PR Newswire US, August 2, 2005, Tuesday

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PR Newswire US

August 2, 2005 Tuesday 8:22 AM GMT

HEADLINE: Sahara Petroleum Exploration Corp., Appoints VETRA to Project Manage the Building of 70,000 Barrel Per Day Oil Refinery in Nigeria

DATELINE: NASSAU, Bahamas Aug. 2

BODY:
NASSAU, Bahamas, Aug. 2 /PRNewswire-FirstCall/ -- Global Environmental Energy Corp. (OTC Bulletin Board: GEECF; FWB: LFT) confirmed today that its subsidiary Sahara Petroleum Exploration Corp., a Corporation registered in the Commonwealth of the Bahamas will retain the services of the Vetra Group A.V.V. (VETRA) to project manage SAHARA's 70,000 barrel per day oil refinery in Nigeria.
VETRA personnel have extensive experience in all aspects of building, operating and managing refineries having done so on Petroleos de Venezuela, S.A., Venezuelan Oil Refining assets worldwide. VETRA's experience has been focused on the design, engineering and operation for projects having completed the following projects:
1). PAEX - El Palito Refinery Expansion - (800 MM $) Refining pattern
change in order to be able to process heavy crude oil into unleaded
gasoline.
2). VALCOR - Puerto La Cruz Refinery - (600 MM $) Facilities for unleaded
gasoline and low sulphur diesel production.
3). Strategic Heavy Oil Belt Associations in East Venezuela(12,000 MM$)
Integrated production, transportation, refining and upgrading
facilities including Delayed Coking plants as well as all auxiliary
equipment.
4). PARC (2,500 MM $) - Cardon Refinery MPRA (1,200 MM $) - Amuay
Refinery Refining pattern changes to process more heavy crude oil
into unleaded gasoline and low sulphur diesel.
5). CRP Integration (300 MM $) Interconnection and processes integration
and optimization between Cardon and Amuay Refineries, developing one
of the world's major refinery complexes capable of processing 1
million barrels of oil per day.

Sahara's approximately USD$2 billion investment in the project is to be partially financed from the proceeds of Sahara's loan commitment from financier Diamond Ridge, will further enhance Sahara's position as vertically integrated oil and gas company. On March 9, 2005, Sahara signed an Alliance Agreement with Quickflow, S.A., for the development of specific oil and gas rights in Africa. The new Sahara refinery will refine 25 million barrels of Nigerian oil in Nigeria per year, representing a cashflow at today's market process of approximately USD$1.5 billion per annum. It is Sahara's intention to refine a large portion of its own oil at the new Nigerian refinery.
In March 2005, Sahara appointed Mr. Humberto Calderon Berti & Mr. Karl Mazeika, Mr Alfredo Gruber, and Mr. Iker Anzola, from Vetra to its advisory board. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. Mr. Karl Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A.
Nigeria has a population of over 110 million people and an abundance of natural resources, especially hydrocarbons. Nigeria is a member of OPEC. Its crude oils have a gravity between 21 API and 45 API. Its main export crude's are Bonny Light (37) and Forcados (31). About 65% of Nigeria's oil is above 35 API with a very low sulphur content. Nigeria's OPEC quota is 1.89 million bbl/d. It is the 10th largest oil producer in the world, the third largest in Africa and the most prolific oil producer in Sub-Saharan Africa. The Nigerian economy is largely dependent on its oil sector, which supplies 95% of its foreign exchange earnings. In January 2005 Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. The upstream oil industry is the single most important sector in the country's economy, providing over 90% of its total exports. The country has four main refineries with a nameplate capacity of 438,750 bbl/d and there are eight oil companies and 750 independents all active in the marketing petroleum products.
Sahara Petroleum Exploration Corp., was initially formed as a subsidiary of Global Environmental Energy Corp, (OTC Bulletin Board: GEECF; FWB: LFT). Global Environmental Energy Corp. maintains a web site at http://www.globalenvironmentalenergy.com/index.htm .
Sahara Petroleum Exploration Corp., intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Sahara Petroleum Exploration Corp., is becoming a fully integrated energy company whose interests include traditional oil and gas exploration and development.
About Vetra Group AVV.
VETRA was incorporated in 2003 as a private initiative of a group of professionals with proven experience in the national and international Oil & Gas business. In February 2004 "VETRA Colombia" was created in Bogota to attend local businesses. In April 2004, in order to leverage Exploration and Exploitation specialized services worldwide, VETRA signed a strategic alliance with "Tecnicas Reunidas", the most important engineering and construction company in Spain. VETRA and its allied companies have more than 2000 specialized professionals with 20 years average experience in the Oil and Gas Exploration and Production Business, Engineering and Projects.
Mr. Humberto Calderon Berti President is the Chief Executive Officer and Chairman of the Board of VETRA. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. His other responsibilities have been: Deputy and President of the Energy and Mines Commission in the Venezuelan Congress, and Executive Director of various hydrocarbon companies in Europe. At present, he is a consultant on strategic global issues for institutions and companies in the energy sector worldwide. Mr. Calderon Berti is a geologist from Universidad Central de Venezuela with a MSc. in petroleum engineering from Tulsa University.
Mr. Karl Mazeika is Vice President and Vice Chairman of the Board of VETRA. Mr. Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A. Other positions include former President of Interven, President of the Board of Directors of Ruhr Oel and Nynas, President of joint ventures with BP and Fortum of Finland, respectively. Mr. Mazeika is a chemical engineer from Universidad del Zulia.
Mr. Alfredo Gruber is a Director, Treasurer and Chief Financial Officer of VETRA. Mr. Gruber is former President of Palmaven, S.A. and Corporacion Venezolana de Guayana (CVG). Other responsibilities have been: Executive Director of Corpoven, Maraven, Intevep and Bariven, all subsidiaries of Petroleos de Venezuela S.A. At present times, he is advisor to the Board of Directors of "Tecnoconsult Ingenieros Consultores," President of "Tecnopetroleo" and member of the Board of Directors of "Cavenal" and of "Asociacion Pro-Venezuela". Mr. Gruber is civil engineer from Davis and Elkins College of West Virginia, USA with specialization in Construction Management from IESA-Georgia University and Production Management from Penn State University.
Leopoldo Aguerrevere is a Vice President of VETRA. Mr. Aguerrevere is former Vice President of Engineering and Projects, and Corporate Managing Director of Engineering and Projects in Petroleos de Venezuela S.A. He has served as General Manager in the Cardon refinery. Currently acts as a consultant in engineering management and professor of Project Management in the Central University of Venezuela and Metropolitana University. Mr Aguerrevere is industrial engineer from Universidad Catolica Andres Bello with a MSc. in industrial engineering from Stanford University.
Mr. Francisco Javier Larranaga is a Director and Chief Commercial Officer of VETRA. Mr. Larranaga is former General Manager in the Cardon refinery as well as Technical Manager in the Isla refinery. At present, Mr. Larranaga is the Executive President of Laya Profesional, C.A., a Management Consulting Company and professor in various universities: Simon Bolivar, Francisco de Miranda, and Andres Bello Catholic University. He has obtained the Vicente Lecuna Prize, given by the Venezuelan Society of Engineers in recognition of his meritorious professional trajectory. Mr. Larranaga is industrial engineer with a doctorate in chemical engineering from the Paul Sabatier University.
Mr. Alberto Quiros Corradi is a Director of VETRA. Mr. Quiros Corradi is former President of Shell de Venezuela and Coordinator of the Central America, Mexico, South America and Caribbean Shell Group, former President of Maraven, S.A. and Lagoven, S.A., subsidiaries of Petroleos de Venezuela S.A. He served as Director of various newspapers and as President of C.A. Editora El Diario de Caracas. He acts as advisor to national and international business groups and as member of national and international organizations: Oxford Energy Policy Club, Grupo Santa Lucia, Club of Rome in Venezuela, Caracas Chamber of Commerce and President of the Caracas Press Club. Mr. Quiros Corradi is economist from La Universidad del Zulia and the London Polytechnic Institute, with master degrees in industrial and labor relations from Cornell University.
Mr. Arnold Volkenborn is a Director of VETRA. Mr. Volkenborn is a former President of Maraven, S.A., President of Pequiven, Director of Petroleos de Venezuela, Vice President of Corpoven and of Interven, Chairman of the Board of Nynas Petroleum, Sweden and of Champlin Refining, USA; and several petrochemical joint ventures in Venezuela and Colombia. Currently member of the Board of Directors of Sivensa S.A. and of IBH, Director of IESA (Business Scholl) and of CEDCA (Center for Arbitration), and also achive as a consultant / advisor to business. Mr Volkernborn is petroleum engineer "Summa Cum Laude" from Zulia University with a MSc. from Penn State.
Mr. Renato Urdaneta is a Director of VETRA. Mr. Urdaneta has wide experience in the oil sector, he is former President of Pequiven, President of Meneven, President of Lagoven, all former subsidiaries of Petroleos de Venezuela, S.A., as well as General Manager of Amuay refinery, the world's then largest capacity refining complex. He also led and negotiated the construction of a Liquefied Natural Gas project in Venezuela in alliance with Shell, Exxon and Mitsubishi. He was International Advisor for Fluor Daniel, one of the world´s leading engineering and construction firm. Mr. Urdaneta is chemical engineer from Syracuse University.
Mr. Carlos Jorda is a Director of VETRA. Mr. Jorda is former President of the Board of Directors of Citgo and President of PDV America. He has also been member of the Board of Directors of Petroleos de Venezuela, S.A. At present times, he is an independent consultant in the energy sector. Mr. Jorda is chemical engineer from Michigan Technological University.
Mr Iker Anzola is a Director of VETRA. Mr. Anzola is former member of the Board of Directors and Commercial Vice-President of Inelectra. He has held various positions as Executive Vice-President of Inepetrol, Commercial Vice-President of Tecnoconsult, and General Manager OPSIS (Coordination Group for Venezuelan Electric Power System), President of Cavecon and Vice-President of International Oil Committee of Venemcham. Mr. Anzola is electrical engineer from Universidad Central de Venezuela with a MSc. in Power Systems from the Imperial College of London University
About Global Environmental Energy Corp.
Global Environmental Energy Corp., is a Corporation registered in the Commonwealth of the Bahamas and Publicly Traded on Stock markets both in Germany and the United Sates (the Corporation). Global Environmental Energy Corp., intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation.
Note to Investors
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Global Environmental Energy Corp. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.
Global Environmental Energy Corp. assumes no obligation to update the information contained in this press release. Global Environmental Energy Corp.'s future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. GEEC's future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-QSBs and its Annual Report on Form 10-KSB.
CONTACT: Dr. C. A. McCormack of Global Environmental Energy Corp.,
Tel/Fax, +852-3010-3838, global@coralwave.com
Web site: http://www.globalenvironmentalenergy.com/
SOURCE Global Environmental Energy Corp.