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Industrial
Nanotech, Inc. Announces Updates to Oil & Gas and Biofuels
Projects
Other topics:
Carbon Nanotubes
Industrial Nanotech, Inc
January 19, 2008
Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging
global leader in nanotechnology, is pleased to announce
updates on previously reported projects as well as new
projects in the Oil & Gas and Biofuels sectors.
Two new projects will begin in 2008. One project will be an
initial application of the company's patented Nansulate®
coatings by Abu Dhabi Gas Industries Ltd. (GASCO), at their
Ruwais plant. The total size of this project has not yet
been determined and it will be ongoing. Operating since
1981, Abu Dhabi Gas Industries Ltd (GASCO) is a subsidiary
of the Abu Dhabi National Oil Company (ADNOC) and one of the
biggest industrial projects in the UAE. One of the largest
gas processing companies in the world, GASCO has four
processing plants including the main Ruwais Fractionation
plant which can process 23,370 tonnes per day (7.8 million
tonnes per year). The application is being overseen by the
company's U.A.E. distributor, Al Samah Company. |
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We are very
pleased with the progress that has been made towards
integrating our technology into the standard protocols of
the oil & gas and biofuel markets
The second new project is in the early planning phase and
includes use of the Company's Nansulate® coatings to provide
thermal insulation, corrosion resistance, and personnel
protection on a variety of offshore and onshore topside oil
& gas equipment housings. The company is working on this
project with a large multi-national company based in the UK.
Updates on previously announced projects include:
Petrobras, Brazil
- The company previously reported an estimated delivery date
of the its nanotechnology based coatings to Petrobras for
250 kilometers of pipeline for 4th Quarter, 2007. The
timeline has since been revised by Petrobras as a result of
their project management team restructuring following their
recent major oil discovery in the new "ultra-deep sea" Tupi
field of as much as 8 billion barrels of recoverable light
crude, announced in 4th Quarter 2007. The current updated
projection for beginning delivery on the original project is
early 3rd Quarter 2008. At the invitation of Petrobras,
Stuart Burchill, CEO/CTO of Industrial Nanotech, recently
spent three days traveling with a team of senior Petrobras
engineers touring pipeline projects in remote regions of
Brazil and defining detailed application protocols.
Discussions also included additional projects and
applications for the Company's products on deep sea drilling
applications. Mr. Burchill and the Company's three person
technical team, located in Rio de Janeiro, Brazil and whose
qualifications include a Ph.D. in engineering, continue to
work closely with Petrobras engineers at the oil company's
headquarters.
Greenlight
Biofuels, Meridian, Mississippi - The company reported in
November of 2007 that they would begin delivery of more than
800 gallons of Nansulate to a new biofuel facility being
built by Greenlight Biofuels, Ltd. The company has begun
delivery and the initial surface preparation to tanks, lines
and other refinery equipment has commenced. The application
is being done by the company's Oklahoma-based distributor,
Pioneer Builders. The project will continue into the spring,
based upon current weather conditions, and an educational
documentary of the application is being filmed by
videographer Gary Burris.
Socotherm - The
Company is currently waiting for chemical composition data
of certain materials transported through deep sea drilling
pipelines and, upon receipt of this data, will specify
Nansulate coating applications for these projects.
"We are very pleased with the progress that has been made
towards integrating our technology into the standard
protocols of the oil & gas and biofuel markets," stated
Francesca Crolley V.P. of Operations & Marketing "This is a
complicated industry with strict regulatory and
environmental oversight, so gaining acceptance for a new
technology for their critical infrastructure is a process
that takes patience and perseverance, but it is a major
market sector worldwide and the rewards for Industrial
Nanotech and its shareholders will be substantial as we move
forward. Ever since our relationship with the Brazilian oil
& gas giant, Petrobras, began in late 2006, we have seen a
steady stream of projects offered to us by the major
international oil and gas corporations and we continue to
work together with them to develop the correct
specifications for each application. Our attention to the
new biofuels industry has also brought us excellent
synergies there and we look forward to working with
Greenlight on other projects in the future, as well as
introducing Nansulate to other entities in this rapidly
growing industry."
About Nansulate:
Nansulate(R) is
the Company's patented product line of specialty coatings
containing a nanotechnology based material and which are
well-documented to provide the combined performance
qualities of thermal insulation, corrosion prevention, and
resistance to mold growth in an environmentally safe,
water-based, coating formulation. The Nansulate(R) Product
Line includes both industrial and residential coatings.
About Industrial Nanotech Inc.:
Industrial Nanotech Inc. is quickly emerging as a global
nanoscience solutions and research leader. The Company
develops and commercializes new and innovative applications
for nanotechnology. Additional information about the Company
and its products can be found at their websites,
(http://www.industrial-nanotech.com) and
(http://www.nansulate.com). |
