Israeli, Indian companies seek natural gas for cars
The venture will see the Israeli company, Energtek, introduce natural gas to India, Pakistan, and other countries in the region.
By YAAKOV LAPPINcars biz88 224(photo credit: Kiichiro Sato/AP)
Israeli company Energtek and Confidence Petroleum India announced on Tuesday the launching of a joint venture aimed at commercializing environmentally-friendly natural gas for vehicles in southeast Asia.
The venture will see Energtek introduce natural gas to India, Pakistan, Bangladesh, Sri Lanka and other countries in the region, the companies said during a press conference in Mumbai, India.
As part of the deal, Confidence Petroleum will invest $2 million in Energtek and acquire co-ownership of Energtek's subsidiary, Primecyl LLC, a company that develops pressure cylinder manufacturing plants in Europe.
"Our Joint Venture with Energtek will enable us to become a leading international player in the supply of natural gas products, and clean energy solutions," Confidence Petroleum chief managing director Nitin Khara said. "We are witnessing over 50 percent growth in the Asian natural gas vehicle market since 2000, with much of that growth here in India."
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