- Petroteq Energy (PQE) has signed a binding letter of intent with Netoil Inc
- Netoil had contacted Petroteq to inquire about its oil extraction and recovery technology
- Upon the negotiation and execution of definitive licence agreements, Netoil will be granted two licences for Petroteq’s CORT for use in Iraq and Libya
- The consideration for each licence has been agreed to US$6,000,000 and a five per cent royalty fee of the net production revenue
- Petroteq Energy Inc is a fully integrated oil and gas company
- Petroteq Energy Inc. was up 14.286 per cent, trading at C$0.24 as at 1:19 PM ET
Petroteq Energy (PQE) has signed a binding letter of intent with Netoil Inc.
Netoil is an oil company led by Roger Tamraz, an experienced hands-on operator and investor in the oil & gas industry.
Netoil and its team have more than 50 years of experience in creating, structuring and implementing major international projects in the fields of energy, such as oil and gas fields and blocks, oil and gas pipelines, oil refineries, gas stations and petrochemical plants.
Netoil had reached out to Petroteq to inquire about its innovative, cost-effective and efficient oil extraction and recovery technology.
“The developments in energy policy, the search for alternative sources of oil, its extraction, less risky transportation routes, and the realization by many countries of the need to become energy independent of certain regions, have created the conditions for an economically viable and environmentally friendly technology such as Petroteq’s Clean Oil Recovery Technology (CORT),” stated Tamraz, Chairman of Netoil.
Netoil is working on establishing a special purpose investment vehicle focusing on alternative production methods within the oil and gas industry, alongside carbon offsetting technologies.
Upon the negotiation and execution of definitive licence agreements, Netoil will be granted two licences for Petroteq’s CORT for use in Iraq and Libya.
The amount for each licence has been agreed to US$6,000,000 and a five per cent royalty fee of the net production revenue. Also, a minimum annual fee has been agreed to $1,000,000 until the region is producing.
Petroteq is a clean technology company focused on developing, implementing, and licensing a patented, environmentally safe and sustainable technology for extracting and recreating heavy oil and bitumen from oil sands and mineable oil deposits.
Petroteq Energy Inc. was up 14.286 per cent, trading at C$0.24 as at 1:19 PM ET.
