AVEC JV Partner PETRO-AVEC Invited to Petrochem Arabia Conference in Saudi Arabia
* Press Release
* Source: Axial Vector Engine Corp.
* On Monday August 31, 2009, 6:55 am EDT
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DUBAI, UNITED ARAB EMIRATES--(Marketwire - 08/31/09) - Axial Vector Energy Corporation ("AVEC") (Pinksheets:AXVC - News) (Frankfurt:BAE1 - News) announced today its JV company PETRO-AVEC has accepted an invitation to the "Petrochem Arabia" conference held October 4-6 in Dammam, Saudi Arabia.
This conference is under the Patronage of HRH Prince Mohammed Bin Fahd Bin Abdulaziz, Governor of the Eastern Province of the Kingdom of Saudi Arabia.
Petrochem Arabia 2009 has the full support of the Federation of GCC Chambers, as well as other major local and international organizations and is being held under the high patronage of His Royal Highness. This event brings government, Saudi and international private sector companies together to examine the current opportunities and challenges being faced in the Kingdom's petrochemical industry. It is the only conference focusing on petrochemicals in Saudi Arabia, the world's largest oil producer with over nine million barrels per day production.
PETRO-AVEC officials will be presenting the third party technical due diligence from two of the world's largest oil producers which has confirmed the viability of removing sulphur from oil allowing cleaner air and dramatic savings on both capital outlay and per barrel cost of processing.
Independent valuation models for royalty concessions to PETRO-AVEC range between $0.50 and $2.00 per barrel. Global oil consumption is now estimated at 85.8 million barrels per day and the amount of "sour" high sulphur oil is increasing rapidly making the Oxidative Desulphurization and Heavy Crude upgrade technologies of PETRO-AVEC even more valuable as no other current solution exists.
"We have today begun the exposure worldwide to show the value of the technology now that our worldwide patents have been granted to most major oil producing markets," states Samuel Higgins, Chairman of AVEC and Managing Director of PETRO-AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, development stage, and 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. 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, invests 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.
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.
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.
