Defense Solutions Holding, Inc. (OTC Bulletin Board: DFSH), announced today that it
entered agreements to represent one American-owned refinery group (3 refineries) and
two Asian refinery groups (4 refineries) to secure oil contracts in Iraq
EXTON, Pa., Oct. 23 /PRNewswire-FirstCall/ -- Defense Solutions Holding, Inc.
(BULLETIN BOARD: DFSH) , announced today that it entered agreements to represent one
American-owned refinery group (3 refineries) and two Asian refinery groups (4
refineries) to secure oil contracts in Iraq.
"Iraq needs qualified customers for its oil," stated Colonel (Ret) Timothy Ringgold,
CEO of DFSH. "Our American and Iraqi staff in Baghdad and our American and Iraqi
staff in the United States are now in a position to meet the needs of Iraq's
Ministry of Oil."
Defense Solutions, Inc. supplies armored vehicles to international customers
friendly to American interests. In 2005, Defense Solutions supplied 77 T-72 tanks to
the Iraqi Army under contracts with NATO, Iraq, and the US Army. Since then, Defense
Solutions entered joint development agreements to produce the NATO-compatible
armored personnel carrier, the BTR-4.
"As one of very few American firms licensed to conduct business in Iraq, Defense
Solutions is positioned to facilitate crude oil contracts for the seven refineries
we are now representing," Ringgold added. "Iraq produces approximately 2 million
barrels of oil a day and holds proven reserves of approximately 115 billion barrels,
which are relatively accessible and economical to tap. Ending its 40 year seclusion
from the rest of the world, Iraq now aims to develop what is considered the world's
second largest oil reserves."
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