Energtek, Confidence sign $23m. joint venture

The joint venture aims to commercialize Adsorbed Natural Gas technology supply solutions in India and surrounding nations.

By SHARON WROBEL
May 6, 2008 10:28
gas flame 88

gas flame 88. (photo credit: )

Israeli company Energtek and Confidence Petroleum India Limited signed an exclusive joint venture to commercialize Adsorbed Natural Gas (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 LLC., for $2m. A fully-owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct joint venture operations in India and throughout Asia.


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