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Peeker Corporation in partnership with FABADOIL and Gas LLC merged with SLATKIN OIL NV, a Dutch Antilles company operating in the oil and gas business for nearly 20 years. The move will put the 100% control of SLATKIN OIL in the hands of Christian Vahab, President and CEO (Peeker Corporation) and Francesco Abbado, Chairman (Fabadoil & Gas LLC). Further to the buy-out, SLATKIN OIL NV agreed to invest $2.45 Billion US dollars into the Al Fujairah’s 500,000 BPD refinery owned by UAE’s IPIC (International Petroleum Investment Corporation). The $2.45 Billion investment will give SLATKIN OIL a 49% stake in the Al Fujairah Refinery.

Lakewood, CO (PRWEB) August 21, 2008 — Peeker Corporation in partnership with FABADOIL & Gas LLC merged with SLATKIN OIL NV a Dutch Antilles company operating in the oil and gas business for nearly 20 years. SLATKIN OIL NV (”SON”) agreed with IPIC of United Arab Emirates to invest up to $2.45 Billion by 2011 in a new 500,000 BPD refinery at Al Fujairah. SON secured its agreement with a preliminary deposit of nearly $100 Million, and it is due to complete its investment by end of 2010. SON also secured the annual feed stock production with 170,000,000 barrels of crude (a nearly $28.9 Billion value — 2011 future price of crude) needed for annual processing with allocations provided by SON from ARAMCO, KSA. Additional crude feed stock is to be provided to the refinery by IPIC, major shareholder from Abu Dhabi’s Upper Zakum Field through 350 Km main online (MOL) pipeline that is funded by IPIC.

Al Fujairah refinery, on the Gulf of Oman, is well situated and close to Al Fujairah Seaport located at the entrance of the Straits of Hormuz which connects the Persian Gulf with the Arabian Sea. The refinery’s location is ideal for delivery of petrochemical finished products, specifically if any political conflicts in the region may damper the exports from within the gulf.

There is a big gap in the demand (USA-China-India-Brazil) and supply position of the energy products and the UAE Government has provided various incentives to develop this sector and invite for the first time foreign investors. Lot of exploration through concession agreements is going on throughout the countries in the Middle East. It is also felt necessary to develop the down-stream refining industry to release pressure on foreign exchange i.e. - USD.

The increase in refinery will require imports from KSA of crude oil. As the road transportation rate for both crude and white products is the same, therefore, it is advantageous to transport finished products through the new pipeline resources. The above consideration led SON to select Al Fujairah/Zakum as the site for the establishment of the refining facility. The planned Al Fujairah Refinery is to be built so to meet rising global demand and tighter specification for products such as gasoline, diesel and jet fuel notably in Europe and in the US.

SON intends to work closely with the UAE government and expend its investment for the development of additional production facilities in the region.

Contact:
Christian Vahab, President and CEO
SLATKIN OIL NV
+1 (760) 845 2184 OR +1 (303) 987-8999 Ext 2
http://peeker-corporation.com

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[Via PRWeb: Industry Oil / Energy]