Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy Corporation JV Partner, Petrosonics LLC, Awarded Two Patents in Hong Kong and One Awarded Patent in Kazakhstan, the World's 18th Largest Crude Oil Producer
* On Thursday May 21, 2009, 8:14 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 JV partner, Petrosonics LLC, was recently awarded two Hong Kong Patents, resultant from the award of European Union patents 1 635 924 B1 and 1 668 095/04 781 388.6. The two Hong Kong patents protect the process by which sulfur and nitrogen bearing compounds are removed from diesel oil through the use of sonic energy and an oxidizing agent and also protect a related process for the removal of the resultant oxidized sulfur and nitrogen contaminants.
Hong Kong is home to several oil and gas companies, including CNPC Hong Kong, China Resources Petroleum Company, Ltd., SS United Oil & Gas Company, the Hong Kong and China Gas Company and the Hong Kong Petrochemical Company. Earlier, the Hong Kong Petrochemical Company announced plans to invest HK$40-60 billion in the construction of an oil refinery, oil tanks, power installations and filling stations in Hong Kong.
AVEC also announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded Kazakh Patent No. 19582, protecting the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain in force for 20 years.
According to the U.S Energy Information Administration, former Soviet Republic Kazakhstan's proven oil reserves of up to 40 billion barrels are comparable to those of OPEC members Algeria or Libya. British Gas (BG), Chevron, ConocoPhilips, ENI, Exxon Mobil, Exxon Mobil CPC, Inpex, LukArco, Lukoil, Rosneft-Shell, Shell, Total and Transneft (Russia) have major projects there. At 1.7 million barrels per day, Kazakh oil exports are growing rapidly, with current infrastructure delivering it to world markets via the Black Sea (via Russia), the Persian Gulf (via swaps with Iran), to the north pipeline and rail (through Russia), and now to the East to China. The refining sector in Kazakhstan has three major oil refineries with total crude oil refining capacity of 345,093 bbl/d.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia and the former Soviet states noted, "The major oil companies are investing heavily in Kazakhstan, which bodes well for infrastructure spending and licensing through PETRO AVEC. The refining sector, which is State-owned, is under-developed but will benefit from crude oil revenue driven investment. We see a substantial opportunity to not only market into both the upstream (wellhead) and downstream (refinery) markets, but to market to the large, global oil companies as well. Refineries are acknowledging that PETRO AVEC Technology could be worth billions of dollars of cost savings and profits when fully deployed."
AVEC Chairman Mr. Ahmed Khalifa stated, "Achieving this broad intellectual property protection in Kazakhstan and Hong Kong represents the milestone in our efforts to achieve broad patent protection in all major oil producing and oil refining nations. We are very pleased with these awards and the markets that they open. While we still have an additional 1500 patenting claims pending the company will now start to accept invitations it has received for licensing negotiations beginning next week. These invitations are the result of technical presentations done by PETRO AVEC to both government owned oil companies and large private refineries."
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.
To be added to the Company's email distribution for future news releases, please send your request to inquiry@axialvectorenergy.com
www.axialvectorenergy.com
www.PetroAvec.com
Contact:
Axial Vector Energy Corporation
Phone: 971 4 887 5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Jens Dalsgaard, Investor Contact
(415) 884-0348
AI
