Petroteq Energy Inc (PQEFF)

[NetworkNewsWire]

PQEFF Applies Blockchain Technology to Help Solve Oil and Gas Supply Chain Issues

- Company offers game-changing, environmentally-friendly proprietary heavy oil processing and extraction technology
- Company’s proprietary process produces no greenhouse gas or waste, doesn’t require high temperatures and reduces the production cost per barrel
- Partnered with First Bitcoin Capital to develop and operate PetroBLOQ, the world’s first blockchain-based platform exclusively serving supply chain-related needs within the oil and gas industry

Engaged in developing groundbreaking technologies within the energy industry, Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is focused on creating value by developing and implementing proprietary technologies to extract heavy oils from oil sands, oil shale deposits and shallow oil deposits in an environmentally safe way. Petroteq’s proprietary heavy oil processing and extraction process produces no greenhouse gas and no waste and, also, does not require high temperatures. This technology further significantly reduces the production cost per barrel and can be easily used anywhere on earth as a means of tapping into heavy oil deposits.

As discussed in a recent article (http://nnw.fm/aU1hY), Petroteq recently forged a partnership with First Bitcoin Capital (OTC: BITCF) to bring the benefits of cryptocurrency to the oil and gas industry. The value of the most popular of the cryptocurrencies, bitcoin, began at less than $1,000 per unit at the beginning of 2017 and has skyrocketed throughout the year, breaking the $17,000 mark in December. Bitcoin’s meteoric rise has created a frenzy among investors as they seek opportunities to cash in on its dizzyingly climbing value.

In endeavoring to build advanced oil processing and refining facilities across the globe, Petroteq noted the existence of hindrances relating to supply chain channels within the oil and gas industry—impediments that could be remedied through the use of blockchain technology.

Collaboratively, Petroteq and First Bitcoin Capital are now working to develop and operate PetroBLOQ, which is an enterprise-grade platform based on blockchain that will facilitate the conducting of transactions for oil and gas enterprises around the world.

PetroBLOQ will be the first blockchain-based platform to exclusively serve needs related to the supply chain within the oil and gas industry, addressing issues like cost constraints faced by participants within the industry. It is anticipated that those who use PetroBLOQ will save both time and money and will also benefit from improved transparency, which the blockchain offers, making navigation of the constantly changing global market much easier and giving companies a competitive edge within the oil and gas space.

Particularly suited for addressing issues within the heavily regulated oil and gas industry, blockchain offers exceptional transparency, resistance to change and a secure means of accomplishing tasks beneath the canopy of government protocols and industry specifications. All in all, Petroteq anticipates that the blockchain could completely shake up the way business is conducted within the oil and gas industry.

Quickly bringing PetroBLOQ into important industry circles, Petroteq recently became a member of the Enterprise Ethereum Alliance (http://nnw.fm/19eTr), as well as the American Petroleum Institute.

For more information, visit the company’s website at www.PetroteqEnergy.com