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Message: Quality read.

Quality read.

posted on Feb 21, 2008 06:26PM

Here is an article link and the computer generated translation to it. Seems there is internal controversy as to the license. The last two paragraphs I think explain things a bit. They need to put the partners together to show they have the capital for the project. Project financing certification will likely be the real catalyst for the company to gain valuation. The other argument seems to be related to the firing of the oil minister. One of the issues involved is the "market" issue (perhaps "market" is French for monopoly). If someone would be so kind as to verify this, but I think they are referring to a potential monopoly if Winfield gets the refinery. This seems to be a catch-22 because anybody who builds a refinery in Mauritania will end up with a virtual monopoly.


http://www.ani.mr/anifr.php?ArtID=5704&alles=1&nurmainleft=0&nurmainright=0

In a statement to the ANI, Master El Hacen Ould Bouna, lawyer for the Canadian company Win Field Resources Limited said that "the term''market''used by some talking of a project to build an oil refinery in Mauritania by this company is inappropriate in relation to Decree No. 24/2005, organizing permits. "

According to his speech, "the distinction is largely between the two terms,''license''and''market'', the company that I represent who have obtained a license for which the procedures are facilitated by the law in the sense that after three months of filing the application for, unanswered positive or negative are seen as a license. "

Similarly, he said that "obtaining the licence to build an oil refinery in Mauritania is not synonymous with monopoly. Anyone can submit a request and get it if it satisfies the conditions and, to my knowledge, no application has been rejected, "adding that" other licenses in other areas will certainly be issued after a months if the government accepts it. "

Master Bouna El Hacen Ould revelé that a symposium will be organized in Paris with his partner, a lawyer-french-to clarify the legal and financial aspects of this mega project.

The lawyer Mauritanian Win Field Resources Limited said: "Our representative has asked the authorities concerned to take a projection in which he explains all the technical aspects and especially the protecion of the environment so that the refinery meets the best technology, which allows it to be installed at the heart of the city and it will be ps alone in the world.

Me El Hacen Ould Bouna said "the government and people of Mauritania strongly solicit investments without distinction, and we soummes in the preparatory phase of documents relating to the training of specialized personnel Mauritanian take over."

"The company will train 100 senior Mauritanian abroad in a field of high technology and applications will be selected soon," said the lawyer El Hacen Ould.

He also expressed his satisfaction, the project had, he would say, suffered no problems unless we take into account the rumours knowing that the mentality of some fails to comply with the new course things. Furthermore, it stated that it had no relationship with the Mauritanian businessmen, "why it is about much controversy," he went.

"The country has changed irrevocably and invest this is seen as the result of the policy pursued by the state and the geographical position of Mauritania," said Mr. El Hacen Ould Bouna.

It should be noted that the GOI issued a press release in which it states: "In the field of energy, the process of granting, among other things, a license for setting up a refinery Mauritania oil to the company Winfield Resources Limited, is the subject of an ongoing investigation by the General Inspection of State. Encourage the arrival in our country of foreign investors is part of the government's priorities. But it is important to facilitate the development of capital to develop the country's economy, it is equally important to ensure compliance by all players to its laws and procedures. Any investor who complies with those laws and procedures, including Winfield Resources Limited, is that it is welcome in Mauritania. "

In the program "wajhan li wajh" (face to face) Radio Mauritania, which aired Tuesday evening, the president of PNDD (ADIL), Mr. Yahya Ould Ahmed El Waghev had accused the director of legislation and the president of the national commission of hydrocarbons, both dismissed following the case of the oil refinery, a subject of controversy, to be responsible for having the market beyond the provisions laid down by law and that "the prime minister and the minister of hydraulics were aware of this market."

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