Franklin Mining (OTC: FMNJ)
Franklin Mining, Inc. (OTC: FMNJ) Makes a Major Move in Bolivia to build a Gas-To-Liquids Processing Plant
FMNJ, through its Bolivian subsidiary, announced recently that Franklin Oil & Gas, Bolivia S.A. and YPFB have signed a new Memorandum of Understanding to build and operate a Gas-To-Liquids processing plant in the Grande River region of the Department of Santa Cruz, Bolivia.
This is a major step for Franklin Mining, Inc.
The MOU, signed on May 25, 2006, is in the name of FMNJ’s newly formed subsidiary, a Bolivian corporation, and is in confirmation of an MOU signed prior to the May 1, 2006 nationalization of Bolivian gas fields.
Preliminary studies call for the Grande River plant’s design to produce approximately 10,000 barrels per day of eco-diesel using Gas-To-Liquids technology. Eco-diesel, a high grade fuel with lower emissions, is widely used throughout Bolivia.
In fulfillment of their commitment to the Joint Venture, Franklin Oil & Gas, Bolivia S.A. will provide for a $320 million dollar investment in land acquisition and plant design and construction.
Franklin Oil & Gas, Bolivia S.A. and YPFB will equally share the net profit from plant operations, sales, marketing and distribution of all products.
Diesel is the only fuel Bolivia must import. When fully operational, the Grande River plant’s domestic marketing and distribution will begin eliminating Bolivia’s continued need to import diesel as well as providing product for export. Diesel fuel currently ranges between $65 and $67 per barrel.
http://biz.yahoo.com/iw/060530/0131911.html
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