Energtek And Confidence Petroleum Sign Exclusivity Pact To Commercialize ANG Technology

ENERGY TECH

"Our plan is to take ANG across India and make it available across all small and major cities of India," said Confidence Petroleum Chief Managing Director Nitin Khara.

by Staff Writers
Valley Stream NY (SPX) May 06, 2008
Energtek and Confidence Petroleum India have announced the signing of an exclusivity pact to commercialize Energtek's proprietary ANG technology supply solutions in India and surrounding nations. The agreement will grant the companies' recently formed joint venture exclusive rights to sell Natural Gas through Energtek's proprietary Fast Interchangeable Tanks, and Low-pressure Mobile Pipeline systems in India, Pakistan, Bangladesh and Sri Lanka.

These Hi-tech Natural Gas supply solutions are designed to provide affordable and environmentally-friendly pipeless Natural Gas to automotive fleets and industrial consumers respectively throughout Southeast Asia.

Confidence Petroleum will finance the joint venture with an additional $23 million as part of the exclusivity pact. Confidence Petroleum recently acquired co-ownership of Energtek's subsidiary Primecyl for $2 million. A fully-owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct Joint Venture operations in India and throughout Asia.

"Our plan is to take ANG across India and make it available across all small and major cities of India," said Confidence Petroleum Chief Managing Director Nitin Khara. "Socio-economic developments including the skyrocketing price of oil and increased pollution have caused governments, businesses and consumers to seek alternative fuel supplies, and diversify their energy resources. Natural Gas is the most practical existing motor fuel alternative to Petrol."

"Confidence Petroleum's dedication to providing affordable and clean energy to the residents of India using ANG technology is outstanding," said Energtek CEO Lev Zaidenberg. "ANG represents the right technology at the right time in India, and throughout Asia. We are eager to commercialize ANG technology in India exclusively through the fertile marketing channels of Confidence Petroleum and our joint venture."

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