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LIBYA
MICHAEL FOLEY [rmf@winfieldresources.com]
Sent:
February 22, 2011 3:09 PM
Attachments:
Winfield regrets the current Libyan Regimes use of deadly force and its brutal repression of free speech and peaceful assembly.
Given a refinery is an non transferable asset with a 20 year working life, a Situation Assessment Program will be undertaken before any serious investment in Libya occurs.
Our financiers are still committed to financing a 300,000 bbl per day oil refinery. Location is just one of their due diligence considerations.
Other location options remain open.
Regards,
Michael Foley
Rig,
Enough with the riddles, everyone is tired of this POS. If you've got info spill it, otherwise you're just jerking us along, like way too many past OPs.
Truth1, what does this mean "has been keeping to ask wwf to prove what"? It's hard to support you, when you don't make sense.
I think he means he'll sell ALL of his shares together for 10 cents. As it would appear they are worthless.
Doubts grow over Mauritania refinery
Financing issues
Reuters Published: Tuesday, March 16, 2010
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Rafael Marchante, Reuters Files The road between Nouahibou and Nouakchott in Mauritania. Winfield Resources is pressing ahead with a proposed $3-billion oil refinery.
NOUAKCHOTT - Small Canadian firm Winfield Resources is pressing ahead with a proposed $3-billion oil refinery in Mauritania despite growing doubts among government officials it will find investor backing.
The Vancouver-based company won a licence in 2008 to build a 300,000-barrel-per-day plant in the capital Nouakchott, among the biggest refinery projects currently proposed for the continent, but it said it is still lacking funds to proceed.
"It is no secret that Winfield needs partners to finance a project of this scale," said Winfield spokesman Maitre Bouna Elhacen. "The company is negotiating with several private financial backers including international banks."
Mauritania produces just 10,000 barrels of crude oil per day -- enough to keep a 300,000 bpd refinery running for less than an hour -- meaning crude would need to be imported. The country also has an existing 20,000 bpd refinery in the northern port city of Nouadhibou, which generally runs at less than a fifth of capacity due to years of underinvestment.
"Either Winfield withdraws its licence, or it revises its refinery project with more reasonable and realistic proposals," said Ahmed Ould Zein, an advisor in charge of legal affairs at Mauritania's energy ministry.
Winfield has proposed similar refining projects elsewhere in Africa, including Tunisia and Rwanda.
---------
300
Amount in thousands of barrels of oil a day stated in Winfield's refinery licence
10
Amount in thousands of barrels of oil a day Mauritania actually produces
http://www.financialpost.com/related/topics/story.html?id=2686703
Read more: http://www.financialpost.com/related/topics/story.html?id=2686703#ixzz0iSh3von5
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February 10, 2010.
LIBYAN STATUS
Winfield Resources Limited (“Winfield”) (WWF.H:TSXV) announces today that it has received re-confirmation from the Libyan General People’s Committee for Industry, Commerce and Trade that Winfield’s License to build, own and operate a 300,000 barrel per day oil refinery remains both valid and in good standing.
(Reference here being made to the original grant of license approved by the resolution of the General People's Committee for Trade, Economy and Investment No. (313) dated 29/05/2008).
In addition, the National Oil Corporation of Libya has re-confirmed the good standing of the feedstock arrangement provisioning for a supply of 150,000 bbls/day of crude oil to Winfield from Libyan sources, in accordance with the NOC’s general terms and conditions.
Winfield’s primary business is the engineering, procurement, construction and management of crude oil refineries. Winfield’s intended business includes the building, owning and operating of one or more oil refineries in Northern Africa.
On behalf of the Board
Robert Michael Foley
President and CEO
For further information please contact:
Robert Michael Foley, President and CEO
(604) 895-7463 rmf@winfieldresources.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the establishment of crude oil refineries in Libya and elsewhere. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such