Grifco International Inc. (OTC: GFCI)
GFCI, is an Oil Service Company, with a footprint in the Middle East and North Africa specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry.
GFCI is well positioned with operations on the ground in Libya to develop North African and Mideast Oil Tool Markets.
Libya is Africa’s 2nd largest oil producer and Europe’s biggest oil supplier. It has huge proven oil reserves estimated to exceed 29 billion barrels and producing capacity of about 1.4 million barrels/day.
http://ogj.pennnet.com/datastats/reports/libya_report.cfm
The Company recently announced the ground-breaking of Global Oil Tools Libya’s new 24,000 square-foot advanced manufacturing and distribution facility in Misurata, Libya. The ground-breaking ceremony was attended by President and CEO Jim Dial as well as representatives of the General People’s Committee of Libya (the Libyan government), the Misurata Free Trade Zone, AGIP Oil, and AGIP Gas, the Libya National Oil Corporation (N.O.C.) subsidiaries Waha Oil, Zuietina Oil, and Libya Iron & Steel.
The facility in Misurata has been strategically located to provide ready access to critical raw material suppliers such as Libya Iron & Steel, as well as key distribution points from which Grifco can deliver tools to regional customers on a just-in-time basis.
GFCI’s advantage in North Africa is the ability to provide a localized, fully integrated development, manufacturing and shipping facility over competitors shipping tools from distant distribution centers.
http://biz.yahoo.com/iw/060509/0127778.html
GFCI is following a solid Business Strategy with its operations in Libya.
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