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![]() Partners form Fujairah Oil Technology LLC SPARKS, Nev., Dec. 1, 2005 – SulphCo, Inc. (AMEX: SUF) announced that pursuant to its previously announced Memorandum of Understanding with the Government of Fujairah in the United Arab Emirates, it has formed a joint venture with Trans Gulf Petroleum Co., a Government of Fujairah company, to implement SulphCo¡¯s Sonocracking¢â desulfurization technology within and outside the UAE. The joint venture establishes Fujairah Oil Technology LLC, an entity 50% owned by Trans Gulf Petroleum and 50% owned by SulphCo. The partners hold equivalent shares in the profits of the company and the ownership of its assets. Fujairah Oil Technology will implement SulphCo¡¯s high-powered ultrasound process to upgrade crude; purchase heavy or medium crude oil and sell the processed oil; market oil and oil products; and import and eventually produce the necessary ultrasound equipment and machinery based on SulphCo¡¯s specifications. Pursuant to the joint venture, the ultrasound equipment will be manufactured by SulphCo third party suppliers, including Märkisches Werk GmbH (MWH) of Germany and Jaie Haour (JH) Group of Taiwan. ¡°We are extremely pleased to be working with the Government of Fujairah to apply our ultrasound technology in the region,¡± said Rudolf Gunnerman, chairman and CEO of SulphCo. ¡°With this important contract, we continue to execute our strategy of commercializing our ultrasound process worldwide.¡± Sulphco¡¯s high-powered ultrasound process upgrades heavy sour crude oils into lighter sweeter crudes. It increases gravity and reduces sulfur, nitrogen and viscosity, producing more usable oil per barrel of crude. |
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