Canada’s Sonic Technology Solutions Enters Heavy Oil Facitily JV in Albania

TIRANA, Feb 8؃anada-based Sonic Technology Solutions said it has entered into a joint venture in Albania to build and operate initially a 1,000 barrels of oil per day (bopd) heavy oil upgrading facility.
The joint venture is with a private company which will provide an existing lease and facility which has been utilised in the past for crude blending operations, Sonic said in a statement on its website.
“I am pleased to be entering into a joint venture with an Albanian partner, bringing a clean upgrading technology to Albania where I believe we can improve the quality and economics of the heavy oil. With our clean de-asphalting and upgrading technology we can improve on the challenges Albania faces with its environmental, transportation, refining and energy needs,” Sonic President and CEO Richard Wadsworth said.
The Albanian partner will contribute an initial $1.0 million($731,000)in capital required into the joint venture, which will be utilised to cover costs associated with establishing operations.
Sonic, through its wholly-owned subsidiary PetroSonic, will provide the licence for operating Sonic generators and the process for upgrading of heavy crude oil along with the initial one or two sonic generators to process 1,000 bopd of heavy crude oil. PetroSonic will own 60% of the joint venture.
The joint venture anticipates start-up of the facility in June 2010. By early March the parties intend to finalise a shareholder and licence agreement and register a joint venture company in Albania.