(CBBV) Globotek Signs Multi-Year Agreement for 10 APG Plants
NEW YORK, NY -- (Marketwire)
03/04/10
Caribbean Villa Catering/ Globotek Holdings Inc. (OTCBB: CBBV) announced today that it has signed a multi-year agreement with Energy Network Limited (ENL), a British Isles based energy investment enterprise, to build one APG processing plant every year for a period of ten years.
According to the company, once built, each of the facilities could add $10 million USD in revenue for a potential ten year revenue of $100 million USD. The client, ENL, has diverse global energy interests in the hydrocarbon sector, which extend to APG processing in Nigeria.
"ENL keenly supports energy infrastructure investment in Nigeria and Nigeria's commitment to reducing flare gas emissions in the Niger Delta, where the plants are to be constructed. Conclusion of this 10 year licensing and distribution agreement is an important milestone in this regard. We conducted research of various solution providers for APG flaring and hold the conviction that the Globotek model is particularly well suited to our operations in Nigeria. The technology's modular nature and lower capital outlay allows for quicker implementation and recuperation of capital. We are pleased having entered into this agreement which directly benefits the environment and the people of Nigeria," said Steven Redman, operations director for ENL.
According to a 2008 Statistical Energy Survey, Nigeria flares 75% of APG mainly due to the lack of a gas infrastructure. The government of Nigeria has set a target of zero flare starting 2010 and is providing incentives for the production and use of gas. "We are delighted that ENL has chosen our technology over other available options and the agreement allows Globotek immediate penetration into the huge Nigerian oil & gas market -- currently the 10th largest in the world," stated Globotek CEO Mr. Lukin.
