Axial Vector Energy Corp. announced today that PETRO-AVEC, its JV Company, has accepted an invitation to the Saudi Arabia “Petrochem Arabia” conference. Held October 4-6, the conference is under the Patronage of HRH Prince Mohammed Bin Fahd Bin Abdulaziz, Governor of the Eastern Province of the Kingdom of Saudi Arabia.
The Federation of GCC Chambers as well as other major local and international organizations fully support Petrochem Arabia 2009. This conference will bring government, Saudi and international private sector companies together to examine the current opportunities and challenges being faced in the Kingdom’s petrochemical industry. According to the press release, it is the only conference focusing on petrochemicals in Saudi Arabia, the world’s largest oil producer with more than nine million barrels produced every day.
PETRO-AVEC officials plan to present the third party technical due diligence from two of the world’s largest oil producers. The results have 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. With worldwide oil consumption now estimated at 85.8 million barrels per day and the amount of “sour” high sulphur oil rapidly increasing, the Oxidative Desulphurization and Heavy Crude upgrade technologies of PETRO-AVEC are even more valuable as no other solution currently 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,” stated Samuel Higgins, Chairman of AVEC and Managing Director of PETRO-AVEC.
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