Universal Bioenergy Announces It Is in Talks for Joint Venture for Contract to Sell 2 Million Barrels of Crude Oil in Deal Va...
March 20 2014 - 1:00PM
Marketwired
Universal Bioenergy Announces It Is in Talks for Joint Venture for
Contract to Sell 2 Million Barrels of Crude Oil in Deal Valued at
$200 Million
IRVINE, CA--(Marketwired - Mar 20, 2014) - Universal Bioenergy
Inc., (OTCQB: UBRG), a publicly traded independent diversified
energy company that markets and distributes natural gas, petroleum,
coal and electricity, announced that it is in talks with a company
for a joint venture for a contract to sell 2,000,000 million
barrels of crude petroleum with an estimated transaction value of
over $200 million. The parties are in negotiations to procure the
foreign light crude oil from a refinery in another country and sell
the product to another major international energy company.
The initial contract would be for a spot market transaction for
2,000,000 million barrels of light crude oil. A long-term contract
for 1 to 5 years is also being discussed, in which the total
volumes of the crude oil to be sold are in the range of 1 to 2
million barrels of light crude per month throughout the contract
term. The Company projects that it could earn an estimated $10 to
$30 million in profits annually from the sales of these petroleum
products.
In its plans for growth and expansion, Universal established a
refined Energy Products Division to market and distribute petroleum
based products to generate greater revenues and higher profit
margins for the Company. The Energy Products division plans to
market petroleum based energy products including crude oil, D2 Gas
Oil/ Diesel Fuel, industrial fuels, Jet Fuel (Jet A-1 and JP-54)
and liquefied natural gas (LNG). The products will be sold to its
expanding global customer base which will include federal and state
agencies, U.S. military, municipalities and large commercial and
industrial companies.
Universal's President Vince M. Guest states, "We have been
working for several months to develop strong relationships to
obtain reliable supplies of petroleum based energy products and to
build a solid customer base to market these products to. Our Energy
Products division reflects our expanding business model to
diversify our Company and compete in multiple energy market
segments. We believe this will provide for more rapid growth of the
Company and bring greater benefits to shareholders."
Universal Bioenergy is a high growth diversified energy company
that is experiencing double-digit growth. NDR Energy Group, a
subsidiary of Universal Bioenergy, sells natural gas to many of the
largest public utilities, electric power producers and local gas
distribution companies that serve millions of commercial,
industrial and residential customer in the United States.
About Universal Bioenergy Inc. Founded in 2004, Universal
Bioenergy Inc., is a publicly traded independent diversified energy
company that produces and markets natural gas, petroleum, coal and
propane. We market energy resources to the largest public
utilities, electric power producers and local gas distribution
companies in the U.S., that serve millions of commercial,
industrial and residential customers. We are also engaged in the
acquisition and development of existing or recently discovered oil
and gas fields, leases and surface coal mines. For more information
visit www.universalbioenergy.com
Safe Harbor Statement - There are matters discussed in this
media information that are forward looking statements within the
meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject to the
safe harbor created by those rules. Such statements are only
forecasts and actual events or results may differ materially from
those discussed. For a discussion of important factors which could
cause actual results to differ from the forward looking statements,
refer to Universal Bioenergy Inc.'s most recent annual report and
accounts and other SEC filings. The company undertakes no
obligation to update publicly, or revise, forward looking
statements, whether as a result of new information, future events
or otherwise, except to the extent legally required.
For inquiries contact: Media Relations: Solomon Ali 704-837-5705