Franklin Mining (OTC: FMNJ)
Franklin Mining, Inc. opened a division named Franklin Oil & Gas, in Bolivia. and has signed a letter of intent with COMIBOL and a M.O.U. with Y.P.F.B. for the construction of a gas to liquid plant to create diesel fuel identical to diesel fuel currently being imported to Bolivia.
Virtually all major oil production companies including ExxonMobile, Shell, ConocoPhillips and Chevron have announced GTL (gas to liquid) programs that are either in place or soon will be in place in other countries. Franklin Mining, Inc. is announcing its participation in a GTL program as well with Bolivia.
Bolivia’s YPFB, (Yacimientos Petroliferos Fiscales Bolivianos) which is Bolivia’s state-owned oil company, in a joint venture with FMNJ’s Franklin Oil & Gas, Bolivia S.A., has confirmed a plan to construct and operate a single plant capable of generating an almost immediate end to Bolivian reliance on imported diesel fuels.
In a partnership structured almost identical to an agreement between ExxonMobile and Qatar Petroleum for GTL production, Franklin will provide the project’s technology and management skills and arrange financing of the plant’s design and construction costs, while partner YPFB will provide the natural gas. In addition, YPFB will provide a sales, marketing and distribution infrastructure for diesel fuels.
Basic GTL (gas to liquid) technology dates to 1923 when two German scientists (Franz Fischer and Hans Tropsch) invented a process for converting natural gas to a hydrocarbon which could be upgraded to petroleum products. GTL-produced diesel fuel significantly reduces emissions resulting in less pollution, cleaner air.
Because fuel produced by the YPFB and Franklin joint venture’s processing plant will be identical in all characteristics to the diesel fuel presently being imported, all existing marketing and distribution resources and methodologies will remain unchanged, requiring no capital investment. At current daily consumption rates, an estimated 3,500 to 5,000 barrels per day will be available for export after Bolivia’s domestic requirements are met. The current market price of conventional grade diesel fuel ranges between $65 and $67 per barrel.
Source:
2 June 2006
eSource Canada Business News Network
Business Information Group
SOURCE: Franklin Mining, Inc.
View the StockGuru Profile for Franklin Mining:
http://www.stockguru.com/profiles/fmnj/
We Invite you to Visit the All New StockGuru Blog!
Here you will find updates on all our covered companies, including Profiled Companies and StockGuru Picks.
Click HERE to visit the Blog, or go to:
http://stockguru.com/blog/
StockGuru.com is owned and operated by Pentony Enterprises LLC, 9555 Lebanon Road, Suite 103, Frisco, Texas 75035. Telephone: (214) 453-4268. Web: StockGuru.com. Email: Publisher@stockguru.com. Disclosure: Pentony Enterprises LLC was compensated four million free trading shares from a non-controlling third party for profile coverage. Pentony Enterprises LLC is not a registered investment advisers or broker/dealers. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. It is the policy of Pentony Enterprises LLC to sell all shares of this and any company featured. Anyone considering any company we feature in consideration for free trading shares should consider this. We currently hold 265,000 shares of Franklin Mining.