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.