ROF Corporate Update 7
Date Dec 24, 2010 12:27:05 | Topic: News
| Russian Oil Fund Joint Venture agreement to allow $750,000 in funding over one year for Hong Kong Field office as well as exploration and production projects.
As previously announced, Russian Oil Fund has signed a Joint Venture Agreement in Hong Kong. The purpose of the Joint Venture is to acquire funding for the prospect, production and refinement of crude oil within the Russian Federation.
The Joint Venture agreement will allow over a one year span the sum of $750,000 USD for the purpose of funding the Hong Kong Field Office as well as ROF's exploration and production arm. The Joint Venture Financial Agreement allows for additional funds upon review after one year.
The sum is to be used for centralizing ROF's exploration and production arm within the Hong Kong Field office. Prospect and Production projects previously on hold within Russian Oil Fund are to be activated in the Hong Kong Field office.
The reactivation of projects with Joint Venture funding will allow the process to begin of forming a formidable successful oil exploration and production arm of Russian Oil Fund.
Thank You,
Russian Oil Fund
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