The joint venture aims to introduce commercial natural gas mobile supply solutions using Energtek’s proprietary absorbed natural gas (ANG) technology in India, Pakistan, Bangladesh, Sri Lanka and other countries in the region.
Confidence Petroleum stated that it will utilize its industry position as a marketer of commercial alternative energy resources to penetrate ANG technology into key markets throughout India and Southeast Asia.
Confidence Petroleum will invest $2 million and acquire co-ownership of Energtek’s subsidiary Primecyl, which is developing pressure cylinder manufacturing plants in Europe.
The joint venture will incorporate production facilities in Europe to serve the European and Asian pressure cylinder markets. A fully owned Primecyl subsidiary, Confi Energtek Asia, will be established to conduct business operations in India and throughout Asia.
