Midland Oil and Gas and Ko-Turmkenistan Caspian Sea Oil and Gas Align Strengths to
Form Powerful, New Consortium to Work Together in Caspian Sea Region
New York (ANTARA News/PRNewswire-AsiaNet) - Chairman of the Board of Directors of Midland Oil and Gas, Robert M. Murphy, announced today that the company had reached an agreement with Mr. Seong Eun Hong, Chief Executive Officer and Chairman of Ko-Turkmenistan Caspian Sea Oil and Gas Corp., to explore the potential of joint business opportunities in Turkmenistan.
Ko-Turkmen Caspian Sea Oil and Gas Corp., is a syndicate of large Korean-based or Korea-affiliated enterprises.
Following the accord reached between Chairmen of the Boards of Midland Oil and Gas and Ko-Turkmen Caspian Sea Oil and Gas Corp., the companies elected to form a consortium, which will be lead by Ko-Turkmen Caspian Sea Oil and Gas Corp., and be called "Midland Consortium, USA and Korea" ("Consortium").
The Consortium brings together a global team of professionals that share decades of joint experience in the international oil and gas industry, banking and financing of ventures, international logistics, petrochemicals and industrial operations.
"Midland Oil and Gas was formed specifically to help develop the hydrocarbon resources in the Caspian Sea region," said Murphy.
"We believe that the partnership with Ko-Turkmen Caspian Sea Oil and Gas Corp. will help speed this development and yield the best results for the Turkmen people."
Mr. Hong added: "This alliance affords all parties a great opportunity for success, beginning with the country of Turkmenistan."
Earlier this month, representatives from the Consortium held meetings with high-level representatives of the Turkmen government and submitted several proposals offering its expertise, financial strength and services.
Included in the proposals were a proposal for oil and gas field services (drilling onshore); a proposal for three (3) offshore blocks in the South Caspian basin of the shore of Turkmenistan; a proposal for Turkmenbashi Seaport expansion and modernization; a proposal for building a cement factory; and a proposal for telecommunication system including high speed internet wireless network, dual view data and nationwide cellular dual VCL system.
The Consortium is committed to invest up to $16.2 billion for these projects and is awaiting the formal response of the Turkmen government prior to commencing mobilization of its resources.
About Midland Oil and Gas
Midland Oil & Gas Limited (Midland) was founded in 2006 in the UK, an energy venture born of a Swiss financial company.
Midland was created to explore and develop hydrocarbon deposits in the Caspian Sea region.
Midland is a dynamic, entrepreneurial Company that brings together the world's top oil and gas experts with decades of experience in all aspects of the industry.
Over the years, the Company's management has worked extensively with projects in Central Asia and the Caspian region, as well as every major hydrocarbon-producing region in the world.
The Company's core mission is to create environmentally responsible, long-term oil exploration and production ventures with strong financial returns. Midland has offices in London, New York and Ashgabat.
SOURCE: Midland Oil & Gas Limited
CONTACT: Lewis Goldberg of KCSA Strategic Communications,
+1-212-896-1261,
lgoldberg@kcsa.com,
for Midland Oil & Gas Limited
Form Powerful, New Consortium to Work Together in Caspian Sea Region
New York (ANTARA News/PRNewswire-AsiaNet) - Chairman of the Board of Directors of Midland Oil and Gas, Robert M. Murphy, announced today that the company had reached an agreement with Mr. Seong Eun Hong, Chief Executive Officer and Chairman of Ko-Turkmenistan Caspian Sea Oil and Gas Corp., to explore the potential of joint business opportunities in Turkmenistan.
Ko-Turkmen Caspian Sea Oil and Gas Corp., is a syndicate of large Korean-based or Korea-affiliated enterprises.
Following the accord reached between Chairmen of the Boards of Midland Oil and Gas and Ko-Turkmen Caspian Sea Oil and Gas Corp., the companies elected to form a consortium, which will be lead by Ko-Turkmen Caspian Sea Oil and Gas Corp., and be called "Midland Consortium, USA and Korea" ("Consortium").
The Consortium brings together a global team of professionals that share decades of joint experience in the international oil and gas industry, banking and financing of ventures, international logistics, petrochemicals and industrial operations.
"Midland Oil and Gas was formed specifically to help develop the hydrocarbon resources in the Caspian Sea region," said Murphy.
"We believe that the partnership with Ko-Turkmen Caspian Sea Oil and Gas Corp. will help speed this development and yield the best results for the Turkmen people."
Mr. Hong added: "This alliance affords all parties a great opportunity for success, beginning with the country of Turkmenistan."
Earlier this month, representatives from the Consortium held meetings with high-level representatives of the Turkmen government and submitted several proposals offering its expertise, financial strength and services.
Included in the proposals were a proposal for oil and gas field services (drilling onshore); a proposal for three (3) offshore blocks in the South Caspian basin of the shore of Turkmenistan; a proposal for Turkmenbashi Seaport expansion and modernization; a proposal for building a cement factory; and a proposal for telecommunication system including high speed internet wireless network, dual view data and nationwide cellular dual VCL system.
The Consortium is committed to invest up to $16.2 billion for these projects and is awaiting the formal response of the Turkmen government prior to commencing mobilization of its resources.
About Midland Oil and Gas
Midland Oil & Gas Limited (Midland) was founded in 2006 in the UK, an energy venture born of a Swiss financial company.
Midland was created to explore and develop hydrocarbon deposits in the Caspian Sea region.
Midland is a dynamic, entrepreneurial Company that brings together the world's top oil and gas experts with decades of experience in all aspects of the industry.
Over the years, the Company's management has worked extensively with projects in Central Asia and the Caspian region, as well as every major hydrocarbon-producing region in the world.
The Company's core mission is to create environmentally responsible, long-term oil exploration and production ventures with strong financial returns. Midland has offices in London, New York and Ashgabat.
SOURCE: Midland Oil & Gas Limited
CONTACT: Lewis Goldberg of KCSA Strategic Communications,
+1-212-896-1261,
lgoldberg@kcsa.com,
for Midland Oil & Gas Limited
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