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Company Profile
Excess Oil & Gas was formed in the late 1990’s as part of the Wallace Oil Group (who has been registered with the Times oil companies for over 15 years) to take advantage of weaknesses in the marketing of oil products from minor producers outside the mainstream oil producers of OPEC. The founding directors of the company comprise of managers with some twenty-five years oil producing experience together with the added advantage of having senior members of the Arabian Kingdoms as friends and advisors. Picture here are the founders of Excess Oil & Gas, HRH Mustafa El Kastaui and Mr. James Wallace. This experience has been invaluable in developing strong working relationships within the Gulf States and Arabia. Our Arab partners are some of the most experienced and reliable companies in the world. They have managed their own oil infrastructures and gained access to oil via partners in other countries.
Through provision of engineering solutions throughout the Gulf Sates and the Kingdom of Saudi Arabia the Excess Oil & Gas Group has developed many years of experience working with its Arab Partners. As a direct result of this friendship and cooperation the preferred method of remuneration has been via crude oil and refined oil products. This in turn enables the group to market the oil products to a select international client base including oil traders and end users. Excess Oil & Gas prefers to work on long-term delivery contracts, our unique method of developing a contract price outside the current market price provides a definite discount structure through the life of a particular contract. This unique method is of advantage to both our oil suppliers and the customers as each company is able to see a guaranteed pricing structure that maintains profits to all parties irrespective of the changes in the international daily spot pricing.
Excess Oil & Gas is working with the Russian Government and a number of the state owned oil companies and as a result of this cooperation the company as teamed up with the Russian Government Investment fund. Excess oil & Gas is supplying the Russian Government and Russian companies with its expertise and equipment and in return the Company is paid with oil products. This is the preferred method of payment for the company and is the method that Excess Oil & Gas conducts the majority of its business ventures.
Excess Oil & Gas has also entered into a number of joint ventures with government and government owned companies to explore and recover oil deposits. Agreements have been reached to develop a number of key locations with large proven oil deposits.
Through these agreements over the next few years the Excess Oil & Gas group will own substantial volumes of Oil. Excess Oil & Gas has recently purchased its own refinery with a capacity of 110,000 bbl/d. The refinery is capable of refining the fuels required to modern standards by using up to date crackers and catalysts. This refinery is totally equipped to meet the new EU Standards.