AVEC JV Partner PETRO-AVEC in Negotiations to License Its Oxidative Desulphurization Technology to India
* Press Release
* Source: Axial Vector Engine Corp.
* On Tuesday September 1, 2009, 8:29 am EDT
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DUBAI, UNITED ARAB EMIRATES--(Marketwire - 09/01/09) - Axial Vector Energy Corporation ("AVEC") (Pinksheets:AXVC - News) (Frankfurt:BAE1 - News) announced today its JV Company PETRO-AVEC is aggressively negotiating licenses that would secure rights for its oil refining technology covering the entire country of India. Government agencies for India and large multi-billion dollar privately owned refineries are all in the running for the issuance of this important license. According to the CIA World Fact Book, India currently consumes 2.9 million barrels of oil per day.
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PETRO-AVEC officials originally presented its technical due diligence to interested parties in India back in June of this year. They have now been invited back to India by multiple interested parties to finalize license negotiations starting September 4, 2009.
Third party data from two of the world's largest oil producers has confirmed the viability of removing the sulphur allowing cleaner air and dramatic savings on both capital outlay and per barrel cost of processing. Sulphur in oil remains the number one problem facing the oil industry and PETRO AVEC believes it has the best solution to this important and expensive problem.
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 there are no other current economical solutions that exist.
Samuel Higgins, Chairman of AVEC, stated, "We are receiving worldwide recognition and increasing estimates as to the value of the technology, especially since we continue to win new patent awards from major oil producing markets." Mr. Higgins went on to note, "So much so, that we have been invited to present at the 'Petrochem Arabia' conference in Saudi Arabia this October and the International Green Summit in Moura, Portugal this November."
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 to develop; finance and market sulfur removal technology globally
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.
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