 SulphCo Finalizes Joint Venture In The United Arab Emirates
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™ 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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