 SulphCo(R) Enters Into LOI With Major Korean Oil Refiner SPARKS, Nev., Aug 11, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
SulphCo(R), Inc. (Amex: SUF) has announced that a Letter of Intent has been signed between Seoul, Korea-based Hyundai Oilbank Co., Ltd. ("HDO"), SulphCo KorAsia, Inc. ("SulphCo KorAsia") and SulphCo(R), Inc. ("SulphCo"). Terms of the letter include HDO and SulphCo agreeing to work together with the common goal of entering into a commercial agreement in a timely manner.
Upon completion of the first 210,000 barrel per day phase of its project in Fujairah, SulphCo agreed to host a visit of top HDO management and technical personnel to the installation in Fujairah. The parties agreed to continue to work together in the period between the Letter of Intent and a commercial agreement. Such work will include preliminary engineering interface in order to shorten the integration time of the Sonocracking technology into the HDO infrastructure.
"We are elated to be working with HDO, one of the major refiners in Korea with the capacity of processing close to 400,000 barrels of oil per day," remarked Rudolf Gunnerman, CEO of SulphCo.
"I think both parties are very excited at the promise of working toward the common goal of entering into a definitive commercial agreement," commented Peter Gunnerman, President and COO of SulphCo.
SulphCo has a marketing agreement in Korea with SulphCo KorAsia, Inc. through which SulphCo KorAsia, Inc. has the exclusive rights to market SulphCo's Sonocracking technology in Korea and to select customers throughout Asia. SulphCo KorAsia, Inc. is a petrol-environmental company that has well established ties with Korea's petroleum industry.
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