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Indusmin Energy signs sales & distribution agreement
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Indusmin Energy signs sales & distribution agreement
Kiev, Ukraine—-February 20, 2004 – INDUSMIN ENERGY CORP. (TSX: IDM) (Berlin
Wkn: 469065) Indusmin is pleased to announce that it has entered into a Protocol
of Intent with the Open Joint Stock Company “Krymgas” a structural division of
National Joint Stock Company “Naftogas of Ukraine” for incorporating a Joint
Venture (JV) aimed to promptly and effectively delivering natural gas produced
in the Krasnopolanske field in West Crimea to local consumers on the Crimean
peninsula.
The parties have initially agreed to the following relationship, understanding
that a final agreement will contain all specific details.
Indusmin will keep developing the Krasnopolanske field reworking three of the
existing wells and drilling at least one new deeper well and will handle the
engineering and construction of the Gas Treatment Plant (GTP) while OJSC
“KrymGas” will deliver (transport, sell and collect monies from selling) gas to
the end-users. The main objective of OJSC “KrymGas” is to increase the number of
end-users of gas and, thus, the amount of gas to be delivered. With that
purpose, KrymGas will handle delivering gas to the local communities,
engineering and laying the pipelines from the GTP to the existing gas
distribution system, the reconstruction of the existing distribution system in
order to secure maximum capacity of the pipeline, project design required for
such reconstruction, setting up the gas gauges, and handling the money
collection from the gas delivered.
National Joint Stock Company “Naftogas of Ukraine” is one of the largest
companies in Ukraine; was created in 1998 as successor of the existing
stateowned oil and gas monopoly JSC “Ukrgasprom”. After its incorporation,
“Naftogas of Ukraine” is now handling over 97% of Ukrainian gas and oil
production, transportation and processing. Gross revenue of the company in 2001
was 4.32 Billion US Dollars, while the gas market in Ukraine was 70.5 billion
cubic meters for the same year. Pursuant to the results of 2002, “Naftogas of
Ukraine” produced 13.8% of the gross domestic gas production. In 2003 the
Company overall payroll was over 164,000 people.
“KrymGas” was incorporated as a subsidiary of JSC “Ukrtransgas” (a division of
“Naftogas of Ukraine”) in 1997 to handle the local Crimean market area. KrymGas
is the largest distribution company in this region. Its customer portfolio
comprises 14 Regional Administrations controlling gas supply within Crimean
peninsula. It has a 6,000 km long network of gas distribution pipelines
delivering gas to the 15 biggest cities and towns in Crimea, 792 villages and
354,000 private users. Currently “Krymgas” employs 2,500 people for its
operation in Crimea.
“KrymGas” is a major gassupplying company dominating Crimean natural gas market.
It has an established gas distribution system within the Crimean peninsula in
general with several low and medium pressure gas pipelines covering almost all
Crimea and with one low pressure pipeline going across the Krasnopolanske field
in particular. With this agreement Indusmin is securing the distribution network
required for an effective gas marketing campaign and will use Krymgas’
experience, facilities, and personnel for all the tasks related to selling gas
and collecting the revenue from such sales. “Once final agreement is completed
it is expected that Indusmin will receive from “KrymGas” technical help,
equipment and financial considerations to complete the Gas treatment facility,”
stated Carlos Munoz President and CEO.
For further information please contact:
Carlos Munoz, President & CEO, c.munoz@indusminenergy.ca
INDUSMIN ENERGY CORP.
Tel. No.: (604) 960 9930
Fax No.: (604) 608 4733
http://www.indusminenergy.ca
Symbol: IDMNF (U.S.)
Symbol: IDM (Can.)
Symbol: Wkn: 469065(Berlin)
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Ende der Mitteilung, (c)DGAP 20.02.2004
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WKN: 469065; ISIN: CA4557871015; Index:
Notiert: Freiverkehr in Berlin
201901 Feb 04
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