ANG enables cost-efficient supply of natural gas for small vehicles and factories
Singapore (ANTARA News/PRNewswire-AsiaNet) - DML PTE Ltd., operator of the Merpati Flight direct from Singapore to Bandung West Java and manufacturer of police patrol boats with planned CNG ships, and Energtek Inc. (EGTK.OB), developer of Adsorbed Natural Gas supply systems, have formed a $25M Joint Venture to commercialize ANG Technology in Southeast Asia.
The JV entitled "Energtek Far East PTE" will enable new markets of vehicle owners and industrial businesses to use Natural Gas as an energy source in Indonesia, Malaysia and Singapore. The commercial technology is cost-efficient, providing tremendous savings as compared to gasoline and oil.
As per the agreement, Energtek and DML PTE will share ownership of the venture at a ratio of 51:49 respectively. DML PTE will invest $2 million, and has agreed to finance the JV's business operations with an additional $23 million. The JV will receive exclusive rights to operate in the area.
Several Natural Gas bulk transportation projects utilizing Energtek's proprietary Low-pressure Mobile Pipeline (LMP) technology have already been planned following extensive feasibility studies and will proceed to commercial stages in the coming months. Other projects will focus on the conversion and subsequent ongoing supply of Natural Gas to both large and small vehicles.
Future projects will focus on the production of Natural Gas directly from refuse, which can then be supplied to industrial businesses as an energy source, and on the manufacture of special ANG ships.
Projects scheduled by the Joint Venture are quickly expected to surpass $100 Million in revenues. The market for such projects is quite large due to rapidly developing industrial enterprises in the three countries. In addition, there are over 35 million 2-3 wheel vehicles in Indonesia, Malaysia and Singapore. ANG technology allows for the affordable conversion of 2-3 wheel vehicles to Natural Gas.
"As Indonesia gets set to reduce subsidies on gasoline which will instantly raise fuel prices for drivers and businesses.
ANG technology reduces the costs of Natural Gas supply by storing more Natural Gas in a tank using lower pressures.
Pak Rusmin Widjaja, CEO of DML PTE, and a reputable entrepreneur in the region announced his satisfaction with the agreement, stating "The prices of oil and gasoline continue to rise, and countries such as Indonesia are now rethinking their national energy policies. As this happens, more and more consumers will switch to Natural Gas which is an abundant regional resource. ANG technology will provide immediate relief for drivers and industrial energy consumers. Together with Energtek, we will can ease the burden of rising energy costs, and do our part to preserve the environment."
Energtek CEO Lev Zaidenberg was similarly enthusiastic: "Pak Rusmin's reputation as a successful entrepreneur and his commitment to clean, alternative energy makes him a perfect partner to market ANG technology in Southeast Asia. Together, I am confident that we will be able to improve environmental sustainability in the region and improve the financial positions of local residents and business owners."
Media Contact:
Trevor Hawkins
Ruder Finn Asia
Tel:
+65-6336-2084
Email: hawkinst@ruderfinnasia.com
SOURCE DML PTE Ltd.
Singapore (ANTARA News/PRNewswire-AsiaNet) - DML PTE Ltd., operator of the Merpati Flight direct from Singapore to Bandung West Java and manufacturer of police patrol boats with planned CNG ships, and Energtek Inc. (EGTK.OB), developer of Adsorbed Natural Gas supply systems, have formed a $25M Joint Venture to commercialize ANG Technology in Southeast Asia.
The JV entitled "Energtek Far East PTE" will enable new markets of vehicle owners and industrial businesses to use Natural Gas as an energy source in Indonesia, Malaysia and Singapore. The commercial technology is cost-efficient, providing tremendous savings as compared to gasoline and oil.
As per the agreement, Energtek and DML PTE will share ownership of the venture at a ratio of 51:49 respectively. DML PTE will invest $2 million, and has agreed to finance the JV's business operations with an additional $23 million. The JV will receive exclusive rights to operate in the area.
Several Natural Gas bulk transportation projects utilizing Energtek's proprietary Low-pressure Mobile Pipeline (LMP) technology have already been planned following extensive feasibility studies and will proceed to commercial stages in the coming months. Other projects will focus on the conversion and subsequent ongoing supply of Natural Gas to both large and small vehicles.
Future projects will focus on the production of Natural Gas directly from refuse, which can then be supplied to industrial businesses as an energy source, and on the manufacture of special ANG ships.
Projects scheduled by the Joint Venture are quickly expected to surpass $100 Million in revenues. The market for such projects is quite large due to rapidly developing industrial enterprises in the three countries. In addition, there are over 35 million 2-3 wheel vehicles in Indonesia, Malaysia and Singapore. ANG technology allows for the affordable conversion of 2-3 wheel vehicles to Natural Gas.
"As Indonesia gets set to reduce subsidies on gasoline which will instantly raise fuel prices for drivers and businesses.
ANG technology reduces the costs of Natural Gas supply by storing more Natural Gas in a tank using lower pressures.
Pak Rusmin Widjaja, CEO of DML PTE, and a reputable entrepreneur in the region announced his satisfaction with the agreement, stating "The prices of oil and gasoline continue to rise, and countries such as Indonesia are now rethinking their national energy policies. As this happens, more and more consumers will switch to Natural Gas which is an abundant regional resource. ANG technology will provide immediate relief for drivers and industrial energy consumers. Together with Energtek, we will can ease the burden of rising energy costs, and do our part to preserve the environment."
Energtek CEO Lev Zaidenberg was similarly enthusiastic: "Pak Rusmin's reputation as a successful entrepreneur and his commitment to clean, alternative energy makes him a perfect partner to market ANG technology in Southeast Asia. Together, I am confident that we will be able to improve environmental sustainability in the region and improve the financial positions of local residents and business owners."
Media Contact:
Trevor Hawkins
Ruder Finn Asia
Tel:
+65-6336-2084
Email: hawkinst@ruderfinnasia.com
SOURCE DML PTE Ltd.
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