Yesterday, Axial Vector Energy announced that it has formed a Joint Venture with Petrosonics, LLC of Reno, Nevada. This new Joint Venture will be named Petro-AVEC. AVEC Acquisitions Corporation, a wholly owned subsidiary of Axial Vector, and Petrosonics have formed the Joint Venture to develop, finance and market Petrosonics’ sulfur removal technology globally.
Under the terms and conditions of the Joint Venture, AVEC Acquisitions will provide an initial $6.8 million of capital contributions. First, Petro-AVEC will concentrate its development, sales and marketing efforts in the worldwide refining industry. The Joint Venture will continue development of their proprietary technology for treatment of sour crude.
Petrosonics, LLC CEO Dr. Mark Cullen commented, “We are extremely pleased and honored to announce the formation of a joint venture with AVEC and the extended AVEC family. Our experiences working with AVEC and with their colleagues at Emirates International Capital Advisory (EICA, www.emiratescapital.net) convince us that the combined financial and strategic strengths of both AVEC and EICA will enable and facilitate the commercialization of Petro-AVEC’s products, services and technologies.”
AVEC Chairman Mr. Ahmed Khalifa stated, “Petro-AVEC products and services have broad application for removal of sulfur and nitrogen in multiple refinery applications. In-refinery testing has demonstrated that Petrosonics, LLC’s proprietary technologies and processes are capable of achieving both present as well as near term U.S. sulfur limits in refined diesel. These results were accompanied by increased hydrotreater throughput and efficiency.”
He added, “Testing results at one major state oil company owned refinery, utilizing the Petrosonics fractionation/desulphurization process, showed annual per stream cost savings of in excess of $54 million and a per barrel reduction from $4.00 to $1.00. We believe that EICA is uniquely situated to assist Petro-AVEC in introducing its products, services and technologies to the worldwide production and refining industries. Longer term, Petro-AVEC’s continued development of technologies, products and processes for treatment of sour crude represents significant additional market opportunities.”
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