Axial Vector Energy Corp. announced this morning that its JV Company PETRO-AVEC is currently negotiating licenses that would secure rights for its oil refining technology across the entire country of India. According to the press release, government agencies for India and large multi-billion dollar privately owned refineries are all competing for the issuance of this important license.
In June of this year, PETRO-AVEC officials originally presented its technical due diligence to interested parties in India. They have now been invited back to India by a number of interested parties to finalize license negotiations.
The viability of removing sulphur from oil allows for cleaner air and substantial savings on both capital outlay and per barrel cost of processing. Sulphur continues to be the number one problem facing the oil industry and PETRO AVEC believes it has the best solution to address this important and expensive problem.
Independent valuation models for royalty concessions to PETRO-AVEC range between $0.50 and $2.00 per barrel. With global oil consumption now estimated at 85.8 million barrels per day and the amount of “sour” high sulphur oil increasing rapidly, the Oxidative Desulphurization and Heavy Crude upgrade technologies of PETRO AVEC are even more valuable than ever before as no other current economical solution exists.
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 ma rkets.” 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.”
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