Tuesday, March 18, 2008

Confidence Petroleum India enters into joint venture with Energtek Inc

Confidence Petroleum India has entered into a joint venture with Energtek Inc. (OTCBB: EGTK), world leaders in NG & Adsorbed Natural Gas (ANG) Technology to provide clean and affordable pipeless natural gas supply to automotive and industrial consumers. Energtek Inc. is a U.S. based company with subsidiaries in the U.S., India, Ukraine, and Israel.

Adsorbed natural gas technology provides cost-effective storage of natural gas, by maximizing tank storage capabilities. ANG technology utilizes activated carbons placed inside the tank to adsorb greater quantities of gas, similar to a sponge. Use of ANG technology creates two possibilities: Similar volumes of gas can be stored in the same container at a lower pressure significantly reducing the costs of refueling infrastructure, and fuel costs for the driver. Plus, lower pressure allows greater flexibility in NG tank design (as opposed to standard cylindrical NG tanks). Larger volumes of NG can be stored in the same container, at the same pressure enabling vehicles to significantly increase driving range, without increasing the size of the tank.

In the first phase of the joint venture, Confidence Petroleum will make an investment of Rs 100 crore for co-ownership of Energtek`s subsidiary Primecyl LLC. A new fully owned subsidiary of Primecyl LLC, Confi Energtek Asia, will be established in India to carry the Joint Venture businesses in India and throughout Southeast Asia which includes Bangladesh, Indonesia, Thailand, Singapore, Philippines and Pakistan. Primecyl LLC is also the owner of Ukcyl, a manufacturing facility for high-pressure cylinders in Ukraine.

The company made this announcement during the trading hours today, 18 March 2008.

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