Hacked by islam_Bey imhatimi.org

Confidence Petroleum India Ltd has informed BSE that the Company has entered into a joint venture with Energtek Inc.

Equity participation by Confidence Petroleum in the ratio of 50:50

The joint venture will begin with an initial investment of Rs 100 Crore for co-ownership of Energtek’s subsidiary Primacy LLC. A new fully owned subsidiary of Primacy LLC, “Confi Energtek Asia Ltd”.

In this regard the Company has issued the following Press Release:

“Confidence Petroleum India Ltd 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 (ANG) 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 Ltd”, 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 Ltd., a manufacturing facility for high-pressure cylinders in Ukraine.

Commenting on this joint Venture Mr. Nitin Khara, Chairman and Managing Director, Confidence Petroleum India Ltd said, “We are Asia’s largest LPG Cylinder Manufacturer and also India leading parallel LPG bottler in India. Keeping in line with our growth strategy, we are aggressively planning to establish ourselves in the Natural Gas energy segment. This JV is one step towards achieving our Goals. Currently, there are over 1 billion motor vehicles on the road worldwide, and a growing majority of oil in the world is consumed annually by automobiles. While other energy consuming sectors have alternatives to oil fuel, only the automotive sector has continued to increase yearly oil consumption. Socio-economic developments including the skyrocketing price of oil and increased in pollution have caused governments, businesses and consumers to seek alternative fuel supplies, and diversify their energy resources. Natural Gas is the most practical existing motor fuel alternative to Petrol. Our plan is to take ANG across India and make it available across all small & major cities of India.

“Energtek has proprietary Adsorbed Natural Gas (ANG) technology solutions to distribute clean energy. ANG technology provides cost-effective storage of Natural Gas) by maximizing tank storage capabilities. Partnership with Energtek Inc. is a perfectly synergetic alliance and both of us are poised to gain from growing demand for alternative
fuel supplies worldwide,” said Mr. Khara.”

Confidence Petroleum India Ltd has informed BSE about the Plan of Company’s Expansion Programme, as under :

1. Confidence Petroleum India Ltd, the flagship Company of Nagpur based Rs 250 Crore Confidence Group, involved in the business of LPG Cylinder manufacturing, LPG Bottling, LPG Marketing, LPG Blending, Auto LPG Cylinder Manufacturing & Auto LPG Dispensing for more than a decade has entered into a MOU for taking over Mumbai based Petro Logistic Company Agwan Coach Pvt Ltd. The acquisition of Agwan Coach finds synergy with the existing business of Confidence Petroleum and will increase the strength and support the bottling business of the Company.

2. Agwan Coach Pvt Ltd is in the business of providing logistic support to oil companies from the last 14 yrs. Agwan Coach will be 100% subsidiary of the Company.

3. Andhra Pradesh State Govt. has allotted 10 acre of land in a SEZ at Visakhapatnam to establish a second CNG cylinder manufacturing plant to the Company.

4. Hans Gas Appliances Pvt Ltd., a Company being in the process of amalgamation with the Company has received a work order for LPG filling from BPCL for its Nasik Unit.