NEW YORK, NY--(Marketwire - March 29, 2010) - JSC Globotek (
Further to the recent order by the Prime Minister and President of Russia, oil producers are required to retrofit their oil fields in order to capture and treat the Associated Petroleum Gases that are produced as a by product of oil extraction. Currently, there are approximately fourteen companies providing technology to allow the capture and treatment but according to the Ministry of Energy, Globotek provides the most efficient and economical solution for treatment directly at the oil field.
"We are very satisfied with the endorsement by the Ministry of Ecology & Natural Resources who have highlighted that our technology not only provides a cost effective solution to APG flaring, but also adds incremental revenues to oil producer bottom line profits," said Mr. Dmitry Lukin, CEO of JSC Globotek. "Our technology is now considered the leading solution for oil fields flaring APG in volumes between 5 to 300 million cubic m per year, which opens up a natural market of approximately 1000 oil fields in Russia alone. It is estimated that the APG treatment market in Russia is valued at around $15 billion USD and with these continuing endorsements from the government, we are in a stronger position than ever to capture a lions share of the market," further stated Mr. Lukin.
About JSC Globotek
Associated Petroleum Gas (APG) is a by-product of crude oil extraction and its flaring currently accounts for approximately 400 million tons of harmful greenhouse gas emissions into the atmosphere every year. APG flaring has far reaching effects on the environment, public health and the economy.
Globotek is the developer and owner of a unique technology for the processing of APG that is carried out at the drilling field by a Modular Mobile Structure. Globotek's process involves the use of block-modular mobile complexes that each contain mini gas processing units and can be used in any environment where APG is flared. The advantages of the Globotek APG system are many but can be summarized as speed of construction and installation, small cost and a worldwide market. Russian legislation mandates that all oil fields in Russia must process APG to the international 95% standard by January 2012.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.
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