Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy Corporation JV Partner, Petrosonics LLC, Awarded Patent in Russia, the Second Largest Crude Oil Producer and Third Largest Refiner in the World
* On Monday May 18, 2009, 5:44 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC - News) (Frankfurt: BAE1 - News) announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a Russian patent (Russian Patent Application 2006108527), protecting the process by which sulfur and nitrogen bearing compounds are removed from diesel oil, FCC cycle oil, FCC slurry oil, light gas oil, heavy gas oil and coker gas oil fractions through the use of sonic energy and oxidation. The patent will remain in effect for 20 years with the possibility of an additional five year extension.
According to the U.S. Energy Information Administration (EIA), Russia has 41 oil refineries with a total crude oil processing capacity of 5.4 million bbl/d. Russian refineries produce around 1.2 million bbl/d of Mazut (heavy fuel oil), 1.3 million bbl/d of middle distillates, and 815,000 bbl/d of gasoline but are in need of modernization to meet Europe's growing demand for low sulfur fuels. Roughly 20.5 percent of Russia's total diesel output is exported.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia stated, "Russian oil companies are prime licensing candidates for Petrosonics' technology. What low sulfur diesel Russia does export moves to export destinations entirely by rail to avoid being blended with Russia's more generic high-sulfur product, which is exported largely through the refined product pipeline system to Western Europe. Separating low sulfur product from generic high sulfur product and then shipping it by rail is inefficient and expensive. Not having a sufficient supply of low sulfur product also represents a very large opportunity cost. PETRO AVEC offers arguably the lowest total cost of ownership modernization technology which, when deployed, would likely eliminate both the need for product segregation and the paucity of supply of low sulfur product for export."
AVEC Chairman Mr. Ahmed Khalifa stated, "Russia is the second largest crude oil producer and the third largest refiner in the world. Achieving broad intellectual property protection there is key to our continuing effort to achieve broad patent protection in 42 different oil producing and oil refining nations. As stated in earlier news releases, these 42 countries represent 55.7% of all crude oil production, 30% of world crude oil reserves, and 40% of the world's refining capacity. The value of having protection for the world's newest, cleanest and lowest total cost of ownership refining technology in those 42 countries will be the subject of a third party expert report coming out shortly from the international oil industry technology valuation team at Muse Stancil, www.musestancil.com. We very much look forward to their report."
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 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.
Contact:
Axial Vector Energy Corporation
Phone: 971-4 887-5351
or
Redwood Consultants, LLC
Investor Contact
Jens Dalsgaard (415)-884-0348
www.axialvectorenergy.com
www.PetroAvec.com
or
Jebel Ali Free Zone
LOB21-F07
Dubai, United Arab Emirates
