The latest news from academia, regulators
research labs and other things of interest
Posted: January 17, 2008
Industrial Nanotech, Inc. Announces Updates to Oil & Gas and Biofuels Projects
(Nanowerk News) Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology, is pleased to announce updates on previously reported projects as well as new projects in the Oil & Gas and Biofuels sectors.
Two new projects will begin in 2008. One project will be an initial application of the company’s patented Nansulate® coatings by Abu Dhabi Gas Industries Ltd. (GASCO), at their Ruwais plant. The total size of this project has not yet been determined and it will be ongoing. Operating since 1981, Abu Dhabi Gas Industries Ltd. (GASCO) is a subsidiary of the Abu Dhabi National Oil Company (ADNOC) and one of the biggest industrial projects in the UAE. One of the largest gas processing companies in the world, GASCO has four processing plants including the main Ruwais Fractionation plant which can process 23,370 tonnes per day (7.8 million tonnes per year). The application is being overseen by the company’s U.A.E. distributor, Al Samah Company.
The second new project is in the early planning phase and includes use of the Company’s Nansulate® coatings to provide thermal insulation, corrosion resistance, and personnel protection on a variety of offshore and onshore topside oil & gas equipment housings. The company is working on this project with a large multi-national company based in the UK.
Updates on previously announced projects include:
Petrobras, Brazil – The company previously reported an estimated delivery date of the its nanotechnology based coatings to Petrobras for 250 kilometers of pipeline for 4th Quarter, 2007. The timeline has since been revised by Petrobras as a result of their project management team restructuring following their recent major oil discovery in the new "ultra-deep sea" Tupi field of as much as 8 billion barrels of recoverable light crude, announced in 4th Quarter 2007. The current updated projection for beginning delivery on the original project is early 3rd Quarter 2008. At the invitation of Petrobras, Stuart Burchill, CEO/CTO of Industrial Nanotech, recently spent three days traveling with a team of senior Petrobras engineers touring pipeline projects in remote regions of Brazil and defining detailed application protocols. Discussions also included additional projects and applications for the Company’s products on deep sea drilling applications. Mr. Burchill and the Company’s three person technical team, located in Rio de Janeiro, Brazil and whose qualifications include a Ph.D. in engineering, continue to work closely with Petrobras engineers at the oil company’s headquarters.
Greenlight Biofuels, Meridian, Mississippi – The company reported in November of 2007 that they would begin delivery of more than 800 gallons of Nansulate to a new biofuel facility being built by Greenlight Biofuels, Ltd. The company has begun delivery and the initial surface preparation to tanks, lines and other refinery equipment has commenced. The application is being done by the company’s Oklahoma-based distributor, Pioneer Builders. The project will continue into the spring, based upon current weather conditions, and an educational documentary of the application is being filmed by videographer Gary Burris.
Socotherm - The Company is currently waiting for chemical composition data of certain materials transported through deep sea drilling pipelines and, upon receipt of this data, will specify Nansulate coating applications for these projects
“We are very pleased with the progress that has been made towards integrating our technology into the standard protocols of the oil & gas and biofuel markets,” stated Francesca Crolley V.P. of Operations & Marketing. “This is a complicated industry with strict regulatory and environmental oversight, so gaining acceptance for a new technology for their critical infrastructure is a process that takes patience and perseverance, but it is a major market sector worldwide and the rewards for Industrial Nanotech and its shareholders will be substantial as we move forward. Ever since our relationship with the Brazilian oil & gas giant, Petrobras, began in late 2006, we have seen a steady stream of projects offered to us by the major international oil and gas corporations and we continue to work together with them to develop the correct specifications for each application. Our attention to the new biofuels industry has also brought us excellent synergies there and we look forward to working with Greenlight on other projects in the future, as well as introducing Nansulate to other entities in this rapidly growing industry.”
Nansulate® is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, and resistance to mold growth in an environmentally safe, water-based, coating formulation. The Nansulate® Product Line includes both industrial and residential coatings.
About Industrial Nanotech Inc.
Industrial Nanotech Inc. is quickly emerging as a global nanoscience solutions and research leader. The Company develops and commercializes new and innovative applications for nanotechnology. Additional information about the Company and its products can be found at their websites, (http://www.industrial-nanotech.com) and (http://www.nansulate.com).
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.