 SulphCo to Supply Sonocracking™ Processing Equipment To Fujairah Oil Technology, LLC
New Board makes first round of decisions
SPARKS, Nev., Dec. 14, 2005 – SulphCo, Inc. (AMEX: SUF) announced that at a December 13, 2005 meeting of the shareholders of Fujairah Oil Technology, LLC (“FOT”), FOT elected a Board of Directors. SulphCo, Inc. is a 50% joint venture partner in FOT with Trans Gulf Petroleum Co., which is owned by the Government of Fujairah in the United Arab Emirates.
H.H. Sheikh Mohammed Bin Hamad Bin Mohammed Al Sharqi, the son of the current ruler of Fujairah, was elected as Chairman of the Board. Dr. Rudolf Gunnerman, Chief Executive Officer of SulphCo was named Vice Chairman. Mr. George Jamil Bajk, and Mr. Mohammed Saeed Al Dhanhani, the Emmiri Court Director, were also elected to the board. Mr. Ahmed Y. Barakat, the Sulphco Saudi Arabia representative, was named to the board and was also voted Executive Manager of FOT.
At the meeting, the Board of Directors of FOT issued a letter to SulphCo requesting an initial supply of SulphCo Sonocracking ™ processing equipment capable of upgrading 200,000 bbl/day of oil no later than June 1, 2006. SulphCo, Inc. shall retain title to the equipment and FOT will be responsible for ongoing operations and maintenance.
In other action, the Board of Directors of FOT appointed Deloitte in the Middle East, part of Deloitte Touche Tohmatsu, as its auditor.
The Fujairah government has allocated approximately 40 acres of land adjacent to a large oil terminal which is ideally suited for SulphCo’s application.
Rudolf Gunnerman, SulphCo chairman and CEO stated, “We are pleased at the cooperation of the board and the government of Fujairah and the swift manner in which this board acted. We intend to capitalize on these synergies and look forward to continue the commercialization of SulphCo’s technology.”
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