Axial Vector Energy Corporation announced earlier this morning that its PETRO-AVEC LLC Joint Venture appointed Dubai-based oil executive Dr. Mazin Samman, former Managing Director of United Oil Investments/Hadramout Refineries Company in Dubai, to its international licensing negotiating team.

Dr. Mazin Samman has great expertise in bringing experts together from various continents, governments, companies and organizations to authorize, design, finance, construct and operate large scale oil projects. In Russia, Dr. Samman was responsible for Russian government negotiations/authorizations/long term relations, financing, new refinery design/construction, existing infrastructure upgrade, product procurement, crude oil sales and refining operations.

In the Americas, on behalf of Nimir Petroleum in Dallas, TX, Dr. Samman co-managed a team with the mission of securing senior financing from Morgan Stanley and Chase Manhattan Bank to complete the acquisition of HOCOL-Shell in Columbia. In his native Saudi Arabia, Dr. Samman assisted Saudi Aramco in a number of endeavors, including the securing of contractors like MMG (Mohammad Almojil Group) for various large scale construction projects.

Dr. Samman commented, “In all of my years working with the oil industry, the Petro-Avec Joint Venture ranks potentially as one of the most exciting. Having experienced a relative drought of exciting new technology in the oil industry since the 1970s, it was just a matter of time before someone came up with something really revolutionary and I’m just excited to be a part of it. The industry very much needs this type of innovation and the third party assessed economics behind it are very compelling. I should think this would be fairly easy to license internationally and I look forward to working on that immediately.”

Dr. Mark Cullen, Managing Director at Petro Avec LLC, stated, “I had the pleasure of meeting Dr. Samman on my most recent trip through the Middle East. He is the most impressive individual and I look forward to working closely with him.”

AVEC Chairman Mr. Ahmed Khalifa added, “An exciting, industry-changing technology deserves the help of exciting, industry-changing leaders. We are extremely fortunate to secure the assistance of Dr. Samman and look forward to much success together. We have additional candidates in mind for assisting with rapid licensing and hope to announce those appointments shortly.”

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