Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On October 26, 2008, Global Energy, Inc. ("Global") entered into a Loan Agreement (the "Agreement") with Mr. Aviram Malik (the "Lender") and Global NRG Pacific Ltd. ("Pacific").

Among the provisions of the Agreement, it was agreed that the Lender shall loan Pacific an aggregate of US$ 400,000, with US$ 300,000 being transferred to Pacific in three equal installments of US$ 100,000 on October 27, 2008, November 3, 2008 and November 10, 2008, respectively. The loan is to be fully repaid to the Lender by May 1, 2009 and will not bear interest. In the case of a default, the debt shall be transferred to Global, and the Lender shall be entitled to 1,000,000 shares in Global at no cost. In addition, Global shall give a corporate guarantee for the repayment of the loan.

Additionally, upon the transfer of the loan amount by the Lender, Pacific will issue to the Lender shares in Pacific constituting 44% of the outstanding shares of Pacific. Also, upon the exercise of the Call/Put Option by Global for 5% of the shares in Pacific held by Yanai Man Projects Ltd., Global shall transfer said 5% shares to the Lender, but no later than November 1, 2010.

It was also agreed that upon achievement of milestones of annual castor seeds production of 30,000, 40,000, 50,000, 60,000 or 70,000 tons of castor seeds, respectively, during any calendar year, then Global will be entitled to a share of 55%, 60%, 65% 70%, 75%, respectively, of all dividends distributed by Pacific with respect to such year.

Item 9.01 Financial Statements and Exhibits.

10.1 Terms of Loan Agreement between Global NRG Pacific Ltd. and Mr. Aviram Malik and Global Energy, Inc.