Black Diamond, Rezhwan Refinery Joint Venture

Kurdistan accounts for 43.7 billion barrels of proven oil reserves, 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas (30% of Iraq's proven oil reserves). If Kurdistan were a country, the amount of oil and gas reserves would place it among the top 10 oil rich countries in the world.

Recently, Iraq's Kurdistan has been one of the hottest spots for the global oil and gas industry. The size of the oil market has lured many iconic oil and gas personalities including Tony Hayward, the former chairman of BP, and has attracted over US$10bn in investments from foreign oil companies, according to the Financial Times.

At first the Kurdistan region attracted smaller regional oil and gas players, but recently industry heavyweights like Exxon Mobil, Chevron and Total has been making deals with the Kurdistan Regional Government.

Ronald Flynn the founder of Black Diamond said:

I believe we are in good company with heavyweights like Exon mobile, chevron, and Total working very close to where our refinery is in Erbil Kurdistan. Moreover I am confident we will be able to continue refining crude oil into gasoline for a long time. "

(Source: Black Diamond)

3 Responses to Black Diamond, Rezhwan Refinery Joint Venture

  1. Ted Henry Williams 17th April 2014 at 05:48 #

    The Black Diamond Group has been around for a long time. There founder has been very lucky in Sukothai Thailand with the largest oil find in the Queens sirikit Thailand . The fact is I know from doing business with the group they have unlimited financial capabilities. So it would not surprise me that this group would start refining huge amounts of crude while becoming a huge force in Iraq.

  2. Ernest 17th April 2014 at 07:50 #

    It might be worth looking into the legitimacy of the claims made in this press release. Aside from the unorthodox wording of the release, it seems that Mr. Flynn and Black Diamond have been run out Thailand and the Philippines for conducting scams by fielding 'investors' for made up projects. While this page seems less than objective (http://oneworld.org.ph/investor-letter-2/), this video of him asking for money for a venture that never happened seems pretty damning (if not just odd): https://www.youtube.com/watch?v=YU5cHGcpdaI

  3. Ernest 17th April 2014 at 12:25 #

    Sorry Ted--I think you're getting scammed. The MNR just announced that the project doesn't exist. http://www.basnews.com/en/News/Details/MNR-rejects--spurious--claims-of-oil-deal-with-Black-Diamond-Co/17917