HOUSTON--(BUSINESS WIRE)--Eagle Mountain Corporation (OTCQB:EMTC) and Shandong Pusheng Petrochemical Co., Ltd. (“SPPCL”) jointly announced today that they have signed a formal Heads of Agreement to pursue mutually beneficial management and financing projects in the oil, gas and natural resources industries.
Chairman Jin Wang of SPPCL stated: “We are pleased to partner with Eagle Mountain on the formation of this new venture, and to provide the partnership with the financial and technical support required for the sourcing and purchasing of crude oil and petroleum products beginning with arranging for the financing through an initial credit facility and related letters of credit required for the purchase of up to eight Panamex tankers of Naphtha on a rolling commitment.”
EMTC will provide sourcing, purchasing and management of transportation logistics for the oil, gas, and refined products to be delivered and sold into the Chinese market.
Dr. Ronald Cormick, President and CEO of Eagle Mountain Corporation and Chairman Jin Wang, jointly stated: “Eagle Mountain and SPPCL are excited to announce this agreement to partner on global energy projects. EMTC’s management team includes some of the top industry experts in sourcing and managing large-scale natural resources and infrastructure projects; and, SPPCL is highly experienced and well known for financing profitable energy projects around the world. Our companies are confident that market conditions are optimal to begin this partnership.”
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SPPCL is an international oil and gas trading and development company, globally engaged in a wide range of businesses in the oil industry, with extensive partnerships with many State-owned companies. The company has organized consortiums for multiple international projects in the oil, gas, petrochemical and mining industries.
About Eagle Mountain Corporation:
Eagle Mountain is an originator and project manager for large-scale Oil and Gas, other Natural Resources, and Infrastructure projects including EPC consortiums and strategic partnerships. The Company is currently focusing on acquiring projects and assets in upstream, midstream, and downstream oil and gas industries as well as mining and infrastructure development deals.
Safe Harbor Statement: Except for historical information contained herein, the statements in this news release are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.