Archive for November, 2010

BVI corporation purchases stake in Pan American Energy from BP

Monday, November 29th, 2010

Yesterday, British Petroleum (BP) has agreed to sell its 60 percent stake in Pan American Energy, which is the second largest producer of oil and gas in Argentina, to Bridas Corporation, a British Virgin Islands-incorporated joint venture engaged in oil and gas exploration in Argentina. After the sale, Bridas will have total ownership of Pan American.

The sale which will cost 7.06 billion dollar is expected to be completed next year. According to the statement of British Petroleum, the deal was part of its plan to divest up to 30 billion dollars of assets by the end of 2011 to cover costs incurred during the Gulf of Mexico oil spill at BP drilling rig. So far, BP raised 14 billion dollars from asset sales.

The BVI-registered Bridas Corporation is 50%-owned by Cnooc International, the international subsidiary of China National Offshore Oil Company, and 50% by Bridas Energy Holdings.

Orca Exploration created new infrastructure division in Tanzania

Monday, November 22nd, 2010

British Virgin Islands-incorporated Orca Exploration Group announced that it has created the new infrastructure division of the company – EastCoast Transmission and Marketing in Tanzania. After raising about US$20 million through rights issue, the BVI company also announced two senior natural gas operations and marketing appointments.

Orca’s Chairman and CEO Mr David Lyons appointed Mr Andrew Brown as General Manager of Orca’s natural gas production, gas marketing and distribution operations in Tanzania. He will be based at Orca’s operations headquarters in Dar es Salaam.

Mr Raillard has been named Vice-President of EastCoast Transmission and Marketing, the new infrastructure development division of Orca. Mr Raillard is leading a study focused on expanding the onshore natural gas pipeline system that currently transports Songo Songo gas to Dar es Salaam.

Orca Exploration has interest in PanAfrican Energy Tanzania and Songas is an international public company engaged in natural gas exploration, development and supply in Tanzania, oil explorationin Italy.

China Gengsheng became partner of the Federation for International Refractory Research and Education

Monday, November 15th, 2010

China Gengsheng Minerals, Inc., which conducts its business through the British Virgin Islands-registered subsidiary Gengsheng International Corporation, announced that it has become an industrial partner with the Federation for International Refractory Research and Education (FIRE) – a non-profit organization based in Canada.  

Members of FIRE include ten academic institutions, twelve manufacturers, suppliers and users, as well as other service providers engaged in the industry of refractories and refractory technologies. FIRE’s mission is stated as funding international studies and research activities in the field of refractories, in order to support academic education, and launching expertise, experience and willingness of the most competent specialists, institutions and companies in the field of refractories.

By words of China Gengsheng’s Chairman and CEO Mr. Shunqing Zhang, the company believes it has a great opportunity as the first Chinese refractory manufacturer accepted for industrial membership in FIRE “to better understand the developing trends in the global refractory market, exchange ideas with academic and corporate partners to maintain our technological leadership in the Chinese refractory market, and leverage networking opportunities to help the Company gain prominence in the global refractories market.”

Exploration company signed JV agreement with BVI-registered International Diamond Consultants Ltd

Thursday, November 11th, 2010

Paragon Diamonds Ltd., a majority-owned subsidiary of Guernsey-registered company Obtala Resources Ltd., focused on mining and mineral exploration, entered into heads of terms to form a joint venture with a private British Virgin Islands-registered company International Diamond Consultants Ltd (IDC). The joint venture between Paragon Diamonds and BVI company is in respect of 85% owned subsidiary of IDC, Meso Diamond (Pty) Ltd., which is the holder of 100% interest over the Lemphane prospecting licence in the Kingdom of Lesotho. JV is expected to be established within 30 days.

By terms of the agreement, Paragon will acquire an interest of 10% of Meso following the expenditure of US$2,000,000 on Lemphane. Initial cash payment of US$500 thousand is payable immediately to start the exploration work, further US$500 thousand will be paid to advance its second phase, payable in cash six months following the completion of the JV agreement. A final payment of US$1 million payable in cash or shares in Paragon twelve months after signing of the joint venture agreement.

International Diamond Consultants Ltd is focused on evaluating and developing diamond projects in sub Saharan Africa. 44.3% of the BVI company is owned by Grandinex International Corp.