FluidOil has concluded an agreement to form a joint venture (JV) in Mexico in order to advance the commercialisation of its VHTL upgrading technology in the country.
The JV, trading as FOMEX S.A. de C.V., will see a new local partner, Petrofusion S.A de C.V, join FluidOil’s existing partner in Mexico to provide testing and heavy oil upgrading services to Pemex and other third-parties, as well as to improve techniques and processes associated with producing, processing and refining heavy oil in Mexico.
The company is implementing a multifaceted strategy to commercialise its technology. This involves the installation of VHTL heavy oil upgrading plants for a range of customers. The company is actively pursuing this strategy in various regions of the world and has advanced opportunities currently in North America and the Middle East, as well as in Mexico.
FluidOil CEO, Charles Parker, said: "We are delighted that our partners in Mexico recognise the opportunity that VHTL technology represents as well as the economic and logistical benefits it can bring to the heavy oil and refining market. Our partners have great experience in running successful businesses in the Mexican energy and resources sectors and have already demonstrated their ability to market VHTL and position FOMEX to secure suitable contracts. We are excited to partner with them as we seek to build a significant business in the country.”
This JV will see the local partners fund all of FOMEX’s core operations, including the installation, commissioning and operations of a pilot testing plant to provide a dedicated feedstock testing facility in Mexico. FluidOil will provide FOMEX with technical expertise and commercial support.
Read the article online at: https://www.hydrocarbonengineering.com/refining/06042018/fluidoil-forms-jv-for-its-technology-commercialisation-strategy/