STUDIO CITY, CA -- March 07, 2018 -- InvestorsHub NewsWire
Petroteq Energy Inc. (“Petroteq” or the
“Company”) (TSXV: PQE; OTCQX:
PQEFF; Frankfurt: A2DYWC), a company focused on the
development and implementation of proprietary technologies for the
energy industry, is pleased to announce that SOCAR Energy Ukraine,
Ltd. (“SOCAR”), a subsidiary of State Oil Company
of Azerbaijan Republic, as the latest member of PetroBLOQ, the
Company’s subsidiary and developer of a blockchain-based oil
and gas supply chain management platform.
SOCAR has become the second oil major company (the other
being PEMEX) to join the PetroBloq consortium.
The consortium, which is being co-developed with First
Bitcoin Capital Corp. (OTC: BITCF), is based on a distributed
ledger technology (DLT) and offers a unique opportunity for oil and
gas industry participants to plan and guide blockchain development
research in directions that maximize benefits to the industry. As a
member and participant of PetroBLOQ, SOCAR will help identify
needs and gaps in logistics that are not being addressed elsewhere
and collaborate on building solutions aimed at making domestic and
cross-border commerce easier, safer and more efficient for oil and
gas companies.
SOCAR operates a distribution network of petroleum retailers in
Ukraine including oil storage operations in Odessa, Nikolaev,
Vinnitsa, Kiev, Chernihiv, Lviv and Lutsk.
Alex Blyumkin, CEO of Petroteq stated, “In recent years, the oil
and gas industry has struggled with challenges that have motivated
companies to find innovative solutions to improve its current
inefficiencies, including price volatilities and record production
levels, in addition to an array of national regulations and
restrictions. This has led to complexities, cost-cutting
initiatives, reduced explorations and layoffs. We believe
implementing blockchain solutions will help bring efficiencies to
our industry and are pleased by the reception and support of
prominent oil majors and industry partners that recognize these
benefits. SOCAR, the second national oil company to join our
consortium, will be an invaluable member to our process as we
continue developing our platform.”
About SOCAR Energy Ukraine, Ltd.
SOCAR is involved in exploring oil and gas fields, producing,
processing, and transporting oil, gas, and gas condensate,
marketing petroleum and petrochemical products in domestic and
international markets, and supplying natural gas to industry and
the public in Azerbaijan. Three production divisions, one oil
refineries and one gas processing plant, a deep water platform
fabrication yard, two trusts, one institution, and 23 subdivisions
are operating as corporate entities under SOCAR. At the moment more
than 1,500 specialists are employed at SOCAR and its affiliated
companies in Ukraine.
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on
the development and implementation of a new proprietary technology
for oil extraction. The Company has an environmentally safe and
sustainable technology for the extraction of heavy oils from oil
sands, oil shale deposits and shallow oil deposits. Petroteq is
engaged in the development and implementation of its patented
environmentally friendly heavy oil processing and extraction
technologies. Our proprietary process produces zero greenhouse gas,
zero waste and requires no high temperatures. Petroteq is currently
focused on developing its oil sands resources and expanding
production capacity at its Asphalt Ridge heavy oil extraction
facility located near Vernal, Utah. The Company also owns a
minority stake in an exploration and production play located in
southwest Texas held by Accord GR Energy Inc. In addition, the
Company, through its wholly owned subsidiary PetroBLOQ, LLC, is
seeking to develop the first blockchain based platform created
exclusively for the supply chain needs of the oil & gas sector.
For more information, visit www.Petroteq.energy and
PetroBLOQ.com.
Forward-Looking Statements
Certain statements contained in this press release contain
forward-looking statements within the meaning of the U.S. and
Canadian securities laws. Words such as “may,” “would,” “could,”
“should,” “potential,” “will,” “seek,” “intend,” “plan,”
“anticipate,” “believe,” “estimate,” “expect” and similar
expressions as they relate to the Company, including the Company
successfully developing block chain technology for the oil and gas
industry, are intended to identify forward-looking information. All
statements other than statements of historical fact may be
forward-looking information. Such statements reflect the Company’s
current views and intentions with respect to future events, based
on information available to the Company, and are subject to certain
risks, uncertainties and assumptions. Material factors or
assumptions were applied in providing forward-looking information,
including: PetroBLOQ successfully developing and implementing a
blockchain-based supply chain management system. While
forward-looking statements are based on data, assumptions and
analyses that the Company believes are reasonable under the
circumstances, whether actual results, performance or developments
will meet the Company’s expectations and predictions depends on a
number of risks and uncertainties that could cause the actual
results, performance and financial condition of the Company to
differ materially from its expectations. Certain of the “risk
factors” that could cause actual results to differ materially from
the Company’s forward-looking statements in this press release
include, without limitation: PetroBLOQ not having the expertise
and/or funds necessary to develop and implement a blockchain-based
supply chain management system; PetroBLOQ not being able to develop
the blockchain technology to completion; blockchain technology not
being adopted by the oil and gas industry; changes in laws or
regulations; the ability to implement business strategies or to
pursue business opportunities, whether for economic or other
reasons; status of the world oil markets, oil prices and price
volatility; oil pricing; state of capital markets and ability by
the Company to raise capital; litigation; the commercial and
economic viability of the Company’s oil sands hydrocarbon
extraction technology, the SWEPT technology, the S-BRPT technology,
and other proprietary technologies developed or licensed by the
Company or by Accord, which are of experimental nature and have not
been used at full capacity for an extended period of time; reliance
on suppliers, contractors, consultants and key personnel; the
ability of the Company and Accord to maintain their respective
mineral lease holdings; potential failure of the Company’s business
plans or model; the nature of oil and gas production and oil sands
mining, extraction and production; uncertainties in exploration and
drilling for oil, gas and other hydrocarbon-bearing substances;
unanticipated costs and expenses, availability of financing and
other capital; potential damage to or destruction of property, loss
of life and environmental damage; risks associated with compliance
with environmental protection laws and regulations; uninsurable or
uninsured risks; potential conflicts of interest of officers and
directors; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in the Company’s disclosure documents, filed with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com.
Should any factor affect the Company in an unexpected
manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may
differ materially from the results or events predicted. Any such
forward-looking information is expressly qualified in its entirety
by this cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and the Company undertakes no obligation to publicly
update or revise any forward-looking information, other than as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
CONTACT INFORMATION
Petroteq Energy Inc.
Alex Blyumkin
Chief Executive Officer
Tel: (800) 979-1897
Petroteq Energy (TSXV:PQE)
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