Statement From GOMG Holdings Ltd On Sale Of Minority Interest In Ballsh Refinery To Delvina Investment Partners Ltd By Owners Sargeant & Abu Naba'a

USA - English

• USA - español
• USA - Français
• USA - Deutsch
• USA - čeština
• USA - slovenčina
• USA - Pусский
• USA - Polski

BALLSH, Albania, Dec. 29, 2017 /PRNewswire-USNewswire/ -- Mr. Sargeant and Mr. Abu Naba'a, owners of GOMG Holdings Ltd, are pleased to announce the final conclusion of the sale of their minority interest in the oil refinery (IRTC) in Ballsh, Albania to their local Albanian partners, finalizing a process begun before June 2017. Under previous ownership, the refinery had been bankrupted and Mr. Sargeant and Mr. Abu Naba'a were active in getting the Ballsh refinery restarted and its 1200 Albanian employees back to work in November 2016. As of May 2017, with the cooperation of the Ministry of Energy and Industry and Bankers Petroleum, Mr. Sargeant and Mr. Abu Naba'a had the refinery running at full capacity and virtually all crude oil produced in Albania was being processed at the Ballsh refinery. Since that time, and with the signing of the binding MOU to sell their interest, Mr. Sargeant and Mr. Abu Naba'a have not been involved in any IRTC management or board decisions, and day to day control has always been with their Albanian partner. The buyout now fully aligns ownership with operating control of the Ballsh refinery. Mr. Sargeant and Mr. Abu Naba'a are sorry to hear the news of some current difficulties at Ballsh, but have been a long time removed from any role with the management. However, Mr. Sargeant and Mr. Abu Naba'a do remain optimistic about the potential of the Albanian hydrocarbon industry and will continue to look for opportunities in the country to bring their considerable experience to bear in service of Albania.

Harry Sargeant III:

Harry Sargeant III is the renowned CEO of a global energy and shipping company based in Florida, USA. A former officer and fighter pilot in the United States Marine Corps, Sargeant leads a private global enterprise consisting of aviation companies, oil refineries, oil trading operations, alternative fuels development, and oil and asphalt shipping.  Upon leaving U.S. Marine Corps active duty in 1987 with the rank of Major, Sargeant joined Delta Air Lines as a pilot, and subsequently left Delta to lead a small shipping company that by 2008, he had built into a global operation.  Mr. Sargeant also founded IOTC, a company that bravely supplied aviation fuel to the U.S. Military in Iraq through the country of Jordan after other contractors has been unable to accomplish this mission.  Mr. Sargeant successfully undertook this difficult and complex business enterprise -- and all in the U.S. government agree that his company did an excellent job in supplying the U.S. military despite Mr. Sargeant's fuel truck convoys coming under constant attack from hostile forces.  Mr. Sargeant is a respected U.S. business leader, who has also served in politics as a Republican party official in his home state of Florida, and is held is high esteem by many in the U.S. government, including many Republican officials in Congress and the Presidential White House and Cabinet, and government and business leaders in the U.S. and around the world.

SOURCE GOMG Holdings Ltd