai U.A.E. For Worldwide
Petrochemical Distribution
NEWPORT BEACH, Calif., Dec 20 /PRNewswire/ -- Largo Vista Group Ltd.,
(OTC Bulletin Board: LGOV) announced today an agreement has been reached with
Silver Falcon Co. Dubai, United Arab Emirates a division of Al Shaibani Group,
Dubai UAE. The Joint Venture with Largo Vista is to set up operations in UAE
for distribution of petrochemical products worldwide. The 49% Largo 51% Silver
Falcon agreement allows for the trade of Crude Oil and Refined Oil Products
worldwide. The license allows Largo to establish headquarters in Dubai and
other branch offices or agencies throughout the UAE and abroad under the
company name "Largo Vista Group Ltd."
CEO and President of Largo Vista, Daniel Mendez in Dubai stated, "Part of
our strategy was, once we were successful in selling products in Vietnam,
Largo would be on it's way to become a competitive distributor of
petrochemicals in Indochina, Africa and India. The idea is simple, the major
source of product is in this region. The JV was needed to assure a steady
supply of crude Oil and refined oil products as we anticipate increase in
volumes and new contracts, for Vacuum Gas Oil, Mogas, Diesel Oil, Fuel Oil and
LPG in the region. Another major benefit with the partnership is we can
obtain property approximately 10 kilometers from Dubai at Ajman Industrial
Port and Free Zone. We inspected the site for a possible refinery and storage
tank farm since preliminary talks with several high rated banks looked very
promising. The recent activity of our stock has helped to show LGOV's
potential to our new JV partners and their banks. Management will continue
with our goal of becoming the largest LPG Company in China and a competitive
distributor of petrochemicals. Timing couldn't be better with Saudi Arabia
announcing it will cut term supplies of January loading crude in Asia by
approximately 15%."
SOURCE Largo Vista Group Ltd.
-0- 12/20/1999
/CONTACT: Largo Vista Group Ltd., 949 252 2180/
/Web site: largovista.com
(LGOV) |
