Axial Vector Energy Corp. is a global solutions provider that owns, develops, invests in and licenses revolutionary technologies in areas such as energy. In the energy area, the company has entered into a joint venture with Petrosonics LLC called PETRO-AVEC. The joint venture is owned 60% by Petrosonics and 40% by Axial Vector Energy.
The company’s PETRO-AVEC joint venture was setup to develop, finance and market Petrosonicsâ€™ sulfur removal technology which can be used in refineries around the world. The process removes sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment.
The PETRO-AVEC joint venture was recently awarded a patent for its sulfur removal technology in two additional countries. The two countries are both oil producing countries â€“ Mexico and Egypt. In both cases, the patent awarded was for a period of 20 years.
Mexico is a key country in which to be awarded such a patent. PETRO-AVEC CEO Dr. Mark Cullen spoke about working with Pemex â€“ the national Mexican oil company. He stated, â€œMexico (Pemex) is the 3rd largest exporter of oil to the US, behind Canada and Saudi Arabia. Pemex is also the 10th largest oil company in the world in terms of revenue and ranks 42nd on the list of Fortune 500 companies.â€
Dr. Cullen went on, â€œIts proximity to the US, new refinery construction in Mexico and work with heavy crude oil makes it an ideal candidate for our technology. Now that patent protection is in place, we hope to be talking to and subsequently working with Pemex in the near future.â€
Egypt will also be an important country for PETRO-AVEC. Egypt has proven oil reserves of 4 billion barrels and has the largest refining sector, with nine refineries, on the African continent. Many major global oil companies such as BP and ENI are involved in the Egyptian oil sector. The company’s technology should help to open up Egypt’s undeveloped heavy oil potential.
Egypt’s refineries, with a capacity of 726,000 barrels per day, are all run by the national company â€“ Egyptian General Petroleum Corporation (EGPC). Commenting on the award of the patent, Dr. Mark Cullen said, â€œThe timing is fortuitous, given EGPC’s ongoing plan to invest in five new refineries with up to a 300,000 barrels per day refining capacity.â€
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