Amiworld’s subsidiary Odin Petroil will have operational control. The facility is being leased from Odin Petroil ZF, which is a company owned by Mamoru Saito, Amiworld’s CEO.
Odin Petroil ZF has a contract to acquire the facility during the six month period and if operations prove successful, the option to purchase will be assigned to Amiworld.
At full capacity the increased production is expected to add approximately $10 million to $12 million in revenue over the next six months. The cost of the lease totals approximately $725,000.
Mr Saito said: Alongside our previous plans to expand the company’s primary petroleum diesel refinery to 100,000 barrels per month by the end of 2008, this arrangement will allow Amiworld to bring substantive production on line immediately to meet significant demand.
