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AVEC JV Partner, Petrosonics, LLC Awarded Patent in Egypt World's 26th Largest Crude Oil Producer - Axial Vector Energy Corporation announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a patent in Egypt (Egyptian Patent Application No. PCT/NA/122/2006)
AVEC JV Partner, Petrosonics, LLC Awarded Patent in Egypt World's 26th Largest Crude Oil Producer

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2009/08/05 - Axial Vector Energy Corporation announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a patent in Egypt (Egyptian Patent Application No. PCT/NA/122/2006). AXVC.PK; Frankfurt: BAE1

   
 
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Axial Vector Energy Corporation ("AVEC") announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a patent in Egypt (Egyptian Patent Application No. PCT/NA/122/2006), protecting the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain in force for 20 years.

According to the Oil and Gas Journal and the U.S. Department of Energy, Egypt's proven oil reserves stand at roughly 4 billion barrels. Egypt also has the largest refining sector on the African continent with nine refineries that have a combined crude oil processing capacity of 726,000 bbl/d.

Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Egypt noted, "International Oil Companies (IOCs), such as ENI, BP, Petronas, KUFPEC and others play a significant role in Egypt's upstream sector on a production-sharing basis with most production coming from mature fields in the Gulf of Suez (50 percent) and the newer wells of the Western Desert. The international companies are already on our list of licensing candidates and the introduction of our technology opens up a lot of Egypt's heavy oil potential, which has not yet been developed commercially. The refineries are all run by Egyptian General Petroleum Corporation (EGPC) subsidiaries and we look forward to be speaking with them as well."

PETRO AVEC CEO Dr. Mark Cullen stated, "We're pleased to add Egypt to the growing list of nations granting intellectual property protection. The timing is fortuitous, given EGPC's ongoing plan to invest in five new refineries with up to a 300,000 pbd per refinery capacity. We are also interested in Egypt's upstream heavy oil production and look forward to assisting as IOC investment permits."

About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.

About Petrosonics, LLC
Petrosonics, LLC is a privately held, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize high power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo. Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.

About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.

Forward-Looking Statements
This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.

SOURCE: Axial Vector Energy Corporation
P: 971 4 887 5351
or
Samuel Higgins, Chairman
Jebel Ali Free Zone
LOB21- F07
Dubai, United Arab Emirates

 
 
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Written by / Agency / Source: Axial Vector Engine Corporation

 
 

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AVEC JV Partner, Petrosonics, LLC Awarded Patent in Egypt World's 26th Largest Crude Oil Producer

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Publisher Contact: Mitzelle Malabanan - AxialVectorEnergy.com 
+971 5 05540997 mitzelle[.]axialvectorenergy.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Axial Vector Engine Corporation securities in any jurisdiction including any other companies listed or named in this release.

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