Hollywood
03-07-2006, 05:49 PM
We are pleased to report that FuelNation (OTC: FLNA) has completed contracts with the Iraqi Ministry Of Oil and their State Oil Marketing Company (SOMO) for Fuel Oil purchases and Gasoline Supply. Revenues from the contracts are expected to be reported during the second quarter of 2006 upon completion of our audit and the filing of our financial statements.
In addition, we have signed a supply contract for 35 million gallons of gasoline monthly for delivery to Iraq with a term of one year. Currently, The Iraq government is subsidizing approximately $8 billion dollars annually of gasoline and diesel supply for internal consumption, due to the lack of refining capacity. We are negotiating the supply of diesel to Iraq and intend to execute contracts this month for immediate delivery.
More in the press release.
http://www.marketwire.com/mw/release_html_b1?release_id=112314
In addition, we have signed a supply contract for 35 million gallons of gasoline monthly for delivery to Iraq with a term of one year. Currently, The Iraq government is subsidizing approximately $8 billion dollars annually of gasoline and diesel supply for internal consumption, due to the lack of refining capacity. We are negotiating the supply of diesel to Iraq and intend to execute contracts this month for immediate delivery.
More in the press release.
http://www.marketwire.com/mw/release_html_b1?release_id=112314