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| Energtek signs natural gas agreement with PNOC-EC, implementing the world's first commercial ANG project |
| 25-JUL-2008 Intellasia | PRNewswire |
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| 25 Jul, 2008 - 7:00:00 AM |
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Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, today announced that it has signed a purchase contract with the Philippine National Oil Co -Exploration Co (PNOC-EC) for natural gas extracted from the San Antonio stranded gas well in the Filipino province of Isabela. The purchase contract enables Energtek to carry out its business model as a commercial distributor of natural gas in emerging markets across Southeast Asia. This enables the first phase of the world's first commercial ANG project.
Energtek employs proprietary hi-tech storage technology to supply natural gas to small vehicles. The first phase of the project calls for the vehicle conversion and ongoing supply of natural gas to 3,000 three-wheelers ("tricycles") in Isabela. Revenues from vehicle equipment sales from this initiative are expected to gross more than US$1.2 million, and ongoing natural gas sales are projected to exceed US$2 million annually.
The Isabela project is the first part of Energtek's plan to convert over 50,000 tricycles during the next 18 months, which would generate projected revenues of over US$20 million in vehicle equipment sales and US$40 million in ongoing annual gas sales. Implementation of this plan is primarily dependent on the timetable for attainment of sufficient natural gas supplies.
Energtek aims to fulfil the government's request to convert over 500,000 three-wheelers within the next three to four-years.
"The Filipino government under the leadership of President Gloria M. Arroyo has recognised the need to urgently reduce dependence on oil and gasoline," said Executive Secretary of the Philippines, Hon. Eduardo R. Ermita. "The government is more than glad to begin converting a million vehicles to operate on ANG as soon as possible. We are pleased to work together with Energtek to achieve our goal of providing a clean and cost-effective solution for small vehicle drivers who are suffering from the rising costs of gasoline."
Energtek has invested in equipment and infrastructure necessary for the project and has intensified efforts to receive all necessary certifications. In addition, Energtek is currently engaged in advanced negotiations for natural gas from a stranded gas well in the Filipino province of Cebu.
There are approximately 1.5 million tricycles running on gasoline that would be banned from operation by the government due to the massive pollution generated by their engines. Energtek's Natural Gas conversion system resolves the problem of harmful emissions, and presents an economically beneficial alternative for drivers who would otherwise be forced to discard their vehicles.
Natural Gas can be provided to drivers for dramatically less than the cost of equivalent gasoline. Its use as a motor fuel drastically reduces harmful vehicle emissions. "Today, a local driver in the Philippines can spend US$1500 or more per year on gasoline," said Lev Zaidenberg, CEO of Energtek. "Energtek's proprietary ANG technology can enable drivers to use a clean and abundant motor fuel that reduces annual fuel costs by several hundred dollars. These fuel savings can increase local residents' working income by as much as forty%."
About Energtek
Energtek develops and applies proprietary ANG technology to provide complete well-to-wheel pipeless Natural Gas supply solutions to fleets of small vehicles and industrial consumers. Energtek's Natural Gas solutions reduce pollution and alleviate consumer energy costs. Energtek provides a profitable alternative motor fuel solution for the large market of low-income 2-and 3-wheel vehicle drivers in Asia. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about the benefits of ANG Technology, visit www.energtek.com
About ANG
Adsorbed Natural Gas (ANG) technology enables hi-tech and cost-effective storage of Natural Gas, by maximising the quantities of gas stored in a tank. ANG greatly reduces the infrastructure, fueling, and energy costs of supply solutions to consumers where no pipeline or refueling infrastructure is present. ANG enables new markets of motor vehicle fleets and large commercial consumers, to benefit from environmentally friendly and affordable Natural Gas.
Contacts:
Alex Traiman
Tel: +1-516-717-1627
IR@energtek.com
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