expert, page-70

OK Raks, think I've found it.... amazing, take your eyes off things and you miss them.... I was on this thread, too.

Some excerpts from 123enen's post regarding refinery, but not exactly sure how it all fits together..... assuming I have the right post and have interpreted correctly what 123's post was saying....

(excerpts)
"July 26 -- Petromaxx Energy Group Gmbh, an Austrian oil company, will build a $157 million refinery"

"Bulgarian company Petromaxx has delayed the start of a planned 30,000 ( later upgraded to 55,000 barrels per day)"

"He declined to elaborate, but said that the project, now estimated to cost $240 million"


Is the idea, 123, that the refinery originally destined for Bulgaria at a cost of $157 Million was now being sold on to CVI for $240 million? That's a lot more. What for?

Maybe they got the upgrade with all of the optional extras (the extra 25,000 bpd perhaps?), legal fees? (don't forget the cut for the legal cartel).... transport to Angola?.... refinery training for Angolan nationals?..... inflation somewhere?.....

123enen, can you comment further? It's all a bit hazy to me....



The post of 123enen in its entirety:

"http://www.isa.org/InTechTemplate.cfm?Section=Industry_News&template=/ContentManagement/ContentDisplay.cfm&ContentID=58115

Meanwhile, Austrian investment houses Hardt Group and Manfred Leo Mautner Markhof joined with Bulgaria’s Petromaxx to finance the construction of a modern 32,000 bpd refinery at Silistra, on the Danube, producing about 15% of Bulgaria’s fuel needs. The group said work would start in the summer of 2007. A biodiesel plant would probably go up later




http://www.skyscrapercity.com/printthread.php?t=268522&pp=20&page=9

July 26 -- Petromaxx Energy Group Gmbh, an Austrian oil company, will build a $157 million refinery in Bulgaria to meet growing demand in the Balkan country as it joins the European Union in 2007.
The new refinery, near the Danube River city of Silistra, will become operational between June and September 2007 processing 1.5 million tons of Russian crude destined entirely for Bulgaria's domestic market, Terence Montague-Moore, Petromaxx's chairman, said today.
``The refinery will have a closed production circle, employing a new wasteless technology,'' said Vladimir Nachev, Peteromaxx's Bulgarian representative. Its equipment will be designed and delivered by Houston, Texas-based company Basic Equipment, he said



http://international.ibox.bg/news/id_1550904573

Bulgarian company Petromaxx has delayed the start of a planned 30,000 ( later upgraded to 55,000 barrels per day ) oil refinery and a leading investor in the scheme is leaving the project, a company official said on Wednesday.

The startup of the refinery in northeastern Bulgaria has been put back a year and a half until the middle of 2009, Vladimir Nenchev, manager of the Bulgarian company, told Reuters. This is the second delay of the planned plant at the Danube river town of Silistra due to longer-than-expected construction of a gas-fired power plant needed to operate it and regulatory approvals.

Nenchev said the key investor in the plant, Austrian oil trader Petromaxx Energy Group, plans to leave the project and is in talks to sell its stake in a deal that should be finalized by the end of the year.

He declined to elaborate, but said that the project, now estimated to cost $240 million, would not be halted or blocked due to the change in ownership and is backed by Belize-registered Vladimpex Group. "The Austrian investor is exiting the project.



http://www.sofiaecho.com/article/petromaxx-giving-up-on-silistra-refinery/id_26315/catid_67

Austrian investor in the project to construct a crude oil refinery in Silistra, PETROMAXX Energy Group GmbH, intended to pull out of the project, legal representative of the Bulgarian subsidiary PETROMAX Refinery Bulgaria AD, Vladimir Nenchev, told Reuters as reported by Dnevnik daily.
In the meantime PETROMAXX was negotiating the sale of its majority share in the company and a deal was expected to be reached by the end of 2007. The change of property would not affect the project, which would be supported by Vladimpex Group.



http://www.legal500.com/firms/9532/offices/9532/lawyers/9678

Barrister specialising in commercial and chancery litigation and arbitration, including fraud, trusts and probate, professional negligence, property, partnership, financial services, company law and insolvency litigation.
Recent cases include: Petromaxx Energy Group GmBH v Montagne-Moore [2007 fraud


.....................

I have emailed so many people to get support info to the above but only a couple will talk to me about it.

So all I can say is that:

1.The Bulgarians I spoke to are not happy and dont believe they will see the refinery.

2. We do not know how far developed the refinery was before this situation crumbled. The Houston company supposedly making the refinery will not return my emails.
Two of the three email address on their web site return as failed addressed. No reply on the third email address.

3.There is/was a fraud related court case between the operator Petromaxx and the Chairman of that company. I expect, but cannot confirm, that it is related to the refinery.
Petromaxx no longer exists..it has vanished into thin air.
The lawyer involved in the court case wants me to go to London before he talks to me!

4. Hardt, who has answered my emails on earlier occassions, will not reply to my questions on the refinery.


Now that is the HISTORY of the refinery.
As they say in the classics...past performance is not representitive of future performance..blah blah."