Litasco (LUKoil International Trading and Supply Company) is the exclusive international marketing and trading company of the Russian LUKoil Group. Litasco is one of the world’s major traders of crude oil and refined petroleum products, handling physical volumes of more than two million barrels per day.

Litasco and Greenfield signed a Memorandum of Understanding early this year and project teams from both companies have since been working on a pricing formula which can form the basis of an offtake agreement. Further working meetings aimed at progressing towards this objective are to take place before the end of 2009.

Greenfield is making this announcement at this time on account of several press inquiries which both companies have received, and the publication in some locations of minor details of the companies’ relationship. To clarify, the only formal agreement which exists between the companies as yet is the Memorandum of Understanding.

Litasco operates almost 2,000 filling stations across the European Union. Like all other fuel suppliers, the company will be bound by EU directives on climate change and renewable energy which are now law, and which mandate measures to reduce greenhouse gas emissions by 20% by the year 2020.

Greenfield’s first bioenergy complex in Belarus will initially produce 150,000 metric tonnes of bioethanol annually, rising to 450,000 tonnes as phases 2 and 3 are completed. Litasco intends to blend Greenfield’s ethanol with LUKoil’s petrol to supply E5, E10, E85 and other petrol/ethanol blends (E Blends) as required by the EU Directives.

Greenfield is also conducting discussions with a major German fuel logistics and trading company with a view to developing blending and storage facilities for E Blends in Kaliningrad, Russian Federation, in order to cater for the needs of the EU market from 2014 onwards.

ENDS

NOTES FOR EDITORS

Greenfield Project Management Ltd

Greenfield Project Management Ltd is an investment and project development company incorporated in Ireland. Greenfield specialises in bioenergy, with a focus on Belarus, Russia and Ukraine.

Greenfield’s immediate focus, under its agreements with Government of Belarus, is the construction of bioenergy facilities in Belarus to produce 570 million litres of bioethanol annually, together with biogas and green electricity. In conjunction with our offtake partner, Litasco SA, the ethanol will be blended with petrol to make E5, E10, E85 and other petrol/ethanol blends for European Union and CIS markets.

The bioenergy complex will be located at Mozyr, producing over 570 million litres of bioethanol annually plus biogas and electricity. This project and future projects will be strongly carbon-saving and will make a substantial contribution to reducing greenhouse gases.

Greenfield plans, in conjunction with the Government of Belarus and international organisations such as the UNDP, to extend production of biofuels and to use the cultivation of biomass for biofuels as a means to speed up decontamination of the lands affected by radioactive fallout from the Chernobyl nuclear explosion in 1986.

Litasco SA

Litasco (LUKoil International Trading and Supply Company) is the exclusive international marketing and trading company of the LUKoil Group. Litasco is one of the world’s major traders of crude oil and refined petroleum products, handling physical volumes of more than two million barrels per day. With our head office in Geneva, and additional trading and business development offices worldwide, Litasco manages LUKoil’s global supply, marketing and trading needs.

The Litasco Group is made up of subsidiaries and branches in the United States, Germany, the Netherlands, Sweden, Dubai and Singapore. Representatives and consultants of the group have established our presence in Russia, South Africa, Argentina, Brazil and China.

In total, the Litasco Group employs over 300 staff and is present in thirteen different countries. Litasco deals with more than two thousand suppliers and customers, including all of the world’s major oil corporations.

More information on both companies and the on Chernobyl Bio-clean Programme is available at greenfieldpartners.eu, litasco.com and at lukoil.com

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“The United States led the world’s economies in the 20th century because we led the world in innovation.  Today, the competition is keener; the challenge is tougher; and that’s why innovation is more important than ever.  That’s the key to good, new jobs in the 21st century,” President Obama told an Indiana crowd Wednesday.

All week, key members of the Administration took that message on the road.

On Monday, Energy Secretary Steven Chu joined Congressman Tim Walz in Rochester, MN, to examine three renewable energy projects including a mobile self-contained ethanol plant, cars created and adapted by students at MSU-Mankato that run on solar and electrical technology, and the IBEW Wind Turbine Training Facility where electrical workers train to service the turbines delivering clean energy to southern Minnesota.

In Longmont, CO, Tuesday, Secretary of the Interior Ken Salazar met with employees of the innovative solar panel company, Abound Solar, Inc.  Abound Solar has created more than 200 ‘green jobs’ in two years and expects to double employment by next year.  A product of federal and state government support for clean energy technology innovation, three of the company’s founders worked for Colorado State University before spinning off, with help from the National Science Foundation and Department of Energy.

Wednesday, as the President announced his Administration’s historic investment in developing the next generation of batteries and electric vehicles, officials announced local grant recipients in communities throughout the country.

Secretary Chu visited Celgard, in Charlotte, NC, to announce a $49 million grant for the company to expand its separator production capacity to serve the expected increased demand for lithium-ion batteries from manufacturing facilities in the U.S.  Celgard will be expanding its manufacturing capacity in Charlotte, NC and nearby Aiken, SC, and expects that hundreds of jobs could be created, with the first of those jobs beginning as early as Fall 2009.

EPA Administrator Lisa Jackson was in St. Petersburg, FL, to announce a $95.5 million grant for Saft America, Inc. to construct a new plant in Jacksonville on the site of the former Cecil Field military base, to manufacture lithium-ion cells, modules and battery packs for military, industrial, and agricultural vehicles.

Commerce Secretary Gary Locke joined U.S. Rep. Emanuel Cleaver in Kansas City, Missouri, to announce a $10 million grant for Smith Electric to build and deploy up to 100 electric vehicles, including vans, pickups, and their “Newton” brand medium duty trucks.  In addition, Locke announced two other grants, worth a total of more than $30 million, supporting manufacturing and educational programs in Missouri and Michigan.

Deputy Secretary of the Department of Transportation John Porcari visited East Penn Manufacturing Co., in Lyon Station, Penn., to award the company a $32.5 million grant to increase production capacity for their valve regulated lead-acid batteries and the UltraBattery, a lead-acid battery combined with a carbon supercapacitor, for micro and mild hybrid applications.

Thursday, Secretary Chu wrapped up the week’s travel with an event in Cambridge, MA.  At Harvard University’s John F. Kennedy School of Government, Chu and Congressman Ed Markey participated in a forum to discuss the energy challenge and the opportunities to create new clean energy jobs.

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