Axial Vector Energy Corporation announced this morning that its PETRO AVEC Joint Venture partner, Petrosonics LLC, was recently awarded a Russian patent that protects the process by which sulfur and nitrogen bearing compounds are removed from diesel oil, FCC cycle oil, FCC slurry oil, light gas oil, heavy gas oil and coker gas oil fractions, utilizing sonic energy and oxidation. According to the press release, the patent will remain in effect for two decades with the possibility of a five year extension.
According to the U.S. Energy Information Administration, Russia has 41 oil refineries with a total crude oil processing capacity of 5.4 million bbl/d. Russian refineries produce approximately 1.2 million bbl/d of Mazut (heavy fuel oil), 1.3 million bbl/d of middle distillates, and 815,000 bbl/d of gasoline, but require modernization to meet Europe’s growing demand for low sulfur fuels.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia stated, “Russian oil companies are prime licensing candidates for Petrosonics’ technology. What low sulfur diesel Russia does export moves to export destinations entirely by rail to avoid being blended with Russia’s more generic high-sulfur product, which is exported largely through the refined product pipeline system to Western Europe. Separating low sulfur product from generic high sulfur product and then shipping it by rail is inefficient and expensive. Not having a sufficient supply of low sulfur product also represents a very large opportunity cost. PETRO AVEC offers arguably the lowest total cost of ownership modernization technology which, when deployed, would likely eliminate both the need for product segregation and the paucity of supply of low sulfur product for export.”
AVEC Chairman Mr. Ahmed Khalifa commented, “Russia is the second largest crude oil producer and the third largest refiner in the world. Achieving broad intellectual property protection there is key to our continuing effort to achieve broad patent protection in 42 different oil producing and oil refining nations. As stated in earlier news releases, these 42 countries represent 55.7% of all crude oil production, 30% of world crude oil reserves, and 40% of the world’s refining capacity. The value of having protection for the world’s newest, cleanest and lowest total cost of ownership refining technology in those 42 countries will be the subject of a third party expert report coming out shortly from the international oil industry technology valuation team at Muse Stancil, www.musestancil.com. We very much look forward to their report.”
Let us hear your thoughts: Axial Vector Energy Corp. Message Board