Sahara Petroleum Exploration Corp. said Monday it would build a 70,000 barrel-per-day oil refinery at Eket in Nigeria’s Akwa Ibom state.
SPEC, a unit of Bahamas’ Global Environmental Energy Corp., said the venture would cost about $4 billion.
Some of that cost will be financed from the proceeds of Sahara’s loan commitment from financier Diamond Ridge, SPEC said.
Global Environmental Energy Corp., which has ties to Venezuela’s oil industry, is filing with the U.S. Securities and Exchange Commission and the relevant contract documents are being filed under seal.
SPEC intends to become a fully reporting and trading company, if accepted by the SEC and the National Association of Securities Dealers for trading.
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