CALGARY, Alberta, Dec. 20 /PRNewswire/ -- The following was released on
behalf of the Board of Tracer Petroleum Corporation, by David Robinson,
President and CEO:
Tracer Petroleum Corporation (OTC Bulletin Board: TCXXF) ("Tracer" or "the
Company") reports that the Company has entered into an agreement through an
new Iranian subsidiary, Tracer Iran Trade & Finance Ltd. ("TITF"), to form a
joint venture for the trading of products into and out of the Islamic Republic
of Iran, and for the participation in and/or the financing of major industrial
projects in Iran. This agreement replaces any and all previous agreements or
letters that Tracer has entered into regarding trading in Iran.
Under the terms of this new agreement, the business activities of the
joint venture will include, but not be limited to, the following:
-- Buying, selling, trading, and marketing of crude oil and petroleum
products, including "swaps" involving countries in the Persian Gulf and
Caspian Sea regions.
-- Financing of pipeline, refinery, gas treatment, LNG, and other
petroleum downstream projects in Iran.
-- Dealing in precious metals, minerals and other basic materials, such as
gold, silver, copper, salt, limestone, cement, lumber, etc.
-- Dealing in consumer goods, agricultural goods and other foodstuffs,
such as corn, wheat, etc.
The new joint venture plans to set up an office immediately in Tehran, and
to establish a web site on the Internet. TITF will be responsible for
arranging financing for the business activities of the joint venture, and for
covering the pre-agreed expenses of the joint venture. The profits from the
business activities of the joint venture will be split on a 60/40 basis, in
favour of TITF, subject to a monthly review by the partners in the joint
venture.
With the signing of the joint venture agreement, the Company can now work
towards finalizing a number of potential trading transactions that have been
available to it. Details of these transactions will be reported if deemed
material.
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations.
CONTACT: Mr. David Harrison, Corporate Secretary of Tracer Petroleum
Corporation, 403-290-1676, or fax, 403-264-5285, or tracer@ultranet.ca.
SOURCE Tracer Petroleum Corporation
 back to top
Related links:
http://www.tracerpetroleum.com
Company News On-Call:
http://www.prnewswire.com/comp/121391.html or fax,
800-758-5804, ext. 121391
CONTACT:
Mr. David Harrison, Corporate Secretary of
Tracer Petroleum Corporation, 403-290-1676, or fax, 403-264-5285,
or tracer@ultranet.ca
|
