• 2 US firms ‘to invest $4.1B in PEZA’

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    TWO American companies are eying to invest an estimated $4.1 billion in the country, Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said on Tuesday.

    “There is one investor from US on offshore and onshore oil and gas . . . the OS Petro, They will invest $4 billion for petrochem refinery . . . They need 10 blocks. So, that’s $400 million per block,” Plaza told reporters during the 22nd PEZA Anniversary and Investors’ Recognition Night late Tuesday.

    OS Petro is an oil and gas exploration and production company with corporate offices in the US and Africa.

    Plaza said the other one is PayOdd, which intends to commit $10 million in initial investment.

    PayOdd is an electronic wallet services company that caters to clients, with or without a bank account. The company manages and controls funds so that clients can use the money however they want to, while complying with all international banking regulations, including anti-money laundering and fraud verification.

    Representatives of OS Petro are coming to the country in July to look for the right area, Plaza noted, saying the ideal for the company is an island. “So, we’re looking for islands that are offered by private land owners.”

    PEZA will have the first Global Economic Zone Summit in October, Plaza noted.

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    2 Comments

    1. Turns out PayOdd is also owned by Kenneth Andam and his co-founder of OS Petro… and sounds like a renamed Globa with an address now in Nevada instead of Utah… mmm again.

    2. OS Petro? $4 billion for 10 blocks for a petrochem refinery? Really? So they want concessions for 10 exploration blocks which will later definitely produce crude oil which will be refined into petrochemicals. mmm…

      In their website (ospetrodotcom), they portray themselves as a legitimate oil exploration and production company but after reading more closely, it seems that the actual work is done by their “partner companies” and the photos look like they bought or pinched them from somewhere. I could not find any reference to this company in oil industry websites.

      The CEO and founder Kenneth Andam, a former Olympic athlete, is also the founder and CEO of Globa, a mobile money transfer service operating between Africa and the US. I searched for the company’s corporate headquarters address “202 Cottontail Loop Saratoga Springs, UT 84045” on Google Earth and it’s a house on a quiet street in suburban Utah! I searched for “Kenneth Andam” and Google suggested a related search “Kenneth Andam warrant” which showed several articles on a warrant for his arrest issued in Utah for being charged with “felony counts of securities fraud, money laundering and being an unlicensed broker while effecting securities transactions” last year! The OS Petro team described in the website includes the co-founder, a former soap opera actor turned “marketing guru”, a few industry “experts” with generic resumes, the IT guy, and of course, “business development consultants”.

      Interesting lot… Good news ba ‘to?