Condor Signs LOI to Buy Oil Terminal in Kazakhstan

Condor Petroleum Inc. (TSX:CPI) has signed a Letter of Intent to buy 90% interest in an oil storage and rail terminal in Kazakhstan, 12 kilometers northwest of its Zharkamys West 1 Contract Territory.

As quoted in the press release:

The terminal includes 1,200 m3 (7,500 barrels) of oil storage capacity and is designed to load 4 rail cars simultaneously. The terminal has a rail spur which ties directly into the main rail line between Aktobe and Atyrau. In addition to providing expected transportation cost savings, the terminal’s existing access to the rail system should expand Condor’s future oil marketing options.

Click here to read the Condor Petroleum Inc. (TSX:CPI) press release.