Imperial Petroleum Recovery Corporation signs licence contract in China

Dec 20, 1996 01:00 AM

Imperial Petroleum Recovery has signed its first territorial license contract for the province of Hebei, China, including the municipality of Beijing. This contract provides for $7 mm in scheduled payments over the next 9 months beginning with the first payment of $3 mm to be paid in 90 days, and should produce in excess of $3 mm in annual revenues. According to the terms of the agreement, the licensee will have the exclusive rights for marketing and operating Imperial's crude oil sludge remediation system for the next five years. According to the Department of Energy, China must maintain crude oil production at about 3.1 mmbpd to meet its economic growth rate. China's oil refineries currently operate at capacity but are unable to keep up with increasing demand for petroleum products.
Imperial manufactures and markets an RF energy-based oil emulsion breaking system which addresses the problem of mounting world inventories of crude oil sludge. The system utilises high-power RF energy and a proprietary computer control system to efficiently break the stubborn molecular bonds characteristic of oily sludges to release saleable oil and reduce the volume of disposable solids.

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