Updated 13th July 2003.

GMG is in negotiations to build a new Storage Petroleum Terminal in The
Gambia to replace the current inefficient and failing terminal now located in a
dangerous site abutting a residential section of Banjul, the capital city. The
new facility will be state of the art and meet all local as well as US
standards. We hope to be able to break ground in the next few months and the facility
will be operational sometime in 2004.

We have finished the first phases of our feasibility study to build a
250,000bpd crude oil refinery in West Africa. We have completed the preliminary plant
configuration and are in the process of completing the final plant
configuration. We are in negotiations with several oil producing nations for the
feedstock for the refinery on a partnership basis. A final site location has been
chosen.

The Gambian Government will set aside the 1000 acres parcel at no cost to GMG
and locate it in a special tax free (GIPFZA) zone. GMG is approximately 9
months ahead of schedule on this US$3.865 billion project.
GMG has entered into a partnership agreement with IADC and a West African
Government to build a 15,000 m/t cocoa processing plant. The plant will produce
cocoa liquor and take approximately nine months to complete construction. We
hope to have the plant in operation in 2004. In addition we have entered into an
agreement with a large NY firm to purchase all our processed cocoa product.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
To Search in the Gambia-L archives, go to: http://maelstrom.stjohns.edu/CGI/wa.exe?S1=gambia-l
To contact the List Management, please send an e-mail to:
[log in to unmask]

To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface
at: http://maelstrom.stjohns.edu/archives/gambia-l.html

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~