Axial Vector Energy (AXVC.PK) was pleased to announce recently that its wholly-owned subsidiary, AVEC Acquisitions Corporation, and Petrosonics LLC have entered into a joint venture agreement. Petro-AVEC, the official name of the new joint venture, will bring key members from both companies together in an effort to develop, finance, and market Petrosonicsâ€™ sulfur removal technology worldwide.
Petrosonics has developed a technology that increases the amount of refined product extracted from a barrel of oil. With a moderate temperature and atmospheric pressurized environment, a high-powered ultrasound is used to reduce the amount of sulfur, nitrogen, and trace metals typically found in petroleum. The process increases API (American Petroleum Institute) gravity and volume while reducing oil density and hydrogen loss. The process renders more usable refined end-product than traditional methods and even turns â€œsour oilâ€ into a less sour product.
Dr. Mark Cullen, founder of Petrosonics, has been the driving force for refining the technology. Cullen initially presented the process at the National Petrochemical Refiners meeting in 2001 and afterwards he continued to work on the process. Cullen went forward and filed a US patent application for the technology on April 4, 2003.
Cullen was definitely on the right track as CITGO entered onto the scene and evaluated the technology between April 2001 and June 2003. CITGO concluded that the technology would â€œbe efficacious for cost effectively removing sulfur and nitrogen from refined oil products and compatible with all the worldâ€™s major refinersâ€ and would â€œbe highly useful for desulfurizing and upgrading heavy oil and crude by changing the API.â€
Currently, Petrosonics owns all the essential intellectual property associated with the innovative refining process. The company already holds a number of patents, included several key European patents awarded just this year, as well as over 1,500 pending claims. Additionally, a third party team has tested and confirmed the efficacy and cost benefits associated with the ultrasound assisted oxidative desulphurization process.
Petrosonics is currently in negotiations with a major U.S. based oil company and with Ecopetrol, the national oil company of Colombia. With the tremendous positive response to the technology, the Petro-AVEC joint venture should be able to meet the market demand and get the technology out to refiners worldwide.
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