Date:19/03/2008 URL: http://www.thehindu.com/2008/03/19/stories/2008031960442100.htm

Business

Joint venture for LPG marketing

Special Correspondent

— PHOTO: SHASHI ASHIWAL

FOR A CLEANER FUEL: Nitin Khara (left), Chairman and Managing Director, Confidence Petroleum India, and Lev Zaidenberg, CEO, Energtek Inc., at a press conference in Mumbai on Tuesday.

MUMBAI: Confidence Petroleum India Limited, involved in the business of LPG cylinder manufacturing, bottling, marketing, blending, auto LPG cylinder manufacturing and dispensing for more than a decade and providing logistics support to public sector oil majors, has entered into a joint venture with Energtek Inc, world leaders in natural gas and adsorbed natural gas technology to provide clean and affordable pipeless natural gas supply to automotive and industrial consumers.

Energtek is a U.S.-based company with subsidiaries in the U.S., India, Ukraine, and Israel. ANG technology provides cost-effective storage of natural gas, by maximising tank storage capabilities. ANG technology utilises activated carbons placed inside the tank to adsorb greater quantities of gas, similar to a sponge.

First phase

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 on the joint venture businesses in India and throughout Southeast Asia, including 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.