Axial Vector Energy Corp. (AXVC.PK) JV Partner Awarded Key Patent in Indonesia
Axial Vector Energy Corp. announced that its PETRO AVEC JV partner, Petrosonics LLC, has been awarded a patent in Indonesia that protects 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 effective for 20 years.
According to the Oil & Gas Journal, Indonesia had 4.3 billion barrels of proven oil reserves as of January 2007. Although Indonesian crude oils vary widely in quality, most streams have gravities in the 22 to 37 degrees API range. Indonesia’s two main export crudes are Sumatra Light, or Minas, with a 35 API gravity, and the heavier, 22 API Duri crude.
In January of 2007, Indonesia had 992,745 bbl/d of refining capacity at 8 facilities, all of which are operated by PT Pertamina. PT Pertamina announced in August 2006 that it plans to spend $10 to $11 billion on boosting Indonesia’s downstream sector over the next 5 years. As part of this effort, there have been various proposals to upgrade existing refineries or build new facilities, as well as to expand the country’s transmission, distribution, and marketing network. A new refinery at Pare-Pare, Indonesia’s first privately-owned refinery, will have a capacity of 300,000 bbl/d and is expected to be completed in 2010.
PETRO AVEC CEO Dr. Mark Cullen commented, “Indonesia’s 4.3 billion barrels of proven oil reserves, probable reserves of an additional 5.79 billion barrels, eight refineries and ambitious plans for future facilities all bode well for PETRO-AVEC. We are pleased to add Indonesia to the growing list of countries offering intellectual property protection and look forward to working with them.”
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