DGAP-News: Hudson Oil Corporation Ltd.: Hudson Signs Letter of Intent with ZEOSIT
(firmenpresse) - DGAP-News: Hudson Oil Corporation Ltd. / Key word(s): Letter of Intent
Hudson Oil Corporation Ltd.: Hudson Signs Letter of Intent with ZEOSIT
18.05.2012 / 10:48
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Hudson Signs Letter of Intent with ZEOSIT
ZEOSIT to help restart zeoforming complex
May 18 (Toronto) - Hudson Oil Corporation Ltd. (H8D: FSE) has signed a
non-binding letter of intent with ZEOSIT, a Russian refining technology
enterprise, to assist in the restart of the zeoforming complex at Glimar
refinery.
Hudson's refinery, Glimar, is equipped with zeoforming technology licensed
from ZEOSIT. The Company's phased restart plan for Glimar includes
high-octane gasoline production using zeoforming. ZEOSIT will undertake a
technological assessment of the zeoforming complex, facilitate the supply
of catalyst and assist in the initiation of fuel production at Glimar. 'We
are pleased to be working with the inventors of this technology,' said
Wojciech Janowski, Executive Chairman. 'Restarting the zeoforming complex
will enable Hudson to produce high-octane gasoline and deliver an early
revenue stream.'
Zeoforming uses zeolite catalyst to process a wide range of feedstocks into
high-octane gasoline. Zeoforming complexes are operational in Russia,
Georgia, Kirghizstan and South Korea.
Glimar is a complex, specialized refinery equipped with all-hydroprocessing
technology licensed from Chevron Lummus and a zeoforming complex as well as
a conventional distillation tower. It is capable of producing high-octane
gasoline and Group III base oil, a high value lubricant. Glimar is located
in Gorlice, southern Poland.
About Hudson Oil Corporation:
Hudson is a Canadian company focused on the acquisition of under-valued
energy assets and the execution of business strategies to maximize their
value. Efforts are presently directed at downstream energy opportunities in
Eastern Europe. Currently, the Company's principal asset is the Glimar
refinery complex in southern Poland, which is equipped with unique and
industry-leading technology. The Company is developing and executing a
restart plan for Glimar.
Forward-looking statements:
Some of the statements contained in this release are forward-looking
statements, such as statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their
very nature, they involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they
are based, are made in good faith and reflect the Company's current
judgment regarding the direction of the Company's business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggestions herein. Except as required by applicable law, Hudson Oil
Corporation Ltd. does not intend to update any forward-looking statements
to conform these statements to actual results.
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For more information, please visit: www.hudsonoil.ca
For investor and media enquiries, please contact:
Hudson Oil
Paul McIvor
416-906-1276
paul.mcivor(at)hudsonoil.ca
End of Corporate News
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Datum: 18.05.2012 - 10:48 Uhr
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