FOR IMMEDIATE RELEASE
Wednesday, November 06, 2013
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – November 06, 2013 – African Compass International Limited (“ACI” or the “Company”) today announced the progress of its preliminary talks underway with the International Financial Corporaion (IFC), a member of the World Bank Group (WBG), for the partnership of its initial 200,000 barrels per day 50-50 joint venture refinery project in Ghana.
The preliminary talks with the IFC Oil and Gas downstream refining and petrochemicals projects managed by the Manufacturing team leader Ms. Fabiana Feld, which provides equity and loan financing to small and midsize independents and larger players in the oil and gas sector, came to a standstill after review of the feasibility study and other data room documentation, it was concluded the project was presently at an early stage for the IFC to participate.
Whilst disappointing, ACI is confident an agreement can be negotiated once further development on the refinery commences.
ACI continues to talk with multiple global financial and technical organisations. The negotiations at varying levels on partnering for the next stage of the multiple billion-dollar project aimed at meeting the refining capacity deficit the African continent and others are projected to face as demand outstrips supply in the coming decades.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. It was established in 1956 and is owned by 184 member countries. For more information, visit www.ifc.org.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board of Directors
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
Barrel Equivalent to 42 United States gallons
CEO Chief Executive Officer
CG Chief Geologist
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
Dollar United States of America Dollar
IFC International Financial Corporation
WBG World Bank Group
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO) V M S Correia (CG)
