Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy JV, PETRO-AVEC LLC, Appoints Dubai-Based Oil Executive Dr. Mazin Samman to Licensing Negotiating Team; Adds Extensive Middle East, Asian and Russian Oil Industry Expertise
* Monday April 20, 2009, 5:02 am EDT
*
Buzz up!
* Print
DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that its PETRO-AVEC LLC JV appointed Dubai-based oil executive Dr. Mazin Samman, former Managing Director of United Oil Investments/Hadramout Refineries Company in Dubai, United Arab Emirates and Sana'a, Republic of Yemen, to its international licensing negotiating team.
Dr. Mazin Samman, a Saudi national, educated/oil industry trained in the U.S. and resident, from time to time in, Italy, Lebanon, Thailand, the U.S., the U.K. and the U.A.E, is a capable Arabic, English, French and Italian linguist. He is highly experienced in bringing diverse experts together from multiple continents, governments, companies and organizations to authorize, design, finance, construct and operate large scale oil projects. A recent case in point includes the authorization, design, financing, construction and turn-key operation of a new construction domestic/export refinery on the outskirts of the coastal city of Mukalla, in the Republic of Yemen. The effort required coordination with multiple governments, agreements with various oil companies, including Luk Oil in Switzerland, engineering and construction contracts with the consortium of Samsung and SK Engineering in Korea, and credit agreements with the Korean Export-Import (EMIM) Bank, requiring a Korean ECA guarantee.
In Russia, Dr. Samman's projects extended as far as the remote Pacific Island of Sakhalin, just north of Japan. Dr. Samman was responsible for Russian government negotiations/authorizations/long term relations, financing, new refinery design/construction, existing infrastructure upgrade, product procurement, crude oil sales and refining operations.
In the Americas, on behalf of Nimir Petroleum in Dallas, TX, Dr. Samman co-managed a team responsible for securing senior financing from Morgan Stanley and Chase Manhattan Bank to complete the acquisition of HOCOL-Shell in Columbia.
In his native Saudi Arabia, Dr. Samman assisted Saudi Aramco in a number of endeavors, including the securing of contractors like MMG (Mohammad Almojil Group) for various large scale construction projects.
Commenting on the appointment, Dr. Samman stated, "In all of my years working with the oil industry, the Petro-Avec Joint Venture ranks potentially as one of the most exciting. Having experienced a relative drought of exciting new technology in the oil industry since the 1970s, it was just a matter of time before someone came up with something really revolutionary and I'm just excited to be a part of it. The industry very much needs this type of innovation and the third party assessed economics behind it are very compelling. I should think this would be fairly easy to license internationally and I look forward to working on that immediately."
Dr. Mark Cullen, Managing Director at Petro Avec LLC, stated, "I had the pleasure of meeting Dr. Samman on my most recent trip through the Middle East. He is the most impressive individual and I look forward to working closely with him."
AVEC Chairman Mr. Ahmed Khalifa stated, "An exciting, industry-changing technology deserves the help of exciting, industry-changing leaders. We are extremely fortunate to secure the assistance of Dr. Samman and look forward to much success together. We have additional candidates in mind for assisting with rapid licensing and hope to announce those appointments shortly."
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize high power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo (AMEX SUF). Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.
Forward-Looking Statements
This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.
To be added to the Company's email distribution for future news releases, please send your request to inquiry@axialvectorenergy.com.
Contact:
